ACP Portfolio 2019

OFFICE ACCOUNTING I

TRINIA JAMES, MBA COURSE DESCRIPTION

INSTRUCTOR Email: [email protected] Focus on analyzing, classifying, and recording
business transactions. Emphasizes
Phone/Text: 713 750 6164 understanding of complete accounting cycle
Website: www.lonestar.edu/lsc-online/ and preparing financial statements and bank
Class HR TU/TH 6PM to 9PM reconciliations

Office/Lab TU/TH 9PM - 10PM

COURSE DESCRIPTION
Analyze and record business transactions.
Prepare basic financial statements for a service business organized as a proprietorship.
Prepare a bank reconciliation and related journal entries.
Retail merchandising business organized as a corporation.

Week One The Accounting Equation, Terms & Cycle for a Proprietorship
Analyzing Transactions into Debit & Credit Part
Journalizing Transactions
Posting to the General Ledger

OUTLINE Week Two Cash Control Systems
Worksheet and Adjusting Entries for a Service Business
Financial Statements for a Proprietorship

Recording Closing Entries and Preparing a Post-Closing Trial Balance

Week Three Reinforcement Activity 1-Part A
Reinforcement Activity 1-Part B/ Evaluation and Certificates

Attendance - 35% Group - 10% Presentation - 20% Final Project - 35%

GRADES LETTER GRADE ASSIGNMENT:
NEEDS The student’s accomplishment is measured by mastery of the learning outcomes and a letter
grade will be assigned.  “S” (satisfactory) is assigned for satisfactory completion of all learning
outcomes; “N” (non-satisfactory) is assigned when learning outcomes have not been completed.

Fundamentals of Accounting, 10th ed, Course 1 Gilbertson, Lehman ISBN:978-1111581169
Other Materials:      Basic hand-held calculator & USB Drive
Not Optional:  Fun Learning Attitude and Openness to Learn

bilities include amounts owed to friends or rela- means that Saida Khelchy owns more than s
car loans, and credit card bills. Net worth is the something a lender looTkrsanusppoanrenfacvyo1r-a1bly. A
stimated Cvhaalupeteor f1 e­—­ veNrEytThWinOgRoTwHnSeTdAT(EaMssEetNs)T less amount for net worth would reflect more d
tal of everything owed (liabilities). e difference assets, something a lender would not favor.

Saida Khelchy
Net Worth Statement
September 27, 20--

Total Assets Assets 2,000.00 © 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Savings Account 250.00
Total Liabilities Class Ring
Net Worth Total Assets 2,250.00

Liabilities 50.00
Owed to Parents 125.00
Ace Electronics 175.00
Total Liabilities

Net Worth 2,075.00

Assets – Liabilities = Net Worth
Note: When statements are prepared on ruled accounting forms, it is stan-
dard practice to place double rules under the last amount on the statement to
indicate that the amount is a total. Dollar signs are not used on these forms.

Accounting in Action Lesson 1-1

dd 7

Beginning Balances Assets ‫ ؍‬Liabilities ؉ Owner’s Equity Chapter 1 ­—­ ACCOUNTING EQUATION
Received cash from owner Michael Delgado,
as an investment Cash
New Balances $0 ϭ Capital
$0 $0
ϩ2,000
$2,000 0 ϩ2,000
$0 $2,000

Assets ‫ ؍‬Liabilities ؉ Owner’s Equity

Prepaid Michael Delgado,
Cash ϩ Supplies ϩ Insurance ϭ Capital

Balances $2,000 ϩ165 $0 $2,000
Paid cash for supplies Ϫ165 $165 $0 $2,000
New Balances
Paid cash for insurance $1,835
New Balances
Ϫ900 $165 ϩ900 $0 $2,000
$935 $900

Assets 5 Liabilities 1 Owner’s Equity

Accts. Pay.—
Prepaid Canyon Office Michael Delgado,
Cash ϩ Supplies ϩ Insurance ϭ Supplies ϩ Capital
Transparency 1-2
Balances $935 $165 $900 $0 $2,000
Bought supplies on account ϩ220 ϩ220

