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