Accounting 1
Lesson Plans

Strand 4

Students will identify and use source documents to journalize transactions, post journal entries to the ledger, and prepare a trial balance.

Standard 1

Identify and categorize source documents and explore the effect of technological advances on each source document.

• Accounting -- Journalizing Purchases and Cash Payments
  Introduction of an expanded 11 column journal for a partnership set up as a merchandising business. Introduction of what a partnership is consisted of and the advantages and disadvantages of a partnership. Introduction of what a merchandising business is, the cost of merchandise, mark up, vendors, invoices, and terms of sale. Introduction of the need for an 11 column journal and how to journalize purchasing merchandise for cash, purchasing merchandise on account and reviewing buying supplies for cash, buying supplies on account, paying cash for expenses, and paying cash to the different partners for their personal use.
• Accounting -- Journalizing Sales and Cash Payments
  Introduction of what a customer is, how to journalize a sales to a customer who pays for the purchase with a credit, a customer who buys their purchase on account, and a customer who pays the store back for the purchase they made on account. In addition, how to prove cash at the end of the month.
• 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.

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