New Balances $935 $385 $900 $220 $2,000
Paid cash on account Ϫ100 Ϫ100

New Balances $835 $385 $900 $120 $2,000

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

TTrraannssppaarreennccyy 11--23

Chapter 1 — ACCOUNTING EQUATION AND CHANGES IN OWNER’S EQUITY

Assets ‫ ؍‬Liabilities ؉ Owner’s Equity

Accts. Rec.— Accts. Pay.—
Main Street Prepaid Canyon Office Michael Delgado,
Cash ϩ Services ϩSuppliesϩ Insurance ϭ Supplies ϩ Capital

Balances $835 $0 $385 $900 $120 $2,000
Received cash from sales ϩ1,100 ϩ1,100 (revenue)

New Balances $1,935 $0 $385 $900 $120 $3,100
ϩ500 ϩ500 (revenue)
Sold services on account

New Balances $1,935 $500 $385 $900 $120 $3,600

Total of left side: Total of right side:
$1,935 ϩ $500 ϩ $385 ϩ $900 ϭ $3,720 $120 ϩ $3,600 ϭ $3,720

Assets ‫ ؍‬Liabilities ؉ Owner’s Equity © 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Accts. Rec.— Accts. Pay.—
Prepaid Canyon Office Michael Delgado,
Main Street
Cash ϩ Services ϩ Supplies ϩ Insurance ϭ Supplies ϩ Capital

Balances $1,935 $500 $385 $900 $120 $3,600
Paid cash for
communications bill Ϫ80 $500 $385 $900 $120 Ϫ80 (expense)
New Balances $1,855 $3,520

Total of left side: Total of right side:
$1,855 + $500 + $385 + $900 = $3,640 $120 + $3,520 = $3,640

Paid cash for Ϫ400 $500 $385 $900 $120 −400 (expense)
equipment rental $1,455 $3,120
New Balances

Total of left side: Total of right side:
$1,455 + $500 + $385 + $900 = $3,240 $120 + $3,120 = $3,240

Assets ‫ ؍‬Liabilities ؉ Owner’s Equity

Accts. Rec.— Accts. Pay.—
Prepaid Canyon Office Michael Delgado,
Main Street
Cash ϩ Services ϩ Supplies ϩ Insurance ϭ Supplies ϩ Capital

Balances $1,455 $500 $385 $900 $120 $3,120
Received cash on ϩ200 Ϫ200
account

New Balances $1,655 $300 $385 $900 $120 $3,120
−350 (withdrawal)
Paid cash to owner −350
for personal use

New Balances $1,305 $300 $385 $900 $120 $2,770

Total of left side: Total of right side:
$1,305 + $300 + $385 + $900 = $2,890 $120 + $2,770 = $2,890

Assets = Liabilities  Owner’s Equity Chapter 1 — CHAPTER SUMMARY
 Prepaid =  Michael Delgado,
Transaction Cash  Accts. Rec.—  Supplies Acct. Pay.—
Main Street Insurance Canyon Office Capital
Services $0
Supplies $0
$0 $2,000 (investment)
Beginning Balances $0 $0 $0 $0 $2,000
1. Received cash from 2,000 900
$900
owner as an investment
$900
New Balances $2,000 $0 $0 $900 $0
2. Paid cash for supplies 165 $0 165 $900
$0 165 $900 $0 $2,000
New Balances $1,835
3. Paid cash for insurance 900 $0 165 $900 $0 $2,000
$935 $0 220 220
New Balances $0 $385 $900 $220 $2,000
4. Bought supplies on $935 500 100
100 $500 $385 $900 $120 $2,000
account $835 $120 1,100 (revenue)
1,100 $385 $900 $3,100
New Balances $1,935 $120
5. Paid cash on account $385 500 (revenue)
$1,935 $120 $3,600
New Balances 80
6. Received cash from sales $120 80 (expense)
$3,520
New Balances
7. Sold services on account 400 (expense)
$3,120
New Balances
8. Paid cash for

communications bill

New Balances $1,855 $500 $385
9. Paid cash for equipment 400 $385
$500
rental $1,455 200 TTrraannssppaarreennccyy 11--34
200
New Balances
10. Received cash on

account

New Balances $1,655 $300 $385 $120 $3,120
11. Paid cash to owner for 350 $300 $385
$120 350 (withdrawal)
personal use $1,305 $2,770

New Balances

Total of left side: Total of right side:
$1,305  $300  $385  $900  $2,890 $120  $2,770  $2,890

