Accounting 1
Lesson Plans

Strand 3

Students will explain the process of analyzing transactions using double-entry accounting and determine debit(s) and credit(s).

• Accounting -- Changes That Affect Owner's Equity
  Introduction of transactions that affect the owner's equity of a proprietorship. Introduction of revenue from sales, how sales affects owner's equity. Introduction of the different expenses for a proprietorship, how paying for expenses affects owner's equity. Introduction of the owner's drawing account for a proprietorship, why an owner might use the drawing account and how withdrawing money for personal use of the owner affects owner's equity.
• 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 1 - Simulation
  Mt. Nebo Pumpkins, is a complete accounting simulation using source documents.
• Accounting 1-Accounting Board Game & Career Unit
  Students will play a board game and prepare financial statements. Students will connect this to possible accounting careers.
• 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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