Lesson Plan 3.1 - Fiscal Period Activities
Course Title – Accounting I
Session Title – Fiscal Period Activities
Lesson Purpose – Demonstrate skill in analyzing, journalizing and posting
transactions and any other activity related to banking and petty cash. The skill
demonstrated is for transactions relating to a service business organized as a
sole proprietorship.
Behavioral Objectives




Perform routine accounting procedures for analyzing, journalizing and
posting transactions.
Complete work in a timely manner.
Work independently to accomplish the task.
Analyze cash flow and make suggestions for improvement.
Preparation
OLD TEKS Correlations:
2010 TEKS Correlations:
This lesson, as published, correlates
to the following TEKS. Any
changes/alterations to the activities
may result in the elimination of any or
all of the TEKS listed.
120.42.C
1.b. - apply information from source
documents
c. - demonstrate the effects of
transactions on the accounting
equation, for example, T accounts;
d. - prepare a chart of accounts;
e. - apply information from source
documents;
f. - post general journal entries;
4.f. - open and replenish a petty cash
fund and journalize transactions
7.a. - follow oral and written
instructions;
7.b. - develop time management
skills by setting priorities for
completing work as scheduled
This lesson, as published, correlates
to the following TEKS. Any
changes/alterations to the activities
may result in the elimination of any or
all of the TEKS listed.
130.166.C
3.c. – demonstrate the effects of
transactions on the accounting
equation;
3.d. prepare a chart of accounts
3.e. – use T accounts;
3.g. - post journal entries to general
ledger accounts;
3.h. – prepare a trial balance
3.i. journalize and post adjusting and
closing entries;
3.j. – prepare a post-closing trial
balance;
3.o. – calculate business profitability;
3.q. – prepare a statement of equity
and retained earnings;
4.c. – journalize and post entries to
establish and replenish petty cash;
4.f. – prepare bank deposits,
Lesson Plan 3.1 – Fiscal Period Activities
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
purchase requisitions, purchase
orders, sales slips, and invoices
TAKS Correlation:
MATH
Objective 10: The student will demonstrate an understanding of the
mathematical processes and tools used in problem solving.
Materials, Equipment and Resources:


Textbook
Spreadsheet software
Teaching Strategies:


Observation
Graded Assignments
Lesson Content:
Review of accounting cycle for work to be done during the fiscal period.
Assessment:


Observation
Graded Assignments
Additional Resources:
Textbooks:
Guerrieri, Donald J., Haber, Hoyt, Turner. Glencoe Accounting RealWorld Applications and Connections. Glencoe McGraw-Hill 2000.
ISBN/ISSN 0-02-815004-X.
Ross, Kenton, Gilbertson, Lehman, and Hanson. Century 21 Accounting
Multicolumn Journal Anniversary Edition, 1st Year Course. SouthWestern Educational and Professional Publishing, 2003.
ISBN/ISSN: 0-538-43524-0
Ross, Kenton, Gilbertson, Lehman, and Hanson. Century 21 General
Journal Accounting Anniversary Edition, 7th Edition. SouthWestern Educational and Professional Publishing, 2003.
Lesson Plan 3.1 – Fiscal Period Activities
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
ISBN/ISSN: 0-538-43529-1.
Lesson Plan 3.1 – Fiscal Period Activities
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Activity 3.1.1 – Chart of Accounts
Course Title – Accounting I
Session Title – Fiscal Period Activities
Activity Purpose – Demonstrate skill in preparing a chart of accounts.
OLD TEKS Correlations:
2010 TEKS Correlations:
This lesson, as published, correlates
to the following TEKS. Any
changes/alterations to the activities
may result in the elimination of any or
all of the TEKS listed.
This lesson, as published, correlates
to the following TEKS. Any
changes/alterations to the activities
may result in the elimination of any or
all of the TEKS listed.
120.42.C
1.b. - apply information from source
130.166.C
3.d. prepare a chart of accounts
documents
d. - prepare a chart of accounts;
TAKS Correlation
WRITING
Objective 6: The student will demonstrate the ability to revise and proofread to
improve the clarity and effectiveness of a piece of writing.
Materials, Equipment and Resources:

Textbook
Teaching Strategies:

Observation
Activity 3.1.1 – Chart of Accounts
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Activity Outline:
Prepare a chart of accounts for S & S Detail Shop. This is a business owned by
Shawn Smithers. This is the first month of operation. Shawn is organized as a
sole proprietorship, providing the service of washing and detailing automobiles
and trucks. Below is a list of the accounts he developed. Place them in correct
order using a three digit numbering system. There are a couple of accounts not
in the list that every business must have, so pay attention to details.
Office Supplies
Miscellaneous Expense
Petty Cash
Washington City Bank
Rent Expense
Supplies Warehouse
Insurance Expense
Washington Office
Supply
Detailing Fee
Advertising Expense
Cleaning and Detail Supplies
Equipment
Supplies Expense
Washing Fee
Prepaid Insurance
Cash
Utilities Expense
Charitable Contributions
Expense
Assessment:


Observation
Graded Assignments
Quality Feature
Correct title on chart of accounts
Accounts numbered correctly
Account names accurate with no spelling errors
Writing legible
Accounts in correct order
Completes in a timely manner
Activity 3.1.1 – Chart of Accounts
Score
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Activity 3.1.2 –Analyzing and Journalizing Transactions
Course Title – Accounting I
Session Title – Fiscal Period Activities
Activity Purpose – Demonstrate skill in analyzing and journalizing transactions.
OLD TEKS Correlations:
2010 TEKS Correlations:
This lesson, as published, correlates to
the following TEKS. Any
changes/alterations to the activities may
result in the elimination of any or all of the
TEKS listed.
This lesson, as published, correlates to
the following TEKS. Any
changes/alterations to the activities may
result in the elimination of any or all of the
TEKS listed.
120.42.C.
1.b. apply information from source
130.166.C
3.c. – demonstrate the effects of
documents
1.c. demonstrate the effects of
transactions on the accounting equation,
for example, T accounts;
1.d. prepare a chart of accounts;
1.e, apply information from source
documents;
7.a. follow oral and written instructions;
7.b. develop time management skills by
setting priorities for completing work as
scheduled
7.c. make decisions using appropriate
accounting concepts
7.e. perform accounting procedures
using manual and automated methods;
7.f. complete the accounting
7.g. demonstrate use of the numeric
keypad by touch.
transactions on the accounting equation;
3.d. prepare a chart of accounts
3.e. – use T accounts
TAKS Correlation:
WRITING
Objective 6: The student will demonstrate the ability to revise and proofread to improve
the clarity and effectiveness of a piece of writing.
MATH
Objective 10: The student will demonstrate an understanding of the mathematical
Activity 3.1.2 – Analyzing and Journalizing
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
processes and tools used in problem solving.
Materials, Equipment and Resources:

Textbook
Teaching Strategies:

Observation
Activity 3.1.2 – Analyzing and Journalizing
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Activity Outline:
Analyze and journalize the following beginning transactions for S & S Detail Shop. This
was the first month of operation. Each time an amount involves cash, you must make an
entry in a Check Register spreadsheet.
Current
Year
Nov
1 Received cash from Shawn Smithers as an investment in his new
business, $20,000, R1.
1 Paid cash to Alamo Heights for rent, $600.00, C1.
2 Bought cleaning and detail supplies from Supplies Warehouse on
account, $500.00, M1.
2 Purchased two vacuum cleaners (equipment) from Vacuum Sales,
$2,000.00 each. Paid cash. C2.
3 Wrote a check to petty cash to establish a petty cash fund, $50.00, C3.
3 Wrote a check for Office Supplies to Washington Office Supply,
$492.00, C4.
4 Paid cash for an insurance policy from Insure-It. The policy is for 6
months and the check was for $600.00, C5.
5 Received a loan from Washington City Bank to purchase 2 high
pressure sprayers, $5,000.00 for both sprayers, M2.
6 Received cash in wash fees, $250.00, R2.
6 Received cash in detail fees, $575.00, R3.
8 Paid cash to Signage! for a sign to advertise the new shop, $300.00,
C6.
9 Paid cash to Jones Hardware for several pair of rubber gloves, $25.00,
C7.
10 Paid cash to The Daily Herald for an advertisement in the local
newspaper, $234.00, C8.
11 Withdrew cash for personal use, $600.00, C9.
13 Received cash from wash fees, $720.00, R4.
13 Received cash from detail fees, $990.00, R5.
15 Paid cash on account to Supplies Warehouse, $500.00, C10.
16 Received bank statement and recorded bank service charge, $15.00,
M4.
17 Joined the Chamber of Commerce, $25.00, C11.
17 Paid cash to Washington Water Coop for water, $325.00 C12.
18 Paid cash to KOOV for a radio advertisement, $250.00, C13.
19 Received cash from wash fees, $350.00, R6.
19 Received cash from detail fees, $900.00, R7.
21 Bought cleaning supplies on account from Supplies Warehouse,
$1,200.00, M5.
23 Paid cash for Office Supplies from Washington Office Supply, $32.00,
C14.
23 Purchased a computer from Best Computers, $2,800.00, C15.
24 Paid cash for electric bill to Washington Electric Coop, $224.00, C16.
25 Ordered checks preprinted from Washington City Bank, $32.00, M6.
25 Paid cash to Future Cleaning Supplies for a special brand of wax to try,
Activity 3.1.2 – Analyzing and Journalizing
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
26
26
27
27
29
29
30
30
30
30
$33.00, C17.
Withdrew cash for personal use, $400.00, C18.
Paid cash for office supplies, $17.00, C19.
Received cash from wash fees, $695.00, R8.
Received cash from wash fees, $725.00, R9.
Paid cash for a billboard advertisement, $259.00, C20.
Paid cash to join the American Clean-Car Association, $50.00, C21.
Received cash from wash fees, $125.00, R10.
Received cash from detail fees, $200.00, R11.
Wrote check 22 to Talk Communication, Inc. for the phone bill, $62.00.
Replenished the petty cash fund. Petty cash slip: Used petty cash to
purchase donuts for customers while they waited. Charged it to
miscellaneous expense, $12.00. Petty cash slip: girl scout cookies,
$15.00. C22
Assessment:


Observation
Graded Assignments
Quality Feature
Score
Journal:
Page numbers on the journal
All details on each line: date, debit and credit amount
and source document (explanation)
Debits equal credits in the journal
Amounts correct
Writing legible
Completes in a timely manner
Check Register:
Beginning balance zero
Dates on each transaction
Payee or Depositor accurate
Document number accurate
Deposits added and checks subtracted
All balances correct
Completes in a timely manner
Activity 3.1.2 – Analyzing and Journalizing
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Activity 3.1.3 – Check Register Analysis
Course Title – Accounting I
Session Title – Fiscal Period Activities
Activity Purpose – Demonstrate skill in analyzing the check register balance
and considering solutions or projections for the next fiscal period.
OLD TEKS Correlations:
2010 TEKS Correlations:
This lesson, as published, correlates
to the following TEKS. Any
changes/alterations to the activities
may result in the elimination of any or
all of the TEKS listed.
120.42.C
1.b. apply information from source
documents
1.c. demonstrate the effects of
transactions on the accounting
equation, for example, T accounts;
7.a. follow oral and written
instructions;
7.b. develop time management skills
by setting priorities for completing
work as scheduled
7.c. make decisions using appropriate
accounting concepts
7.e. perform accounting procedures
using manual and automated
methods;
7.g. demonstrate use of the numeric
keypad by touch.
This lesson, as published, correlates
to the following TEKS. Any
changes/alterations to the activities
may result in the elimination of any or
all of the TEKS listed.
130.166.C
3.c. – demonstrate the effects of
transactions on the accounting
equation;
3.e. – use T accounts
TAKS Correlation:
WRITING
Objective 5: The student will produce a piece of writing that demonstrates a
command of the conventions of spelling, capitalization, puncutation, grammar,
usage, and sentence structure.
Objective 6: The student will demonstrate the ability to revise and proofread to
improve the clarity and effectiveness of a piece of writing.
Activity 3.1.3 - Check Register Analysis
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
MATH
Objective 10: The student will demonstrate an understanding of the
mathematical processes and tools used in problem solving.
Materials, Equipment and Resources:



Textbook
Spreadsheet software
Word processing software
Teaching Strategies:



Discussion
Observation
Graded Assignment
Activity 3.1.3 - Check Register Analysis
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Activity Outline:
Lead a class discussion asking these questions:
1. According to the check register, how did Shawn’s business do the
first month? Explain in detail.
2. As his accountant, what changes do you suggest to him for the next
fiscal period? Give at least five suggestions for change.
Have your students write a summary of their answers to the questions.
Assessment:


Observation
Graded Assignments
Quality Feature
Score
Well-written
Good analysis of the business for the fiscal period
with valid points to back up the analysis
Excellent ideas for changes, with a minimum of 5
suggestions
No grammatical errors
No enter errors
Formatted in correct business report format
Completes in a timely manner
Activity 3.1.3 - Check Register Analysis
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Activity 3.1.4 – Posting to the General Ledger
Course Title – Accounting I
Session Title – Fiscal Period Activities
Activity Purpose – Demonstrate skill in posting to the general ledger and
keeping accurate account balances
OLD TEKS Correlations:
2010 TEKS Correlations:
This lesson, as published, correlates
to the following TEKS. Any
changes/alterations to the activities
may result in the elimination of any or
all of the TEKS listed.
120.42.C
1.b. apply information from source
documents
1.f. post general journal entries
7.a. follow oral and written
instructions;
7.b. develop time management skills
by setting priorities for completing
work as scheduled
7.c. make decisions using appropriate
accounting concepts
7.e. perform accounting procedures
using manual and automated
methods;
7.g. demonstrate use of the numeric
keypad by touch.
This lesson, as published, correlates
to the following TEKS. Any
changes/alterations to the activities
may result in the elimination of any or
all of the TEKS listed.
130.166.C
3.g. - post journal entries to general
ledger accounts;
TAKS Correlation:
WRITING
Objective 6: The student will demonstrate the ability to revise and proofread to
improve the clarity and effectiveness of a piece of writing.
MATH
Objective 10: The student will demonstrate an understanding of the
mathematical processes and tools used in problem solving.
Materials, Equipment and Resources:

Textbook
Activity 3.1.4 – Posting to General Ledger
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Teaching Strategies:

Observation
Activity Outline:

Post the general journal entries to the general ledger from Activity 2.
Assessment:


Observation
Graded Assignments
Quality Feature
Score
Details not omitted
No errors in posting amounts
Balances accurate
Completes all accounts
Completes in a timely manner
Activity 3.1.4 – Posting to General Ledger
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Activity 3.1.5 –Trial Balance
Course Title – Accounting I
Session Title – Fiscal Period Activities
Activity Purpose – Demonstrate skill in preparing a Trial Balance and finding
any errors in the ledger to make corrections.
OLD TEKS Correlations:
2010 TEKS Correlations:
This lesson, as published, correlates
to the following TEKS. Any
changes/alterations to the activities
may result in the elimination of any or
all of the TEKS listed.
120.42.C
1.b. apply information from source
documents
1.j. prepare a post-closing Trial
Balance;
7.a. follow oral and written
instructions;
7.b. develop time management skills
by setting priorities for completing
work as scheduled
7.c. make decisions using appropriate
accounting concepts
7.e. perform accounting procedures
using manual and automated
methods;
7.g. demonstrate use of the numeric
keypad by touch.
This lesson, as published, correlates
to the following TEKS. Any
changes/alterations to the activities
may result in the elimination of any or
all of the TEKS listed.
130.166.C
3.h. – prepare a trial balance
WRITING
Objective 6: The student will demonstrate the ability to revise and proofread to
improve the clarity and effectiveness of a piece of writing.
Materials, Equipment and Resources:

Textbook
Teaching Strategies:

Observation
Activity 3.1.5 – Trial Balance
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1
Activity Outline:
Using the account balances from Activity 4, prepare a Trial Balance using the
first two worksheet columns.
Assessment:


Observation
Graded Assignments
Quality Feature
Only accounts with balances listed
No errors in account spelling
3-line heading is accurate
Debits equal credits
Completes in a timely manner
Activity 3.1.5 – Trial Balance
Score
Copyright © Texas Education Agency, 2011. All rights reserved.
ACCOUNTING 1