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 1

Across Down
1. A record that summarizes all the transactions 1. The difference between the increases and
pertaining to a single item in the accounting decreases in an account.
equation. 3. The difference between assets and liabilities.
2. An increase in equity resulting from the sale 4. Assets taken from the business for the
of goods or services. owner’s personal use.
5. An account used to summarize the owner’s 6. The process of planning, recording, analyzing,
equity in a business. and interpreting financial information.
8. Anything of value that is owned. 7. Interest paid on an original amount deposited
11. Any business activity that changes assets, in a bank plus any interest that has been paid.
liabilities, or owner’s equity. 9. A business that performs an activity for a fee.
13. The name given to an account. 10. A business owned by one person.
14. An amount paid for the use of money for a 12. A person or business to whom a liability is
period of time. owed.
15. The cost of goods or services used to operate 16. Financial rights to the assets of a business.
a business.
17. Someone who owns, operates, and takes the
risk of a business venture.
18. The principles of right and wrong that guide
an individual in making decisions.
19. An amount owed.
20. A formal written document that describes the
nature of a business and how it will operate.

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Across Down

  1. A record that summarizes all the transactions   1. The difference between the increases and
pertaining to a single item in the accounting decreases in an account.
equation.
  3. The difference between assets and liabilities.
  2. An increase in equity resulting from the sale of   4. Assets taken from the business for the owner’s
goods or services.
personal use.
  5. An account used to summarize the owner’s   6. The process of planning, recording, analyzing,
equity in a business.
and interpreting financial information.
  8. Anything of value that is owned.   7. Interest paid on an original amount deposited
11. Any business activity that changes assets,
in a bank plus any interest that has been paid.
liabilities, or owner’s equity.   9. A business that performs an activity for a fee.
13. The name given to an account. 10. A business owned by one person.
14. An amount paid for the use of money for a 12. A person or business to whom a liability is

period of time. owed.
15. The cost of goods or services used to operate a 16. Financial rights to the assets of a business.

business.
17. Someone who owns, operates, and takes the

risk of a business venture.
18. The principles of right and wrong that guide an

individual in making decisions.
19. An amount owed.
20. A formal written document that describes the

nature of a business and how it will operate.

Chapter 1 Starting a Proprietorship: Changes That Affect the Accounting Equation • 5

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Study Name Perfect Your
Score Score
Guide Identifying Accounting Terms
1 Identifying Account Concepts and Practices 27 Pts.
Analyzing How Transactions Change an Accounting Equation 18 Pts.
Analyzing How Transactions Change Owner’s Equity in an Accounting Equation 10 Pts.
12 Pts.
Total 65 Pts.

Part One—Identifying Accounting Terms

Directions: Select the one term in Column I that best fits each definition in
Column II. Print the letter identifying your choice in the Answers column.

Column I Column II Answers
A. account  1. D
 1. T he process of planning, recording, analyzing, and
B. account balance interpreting financial information. (p. 6)  2. F

C. account title  2. A planned process designed to compile financial data and  3. P
summarize the results in accounting records and reports.
D. accounting (p. 6)  4. S

E. accounting equation  3. Financial reports that summarize the financial condition  5. G
F. accounting system and operations of a business. (p. 6)  6. R
G. asset  7. U
 4. A formal report that shows what an individual owns, what
H. business ethics an individual owes, and the difference between the two.  8. M
I. business plan (p. 7)  9. N

J. capital account  5. Anything of value that is owned. (p. 7) 10. H
K. creditor  6. An amount owed. (p. 7) 11. Y
L. equities  7. The difference between personal assets and personal 12. V
M. equity 13. I
liabilities. (p. 7)
N. ethics  8. The difference between assets and liabilities. (p. 7) 14. Q
 9. The principles of right and wrong that guide an individual
O. expense 15. L
P. financial statements in making decisions. (p. 8) 16. T
10. The use of ethics in making business decisions. (p. 8)
Q. GAAP 11. A business that performs an activity for a fee. (p. 10) 17. E
12. A business owned by one person. (p. 10)
R. liability 13. A formal written document that describes the nature of a 18. Z

