Have a nice Break!!

Christmas Movie - It's a Wonderful Life

In class, students received back their quizzes on Completing the Accounting Cycle.  Afterwards, we began watching the an inspiration movie about a man working at a savings and loan.

There is no homework.

Field Trip - Dannible & Mckee

In class students took a field trip to Dannible & McKee.  There is no homework.

Quiz - Completing the Accounting Cycle

Students began a quiz on completing the accounting cycle and will finish the assignment next class.

Mini-Practice Set #2 Cont.

In class students finished mini-practice set #2.  There is no homework if you were present and finished the assignment, however, there will be a quiz next class requiring you to complete the entire accounting cycle for a sole proprietorship.  It will be open notes/open book.

Mini-Practice 2

In class we reviewed how to complete the bank reconciliation form to make sure the checkbook/ledger balance matches the ending balance of the bank statement.  Afterwards, students worked on mini-practice #2 which requires students to complete the accounting cycle for a sole proprietorship business.

*Mini-Practice Set #2 will be due at the end of the class Friday, Dec. 5.

**There will be an open book/open notes quiz on Tues. Dec. 9.

***There is an upcoming field trip to the public accounting firm Dannible & McKee.  Please have your permission slip in as soon as possible.  Attached below is a permission slip if you lose the form.


Permission Slip - Dannible & Mckee

Bank Reconciliation

In class students reconciled the bank statement.  Remember, reconciling the bank statement is getting the ending balance on the statement to agree with the account balance for Cash in Bank in the General Ledger and amount carried forward on the check stub.  There are 3 things we need to do to reconcile the bank statement and are as follows:

1) Record any fees (service charge, NSF fee) in General Journal, General Ledger, Check Stub.
2) Record any outstanding deposits on the Bank Reconciliation Form (add).
3) Record any outstanding check on the Bank Reconciliation Form (subtract).



The homework is listed below and the notes are attached.


Notes - Reconciling the Bank Statement


HW - Complete 11-4/11-7

Researching Banks

In class, students reviewed how to fill out deposit slips and write checks/check stubs for a business.  Afterwards, students researched the local banks in our region.  Students looked at the different products and services offered by each of the banks.

There is no homework, have a nice break.

Banking Procedures

In class we reviewed how to complete closing entries in the general journal and general ledger.  Afterwards, we began to talk about how companies safeguard their cash (cash in bank account) with internal and external controls.  External controls usually refer to the use of banks and banking procedures.

Attached below are the class notes, class handout and homework template for 10-9

Notes - Banking Procedures

Handout - Check and Deposit Slip


HW - Template for 10-9 - complete closing entries only
          Read 11.2 - Reconciling the Bank Statement

Closing Entries and Review

In class students completed problem 10-8 in the workbook.  The problem required students to complete the work sheet, prepare the 3 financial statements and complete closing entries/trial balance.

HW - Read Chapter 11 - Banking Procedures/Reconciling the Bank Statement (pgs. 281-294)

Closing Entries

In class students learned the various closing entries at the end of the accounting cycle.  Students should remember the acronym SEND (Sales/revenue, Expenses, Net Income, Drawings/withdrawals).  Afterwards, journal entries should be posted to the General Ledger and a post-closing trial balance is prepared.

The homework is listed below and the notes are attached.

Notes - Closing Entries

HW - Read Section 11.1 Banking Procedures (pgs. 281-286)

Quiz - Completing Worksheet and Preparing (3) Financial Statements

In class students took a quiz on chapters 7-9 which required them to complete the worksheet and prepare the three financial statements (income statement, statement of changes in owner's equity and balance sheet). 

For homework complete any missing work: Mini-Practice Set #1 or CW - 9-7. And...

HW - Read Chapter 10 - Closing Entries

Ratio Analysis

After finishing 9-6 which required students to prepare the 3 financial statements we have been working on, students were introduced to ratio analysis.  Ratio analysis is used by lenders/creditors or investors to make comparisons of a company over time or to other companies in the industry.  Finally, we took a look at the financials for Apple and Target.

