Lesson 2: Business Transactions, Debits, Credits, T-Accounts
Duration of Days: 5
Lesson Objective
Students will understand how to analyze a business transaction using the real world tool (T-Account) and be able to understand how to classify accounts and how accounts are used to sort and store information.
What is a T-Account, and how is it used in accounting?
How does a T-Account help in tracking business transactions?
How do you determine whether an account is debited or credited when recording a transaction?
Explain the impact daily business transactions affect the accounting equation?
transaction, asset liablity, equity, cash, accounts receivable, supplies, prepaid insurance, accounts payable, owners drawing, owners capital.
CTE Business & Finance Technology
B. Accounting Principles: Identify and describe generally accepted accounting principles (GAAP/IFRS) and explain how the application of these principles impacts the recording of financial transactions and the preparation of financial statements.
3. Define assets, liabilities, equity, revenue, expenses, gains, and losses.
HS.CTE.2C - 2C. Apply a solution using evidence and reasoning
*The SAT measures student proficiency in math reading, language, and writing. With strong scores, accounting students set themselves up for successful entry into accounting and finance programs.
Purpose: to have the students be able to think of a business paying for something, and how they translate that daily business activity into a recorded transaction using the correct working and format.
DOK 1: recall definition: asset, liability, equity, transaction
DOK 2
How does a T-Account help in tracking business transactions?
DOK 3:
How do you determine whether an account is debited or credited when recording a transaction?
DOK 4: Students will create a business transaction and write it on their own applying what they have learned.
Accounting in real world assignments that spotlight a variety of actual business that interest students of all cultures with intriguing questions that connect chapter topics to what's driving business decisions in today's organization.
The difference between owe, own and what the owner owns (asset, liability, equity)
Sampling, modeling, one one instruction, Google classroom or moodle. Handwritten assignments, online instructional tools, videos, real world accounting simulation, textbook, online working papers, excel
Guided Notes worksheet
Guiding questions/term assignment
work together/on own assignment application or mastery working papers
Math assignment
Century 21, Accounting, General Journal, 11th edition, online/paper edition
Online working papers (Mindtap)
Microsoft Excel software
Online instructional tools