S. net worth statement business and how it will operate. (p. 10) 19. A
14. Generally Accepted Accounting Principles. The standards
T. owner’s equity 20. C
U. personal net worth and rules that accountants follow while recording and 21. B
reporting financial activities. (p. 11)
15. Financial rights to the assets of a business. (p. 13)
16. The amount remaining after the value of all liabilities is
subtracted from the value of all assets. (p. 13)
17. T he equation showing the relationship among assets,
liabilities, and owner’s equity. (p. 13)
18. A ny business activity that changes assets, liabilities, or
owner’s equity. (p. 14)
19. A record that summarizes all the transactions pertaining
to a single item in the accounting equation. (p. 14)
20. The name given to an account. (p. 14)
21. T he difference between the increases and decreases in an
account. (p. 14)

Chapter 1 Starting a Proprietorship: Changes That Affect the Accounting Equation • 1

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Column I Column II Answers
V. proprietorship 22. J
22. An account used to summarize the owner’s equity in a
W. revenue business. (p. 14) 23. K
X. sale on account 24. W
23. A person or business to whom a liability is owed. (p. 16)
Y. service business 24. A n increase in equity resulting from the sale of goods or 25. X
26. O
Z. transaction services. (p. 18)
25. A sale for which payment will be received at a later date. 27. AA
AA. withdrawals
(p. 18)
26. The cost of goods or services used to operate a business.

(p. 19)
27. A ssets taken from the business for the owner’s personal

use (p. 20)

Part Two—Identifying Account Concepts and Practices Answers
 1. T
Directions: Place a T for True or an F for False in the Answers column to show whether  2. T
each of the following statements is true or false.  3. F

 1. Accounting is the language of business. (p. 6)  4. T
 2. A creditor would favor a positive net worth. (p. 7)
 3. The principles of right and wrong that guide an individual in making personal decisions  5. F
 6. F
is called business ethics. (p. 8)
 4. Keeping personal and business records separate is an application of the business entity  7. T

concept. (p. 11)  8. T
 5. Generally Accepted Accounting Principles, GAAP, allows for flexibility in reporting. (p. 11)
 6. R ecording business costs in terms of hours required to complete projects is an application  9. F
10. F
of the unit of measurement concept. (p. 11 )
 7. Assets such as cash and supplies have value because they can be used to acquire other 11. T
12. F
assets or be used to operate a business. (p. 13) 13. T
 8. T he relationship among assets, liabilities, and owner’s equity can be written as an equation.
14. T
(p. 13)
 9. The accounting equation does not have to be in balance to be correct. (p. 13) 15. F
10. When a company pays insurance premiums in advance to an insurer, it records the payment 16. F

as a liability because the insurer owes future coverage. (p. 15) 17. F
11. When items are bought and paid for later, this is referred to as buying on account. (p. 16)
12. When cash is paid on account, a liability is increased. (p. 16) 18. T
13. When cash is received from a sale, the total amount of both assets and owner’s equity is

increased. (p. 18)
14. The accounting concept Realization of Revenue is applied when revenue is recorded at the

time goods or services are sold. (p. 18)
15. When cash is paid for expenses, the business has more equity. (p. 19)
16. If two amounts are recorded on the same side of the accounting equation, the equation will

no longer be in balance. (p. 20)
17. When a company receives cash from a customer for a prior sale, the transaction increases

the cash account balance and increases the accounts receivable balance. (p. 20)
18. A withdrawal decreases owner’s equity. (p. 20)

2 • Working Papers TE

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Name  Date  Class

1-1 WORK TOGETHER, p. 9 800.00
2,000.00
Completing a net worth statement 2,800.00

Megan Finder 920.00
Net Worth Statement 125.00
1,045.00
Current Date 1,755.00

Assets
Cash
Scooter
Total Assets

Liabilities
Jaycee Auto
River College
Total Liabilities

Net Worth

Chapter 1 Starting a Proprietorship: Changes That Affect the Accounting Equation • 7

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

1-1 ON YOUR OWN, p. 9 1,085.00
635.00
Completing a net worth statement
Anthony Clement 1,720.00

Net Worth Statement 83.00
Current Date 305.00
388.00
Assets
Cash 1,332.00
Camera
Total Assets

Liabilities
Kelley Electronics
Vista Travel
Total Liabilities

Net Worth

8 • Working Papers TE

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Name  Date  Class

1-2 WORK TOGETHER, p. 17

Determining how transactions change an accounting equation

Trans. No. Assets 5 Liabilities 1 Owner’s Equity
1 1 1
2 1 1
3
4 2  1 2
2

Chapter 1 Starting a Proprietorship: Changes That Affect the Accounting Equation • 9

