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CTE/Business and Marketing Education Curriculum
Accounting I
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Lesson Plans  
 
Strand 1
Students will acquire accounting vocabulary and business skills used in accounting.
 
  • Account -Recording Adjusting/Close Entries, Partnership
    Introduction of adjusting and closing entries for a partnership set up as a merchandising business. Introduction of the adjustments to be made to merchandise inventory. Review of the adjustments to be made to supplies and prepaid insurance. Introduction of how to journalize and post the adjusting entries to their appropriate accounts. Introduction of the permanent accounts and closing accounts and the need for closing out temporary accounts at the end of a fiscal period. Introduction of the closing accounts and their related accounts (Revenue/Sales - Income Summary, Expenses - Income Summary, Share of Net Income/Net Loss - Capital Account, Share of Partners Drawing Accounts Amounts - Capital Account.). Introduction of how to journalize and post the closing entries to their appropriate accounts. Review how to prepare a Post Closing Trial Balance at the end of a fiscal period.
  • Account-Recording Adjusting/Close Entries(Service Bus.)
    Introduction of adjusting and closing entries for a proprietorship set up as a service business. Remind students of the adjustments made to supplies and prepaid insurance. Introduction of how to journalize and post the adjusting entries to their appropriate general ledger accounts. Introduction of permanent accounts, temporary accounts and the need for closing out temporary accounts at the end of a fiscal period. Introduction of the closing accounts and their related accounts (Revenue/Sales - Income Summary, Expenses - Income Summary, Net Income/Net Loss - Capital Account, Drawing Account - Capital Account). Introduction of what a post closing trial balance is and why it is prepared at the end of a fiscal period. Introduction of how to prepare post closing trial balance, the different sections of a post closing trial balance, the accounts to be included on a post closing trial balance and how to use the post closing trial balance amounts to help a business know its financial position.
  • Accounting - Work Sheet For A Service Business
    Introduction of a work sheet for a proprietorship set up as a service business. Introduction of what a fiscal period is, what a work sheet is, how to prepare the work sheet with a heading, the beginning of the fiscal period, trial balance amounts, planning and recording adjustments to supplies and prepaid insurance and proving the equality of debit and credit columns of a work sheet. Introduction of how to extend the balances on a work sheet, calculate and record the net income or net loss on a work sheet, as well, as total and rule a work sheet. Give ideas on how to locate and fix errors on a work sheet.
  • Accounting - Work Sheet for a Merchandising Business
    Introduction of a worksheet for a partnership set up as a merchandising business. Introduction of what a fiscal period is, what a worksheet is, how to prepare the worksheet with a heading, the beginning of the fiscal periods trial balance amounts, plan/record adjustments to supplies, prepaid insurance, merchandise inventory & prove the equality of debit and credit columns of a worksheet. Introduction of how to extend the balance sheet account balances and income statement account balances on a worksheet, calculate and record the net income or net loss on a worksheet, as well, as total and rule a worksheet. Give ideas on how to locate and fix errors on a worksheet.
  • Accounting -- Cash Control Systems
    Introduction of cash control systems: checking accounts, endorsing checks, and writing checks. What a bank statement is, how to verify a bank statement and how to reconcile a bank statement. Introduction of how to journalize a bank service charge or dishonored check. Introduction of petty cash, how to establish a petty cash fund, how to make payments from a petty cash fund and how to replenish a petty cash fund.
  • Accounting -- Financial Statements For A Proprietorship
    Introduction of the financial statements for a proprietorship set up as a service business. Introduction of the need for financial statements at the end of each fiscal period. Introduction of the income statement, the different sections of the income statement, the accounts to be included on the income statement and how to use the totals from the income statement to figure the appropriate component percentages for the business. Review the balance sheet, the different sections of the balance sheet, the accounts to be included on the balance sheet, and making sure that debits equals credits. Introduction of the current capital in regards to owner's capital, how to use the total of the balance sheet to see if the company is keeping the accounting equation in check. Discussion on how to use the information from the income statement and the balance sheet to analyze the company's financial position.
