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