The homework is listed below and the notes are attached.

Notes - Ratio Analysis

HW - Study for Quiz on Wed. 11/12
          Covers Chapters 7-9

Financial Statements (cont.)

In class students continued to complete the 3 financial statements (Income Statement, Statement of Change's in Owner's Equity and the Balance Sheet).  There is a specific order in completing the financial statements. 

Students began 9-6 toward the end of class and will have time to finish the assignment on Wed. Nov. 5.

HW - Read pgs. 236-240

Financial Statements

In class students learned how to prepare 3 financial statements: The Income Statement, Statement of Changes in Owner's Equity and the Balance Sheet.

Complete 8-6 on paper or using the template below.

Worksheet and Financial Statements Template in Excel

Work Sheet Template

Financial Statements Template

For homework finish 8-6.

Work Sheet

In class students learned how to prepare a six-column worksheet. We completed 8-4 and 8-6 in class. 

The notes are attached below.  8-6 is prepared below.  There is also a worksheet template that can be used to prepare 8-5 and 8-7.

Notes - The Work Sheet


Answer Key - 8-6


Work Sheet Template 

HW - Complete 8-5 and 8-7
        - Read pgs. 223-231

Mini Practice #1 cont.

In class students continued to work on Mini Practice Set #1.  The assignment (a quiz grade) is due by Tuesday 10/28 before class.

Email me the project at tfesko@mph.net  and I will give you a return email with your grade.  This will be the first quiz grade for the 2nd marking period.

HW - Read pgs. 199-202 and 204-209 in textbook

Mini-Project #1

In class we went over problem 7-9 "Finding Errors and Correcting Entries." 

Afterwards, students went to the library to begin Mini-Practice #1 in excel.  We will be working on using formulas for the General Ledger and the Trial Balance.

Mini Practice #1 - Template

We will work on the project during class on Friday (10/24) afternoon and the entire project will be due Mon. 10/27. 

Email me at tfesko@mph.net the project and I will give you a return email with your grade.  This will be the first quiz grade for the 2nd marking period.

Finding Mistakes and Correcting Entries

In class students reviewed how to post General Journal transactions to the General Ledger.  Afterwards, we went over the trial balance and how to fins/correct mistakes when the trial balance does not balance.

The homework is listed below and the notes are attached.

Notes - Correcting Entries

HW - 7-9 in Workbook

Field Trip - Whiman School of Management at SU

The accounting class took a field trip to the Whitman School of Management at Syracuse University.

There is no homework.

General Ledger cont.

In class we continued to analyze transactions and record them in the general journal where upon students posted that information to the General Ledger.  Students were also introduced to creating templates in Microsoft Excel.  There is no homework.

***Remember to bring in the Field Trip Permission Form***

General Ledger (cont.)

In class students took a quiz on Chapters 5 and 6 focusing on recording business transactions in the General Journal.

Afterwards, student worked on posting transactions from the General Journal to the General Ledger.


HW - Complete 7-5/7-7 if you didn't do so already in class.
        - Get Field Trip Permission Form Signed (attached below)

Field Trip Permission Form

The General Ledger

In class we finished up our discussion on the General Journal.  Students should now be highly skilled at analyzing transactions using the T accounts and recording said transactions in the General Journal.

Afterwards, students were introduced to the General Journal.  After recording transactions in the General Journal, the information should be posted to the General Ledger-as each account has its own ledger that keeps a running total of the balance in the account.

The notes are attached below and the homework is to study for Quiz #3 on Chapter 5-6.

Notes - The General Ledger

Friday, October 3rd

The following is what you will complete during my absence.

1) The substitute teacher will hand out the General Journal log and a T account sheet to complete 6-5 and 6-6 with your Syracuse Partner.  Make sure to put both names on the top of both sheets.   I have linked the templates below for those who are absent.

The General Journal

T Accounts



2) After completing 6-5, the substitute will provide you with the answer key to 6-5.  Check over the General journal to make sure you have recorded all the transactions correctly before completing 6-6.