  • Accounting -- Financial Statements for a Partnership
    Introduction of financial statements for a partnership set up as a merchandising business. Review the need of financial statements and how to effectively read/use financial statements. Review of how to prepare the different sections of the Income Statement, the accounts to be included, and how to use the totals to figure the appropriate component percentages for the business. Introduction of the need for the distribution of net income/net loss statement and how to prepare each partners share of the business. Introduction of the need for the owner’s equity statement and how to prepare it. Review of how to prepare the balance sheets different sections, and the accounts to be included on the balance sheet. Review of how to prove the equality of debits equaling credits. Discussion of the supporting schedules that accompany the balance sheet.
  • Accounting -- Journalizing Transactions
    Introduction of a 5 column journal for a proprietorship set up as service business and how to record transactions in a 5 column journal. Introduction of source documents and their importance when recording a transaction in a journal. Journalizing each of the transactions discussed so far in a 5 column journal in the appropriate columns (general or special columns) for the following transactions discussed so far: receiving cash from the owner of a proprietorship as an investment, paying cash for supplies, paying cash for insurance, buying supplies on account, paying cash on account, receiving cash from sales, paying cash for an expense, paying cash to an owner of a proprietorship for personal use.
  • Accounting -- Posting To A General Ledger
    Introduction of file maintenance and a chart of accounts for a proprietorship set up as a service business. Review journals and what is posted in a journal. Introduction of a ledger, its connection to the journal, the components of a ledger and how to open a new ledger. Introduction of posting separate amounts from the general columns of a journal, posting totals from the special amount columns of a journal and balancing all general ledgers.
  • Accounting -- Preparing Payroll Records
    Introduction of payroll records for a partnership set up as a merchandising business. Introduction of the terms: salary, pay period & payroll. Introduction of payroll time cards, how to fill out payroll time cards, how to use payroll time cards and calculate an employees total earnings. Introduction of the following payroll taxes: Employee Income Tax and FICA Tax. Discussion of other items that can be taken out of an employees check.. Introduction of what a payroll register is, how to fill out a payroll register, and complete a payroll register. Introduction of a payroll bank account, what it is used for, and how to write out payroll checks. Introduction of what an employees earnings record is, how to fill out an employees earnings record and what an employees earning record is used for. Analyze the payment process for payroll, what taxes an employer must pay for each employee, journalizing entries for paying payroll, posting the journal entries for paying payroll and how often to pay the taxes. Calculate the following employer taxes: FICA Taxes, Federal Unemployment Tax and State Unemployment Tax. Introduction of how to journalize the employer taxes and post the employer payroll taxes. Introduction of when and how to report the payroll taxes.
  • Accounting -- Starting A Proprietorship
    Introduction of a proprietorship set up as a service business, the accounting equation, and the following transactions: received cash from owner as an investment, paid cash for supplies, paid cash for insurance, bought supplies on account and paid cash on account.
  • Accounting -Accounting Careers: Communication & Ethics
    Introduction of what accounting is, job opportunities & careers in accounting & proper business ethics.
  • Accounting 1 - Jeopardy
    This Jeopardy games provide a review of accounting knowledge.
  • Accounting-Analyzing Transactions to Debit/Credit Parts
    Introduction of how transactions are analyzed in T accounts with debits and credits. How different accounts increase with a debit and decrease with a credit, as well as some decrease with a debit and increase with a credit. Analyze each of the following transactions discussed so far: receiving cash from the owner of a proprietorship as an investment, paying cash for supplies, paying cash for insurance, buying supplies on account, paying cash on an account, receiving cash from sales, paying cash for an expense, paying cash to an owner of a proprietorship for personal use.

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Email:  thalea.longhurst@schools.utah.gov
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