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

1-2 ON YOUR OWN, p. 17

Determining how transactions change an accounting equation

Trans. No. Assets 5 Liabilities 1 Owner’s Equity
1 1 1 1
2 1
3 2
4 2  1
5 2  1

2

10 • Working Papers TE

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Name  Date  Class

1-3 WORK TOGETHER, p. 22

Determining how transactions change an accounting equation

Trans. Assets 5 Liabilities 1 Owner’s Equity
No.
Accts. Rec.— Prepaid Accts. Pay.— Nathaniel Conrad,
Capital
Cash  Harmon Co.  Supplies  Insurance 5 Corona Supplies 1

11 1

21 1

32 2

41 2

52 2

Chapter 1 Starting a Proprietorship: Changes That Affect the Accounting Equation • 11

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

1-3 ON YOUR OWN, p. 22

Determining how transactions change an accounting equation

Trans. Assets 5 Liabilities 1 Owner’s Equity
No.
Accts. Rec.— Prepaid Accts. Pay.— Bryan Arnett,
Capital
Cash  Bethany Center  Supplies  Insurance 5 McGrew Supplies 1

11 1

21 1

31 2

42 2

52 2

12 • Working Papers TE

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Name  Date  Class

1-1 APPLICATION PROBLEM (LO2), p. 25 14,692.00
2,575.00
Preparing a net worth statement 17,267.00

Lauren Juliana
Net Worth Statement

Today’s Date

Assets
Cash
Jewelry
Total Assets

Liabilities 10,981.00
Knapp College 1,682.00
Ashley’s Boutique
Buzz Electronics 787.00
Total Liabilities 13,450.00

Owner’s Equity (Net Worth) 3,817.00
Assets 2 Liabilities 5 Net Worth

Chapter 1 Starting a Proprietorship: Changes That Affect the Accounting Equation • 13

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

1-2 APPLICATION PROBLEM (LO4), p. 25

Completing the accounting equation

Assets = Liabilities 1 Owner’s Equity
4,175
15,650 11,475 6,000
3,300
11,000 5,000 7,000

5,300 2,000 56,000
15,750
12,000 5,000 22,000
2,500
125,000 69,000 4,650
14,200
17,625 1,875 17,000
5,770
35,000 13,000 24,000
32,000
6,000 3,500 32,000
7,700
143,650 139,000 10,020
2,800
17,000 2,800

42,000 25,000

8,750 2,980

71,000 47,000

67,000 35,000

73,000 41,000

100,700 93,000

49,325 39,305

24,050 21,250

14 • Working Papers TE

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Name  Date  Class

1-3 APPLICATION PROBLEM (LO4, 5), p. 26

Determining how transactions change an accounting equation

Owner’s

Trans. Assets = Liabilities 1 Equity
No.
Prepaid Accts. Pay.— Accts. Pay.— Bethany

Cash 1 Supplies 1 Insurance = Knapp Co. 1 Hickman Mowing 1 Hartman, Capital

Beg. Bal. 0 0 0 0 00
15,000
1 15,000

New Bal. 5,000 00 0 0 5,000
2 21,800 11,800

New Bal. 3,200 0 1,800 0 0 5,000
3 1700 1700

New Bal. 3,200 700 1,800 0 700 5,000
4 1200 1200

New Bal. 3,200 900 1,800 200 700 5,000
5 2300 2300

New Bal. 2,900 900 1,800 200 400 5,000
6 2100 1100

New Bal. 2,800 1,000 1,800 200 400 5,000
7 2100 2100

New Bal. 2,700 1,000 1,800 100 400 5,000
8 11,000 11,000

New Bal. 3,700 1,000 1,800 100 400 6,000

Chapter 1 Starting a Proprietorship: Changes That Affect the Accounting Equation • 15

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

1-4 APPLICATION PROBLEM (LO4, 5, 6), p. 26

Determining how revenue, expense, and withdrawal transactions change an accounting
equation

Assets = Liabilities 1 Owner’s Equity

Trans. Accts. Rec.— Accts. Pay.—
No.
Eden Wedding Prepaid Shutter Shannon

Cash 1 Planners 1 Supplies 1 Insurance = Supplies 1 O’Bryan, Capital

Beg. Bal. 725 0 200 300 200 1,025
1 2400 2400 (expense)

New Bal. 325 0 200 300 200 625
2 2150 2150 (withdrawal)