Answer Key - Problem 6-5


3) Upon completing the classwork turn in all the work in the tray in the front of the room.

4) Start the homework that is listed below.

HW - Complete Problem 6-7 in Workbook
          Read 7.1, 7.2 (167-176)

The General Journal

In class students learned about the four source documents (Receipts, Check Stubs, Memorandum and Invoices).  Students also were introduced the General Journal and learned how to accurately record transactions in the General Journal. 

The notes are attached are attached below and there is no homework.

Notes - The General Journal

Temporary Accounts cont.

In class we reviewed temporary accounts.  Afterwards, students completed problem 5-7 and 5-8 in their workbook which required them to use T Accounts to analyze business transactions.

If you have not finished 5-7/5-8, complete it for next class.  The homework is listed below.

HW - Read Chapter 6 (pay close attention to section 6.1 and be familiar with the vocabulary words)

Temporary Accounts

In class students took Quiz #2 - using T accounts to analyze transactions.  Afterwards, students were introduced to the temporary accounts of Revenue, Expenses and Withdrawals.

The notes are attached and the homework is listed below.

Notes - Temporary Accounts

HW - 5-1, 5-5, 5-6

Using T Accounts to analyze transactions

In class students learned how to use T Accounts to analyze business transactions.

The notes are attached and the homework is listed below.

Notes - Chart - Debits and Credits

HW - Complete 4-7
          *Quiz #2* - Monday 9/22 - study notes - students will be required to do a problem similar to
                                                       4-5/4-6.

         - Read section 5.1 (107-112) and 5.2 (114-118) in textbook

The Double Entry Accounting System

In class students reviewed how different transactions affect various accounts.  Afterwards, students were introduced to the Double Entry Accounting System with debits (left side) and credits (right side).  Finally, students learned about T Accounts which is an accounting tool that helps identify debits and credits for each account.

The notes are listed below.  The homework is to read pgs. 81-83 and 86-89 if you have not done so already.

Notes - The Double Entry Accounting System

Transactions for Revenue, Expense and Withdrawals

In class students took their first quiz on chapters 1 and 2.  Afterwards, we reviewed the basic accounting equation (ASSETS = LIABILITIES + OWNER'S EQUITY) and looked at transactions that affect these accounts.  Students were later introduced to transactions that affect revenue, expense and withdrawals.

The homework is listed below and the notes are attached.

Notes - Transactions that affect Revenue, Expense and Withdrawals

HW -  Finish 3-4, 3-5, 3-6, 3-7, 3-8
        -  Read pgs. 81-84 and 86-89

Property and Financial Claim

In class we finished covering chapter 1 and 2 by differentiating between managerial accounting (profit or non-profit) and financial accounting (public accounting firm).  Finally, we discussed the 3 accounting assumptions set forth by GAAP: business entity, accounting period and going concern. 

Afterwards, students were introduced to property and financial claim.  A financial claim is the legal right to an asset.  This discussion led to students being introduced to the basic accounting equation...Assets = Liabilities + Owner's Equity.

The notes are attached and the homework is listed below.

Notes - Accounting Assumptions

Notes - Property and Financial Claims


HW - Study for Quiz
       - Read Section 3.3 - pgs. 63-66

The World of Business

In class students were introduced to the world of business.  There are three types of business operations: service, merchandising and manufacturing. 

The notes are attached and the homework is listed below.

The World of Business

HW - Complete 2-4, 2-4, 2-6, 2-7

Introduction to Accounting

In class students were introduced to the field of accounting and learned about the 3 types of businesses in which accountants can work.  Students also learned the 3 types of business organization.

The notes are listed below.

Notes - Introduction to Accounting

HW - Read pgs. 28-40

First Day!

Welcome Back! I enjoyed meeting all of you today and getting back into the swing of things.  Below, I have attached the course syllabus.

Accounting - Syllabus

HW - Signed Syllabus
        - Read Textbook - pgs. 28-40