New Bal. 175 0 200 300 200    475
3 1900 1900 (revenue)

New Bal. 1,075 0 200 300 200 1,375
4 2100 2100 (expense)

New Bal. 975 0 200 300 200 1,275
5 1400 1400 (revenue)

New Bal. 975 400 200 300 200 1,675
6 1650 1650 (revenue)

New Bal. 1,625 400 200 300 200 2,325
7 235 235 (expense)

New Bal. 1,590 400 200 300 200 2,290
8 1300 2300

New Bal. 1,890 100 200 300 200 2,290

16 • Working Papers TE

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Name  Date  Class

1-M MASTERY PROBLEM (LO4, 5, 6), p. 27

Determining how transactions change an accounting equation

Assets = Liabilities 1 Owner’s Equity

Trans. Accts. Pay.—
No.
Accts. Rec.— Prepaid Paws & Peter Gentry,

Cash 1 Dr. Shephard 1 Supplies 1 Insurance = Claws Co. 1 Capital

Beg. Bal. 2,500 0 200 100 1,300 1,500
1 2500 2500 (expense)

New Bal. 2,000 0 200 100 1,300 1,000
2 1700 1700 (investment)

New Bal. 2,700 0 200 100 1,300 1,700
3 275 275 (expense)

New Bal. 2,625 0 200 100 1,300 1,625
4 11,050 11,050 (revenue)

New Bal. 3,675 0 200 100 1,300 2,675
5 1275 1275

New Bal. 3,675 0 475 100 1,575 2,675
6 1285 1285 (revenue)

New Bal. 3,675 285 475 100 1,575 2,960
7 2450 2450 (expense)

New Bal. 3,225 285 475 100 1,575 2,510
8 2185 1185

New Bal. 3,040 285 660 100 1,575 2,510
9 1150 2150

New Bal. 3,190 135 660 100 1,575 2,510
10 2200 2200

New Bal. 2,990 135 660 100 1,375 2,510
11 2100 1100

New Bal. 2,890 135 660 200 1,375 2,510
12 1475 1475 (revenue)

New Bal. 3,365 135 660 200 1,375 2,985
13 2800 2800 (withdrawal)

New Bal. 2,565 135 660 200 1,375 2,185

Chapter 1 Starting a Proprietorship: Changes That Affect the Accounting Equation • 17

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

1-C CHALLENGE PROBLEM (LO4, 5, 6), p. 28

Determining how transactions change an accounting equation

1.

Assets = Liabilities 1 Owner’s Equity

Trans. Accts. Pay.—
No. Accts. Rec.— Prepaid Ashley Tech Linda Liu,
Cash 1 4Kids Daycare 1 Supplies 1 Insurance = Services 1 Capital

Beg. Bal. 7,542 1,265 1,100 600 3,145 7,362
1 2300 2300 (withdrawal)

New Bal. 7,542 1,265 800 600 3,145 7,062
2 1225 2225 (expense)

New Bal. 7,542 1,265 800 600 3,370 6,837
3
Business Entity Concept: Personal financials are kept separate from business—no effect

New Bal. 7,542 1,265 800 600 3,370 6,837
4 2125 2125

New Bal. 7,417 1,265 800 600 3,245 6,837

2.
a. T he owner of a business can withdraw assets from that business for personal use because the
assets belong to the owner through the business. However, the owner must be careful to leave
enough cash in the business for daily operations.

b.  The owner may withdraw assets other than cash if the business does not have sufficient cash
for the owner to withdraw or if the owner has a use for other assets owned by the business.

18 • Working Papers TE

© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

TITLE THINK LIKE AN ACCOUNTANT
ANALYSIS Chapter 1

The analysis worksheet contains a schedule to estimate the excess of revenue over expenses.

STEPS 1 Read all of the steps before working with this workbook.
2 Click the Analysis worksheet tab to view the schedule.
3 Key your name in cell B2.
Enter the data to analyze each question:
4 Enter the appropriate data in cells denoted by a question mark (?).
5 Use the schedule to answer question 1.
6 Change the data as necessary to answer questions 2 and 3.
7 Print the worksheet solution for each question, as instructed by your teacher.
8 Save your work.





ACP REFLECTIVE ESSAY

I was hesitated in signing up for Adjunct Certification Program because I thought
it was strictly for ‘Credit’ adjuncts and not for Continuing Education adjuncts. But
this training was important to me because it is my plan to be a full-time instructor
after my son graduates from high school. I wanted to get all the training I can
obtain for the next 3+ years. I spoke with my department chair and she advised be
to put this program on my development plan. So, when the request arose again,
I jumped on it.

My first day of class was very intimidating. There were ‘real’ teachers in the class.
Teachers in Math, Chemistry, US History and Geology. There were even full-time
high school teachers that were also adjunct professors. I was just a full-time
corporate professional with the credentials and a passion to teach. Yes, I started
facilitating training as a project for my job. I earned and worked as “Train the
Trainer’ for 3 years. I was also a super user for SAP and project assistant for software
implementation. But I was not a teacher or instructor of any kind. It was truly
intimidating. However, I made the commitment to the class. I told myself to attend
with no expectations and with a full open mind and open heart. That was truly a
blessing. The value in this program is beyond measure.

First, I realized that every instructor has a struggle, even the best ones. We were all
a bit hesitate in class. But as true professionals, we wanted to gain more knowledge
and understanding. With new studies and technology, learning and educating
changes daily. We all had one purpose, to learn more and do better. Each of us
went in with different challenges, views and audience base, but we had one goal.
I had the same goal – to learn more and do better.

In class, we learned about techniques, tools, technology and methods. My first
insight was understanding the BOPPPS system (Bridging/Objective/Pre-
Assessments/Participatory Learning/Post-Assessment/Summary). There is actually
an outlining system for learning. When I started teaching, I was given a guide from
the textbook publisher and was told to create a lesson plan. After learning each
component, I found it refreshing that I was not completely off base. I was
haphazardly guided and had some knowledge. In this class, I learned how to
properly use the tools and techniques to be more effective and less stressed out.

There are three tools that I will incorporate in my classroom, BOPPPS system,
Classroom Assessment Techniques (CATs), and technology. Using the BOPPPS

TRINIA JAMES, MBA 1

method, I can rearrange the material that I receive from the textbook publishers
and previous teachers. I feel that my biggest part I was missing (or performing
badly) was the Bridging. Outlying my lessons with this method will allow me to be
sure that I am properly teaching the accurate material, while engaging the
students, and closing the loop on learning.

The second tool I will incorporate in Classroom Assessment Techniques (CAT).
Accounting is a business language and the best way to learn a language is
through repetition and practice. Using ‘Focused Listing” and “Memory Matrix” will
assist with understating the repetitive steps needed to complete an accounting
cycle. Using ‘Documented Problem Solutions’ will help students backtrack their
steps to correct errors in their recorded transactions.

The third tool is technology. Technology is a major part of the QuickBooks Online
and Payroll accounting course. We create accounting profiles and ‘process’ real
world examples in the QuickBook Online system. We also use Google to find tax
and payroll accounting information. Therefore, since we are using technology in
participatory learning and practice, I will incorporate videos from TED-ed and
Blubbr to help instill better understanding of accounting principles and theories. I
will also create polls to understand my audience base and to gauge their comfort
level with using technology. Using polls will help with my bridging component as
well.

Not only have I learned more about tools and techniques, I have gained
appreciation. I gained appreciation for my colleagues. We have become more
than just students in a class. We are a support system.

I appreciated the fact that my students were different. It gave a different
perspective in the class in regards of behaviors, learning and teaching styles. I also
understand that I need to be flexible, while standing consistent with my students.

I appreciated the fact that sometimes instructors are more than just teachers. We
are first line counselors, approvers, and way showers. We provide more than just
the instruction that we were are hired to teach. We provide guidance. We provide
structure. We provide care.

This program has made me more effective as an instructor by identifying more tools
and skills that I need to incorporate in my teaching. Using tools, such as BOPPPPS,
I am able to structure my learning plan with outcomes and deliverables. By asking
GOOD questions and using Classroom Assessment Techniques, I can properly
gauge is my students are really learning. Also, by using technology, I can expand
my material and reach other students who may learn differently.

TRINIA JAMES, MBA 2

My suggestions for this program is to have a two-part session; Face-2-Face program
and Online Session. There are so many avenues and options for Online Classroom,
that it deserves its own 5-week program. It would be so exciting to attend a class
that helps with managing an Online Classroom.
Thank you.

TRINIA JAMES, MBA 3