Author: Joyell Bachler

TICKET TO FLY! / Lesson 1-1: Net Worth Statements / If a bank requires a 2:1 ratio of assets to liabilities to be approved for a loan, what is the minimum amount John needs to have in assets if he has $950 in liabilities? / What would his net worth be? / JUSTIFY your answers!	TICKET TO FLY! / Lesson 1-2: Accounting Equation & How Changes Affect Accounts / Write the account equation: / Background info for next 2 questions: / Austin has $250 of cash in his / wallet. He owes his parents $25. / May 15: Austin went to The Cup to buy a coffee. He paid in cash $5. / What is the balance in his Cash / account now? / May 16: The next day, Austin went to The Cup again, but forgot his wallet. He was allowed to write his name down & pay the next day $5. / What is his Accounts Payable / balance now? / JUSTIFY your answers!	TICKET TO FLY! / Lesson 1-3: How Changes Affect Owner’s Equity / Complete Allie’s accounting equation: / $2500 = $950 + _________ / (Assets = Liabilities + Owner’s Equity) / Background info: / Allie has paid $400 for her business phone bill for the last year. / July 5: Allie paid her business cell phone bill ($50) with cash. / Which two accounting equation categories will be affected by this transaction, and what will their ENDING BALANCES be? / What is her Communication Expense account balance now? / JUSTIFY your answers!

Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!	Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!	Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!

TICKET TO FLY! / Lesson 2-1: Using T Accounts / Draw T Accounts / Write the category of each account below the T / Label the Debit/credit sides (dr. or cr.) Label the Normal Balance side (NB) / Put an arrow (á) on the increase side / Fred’s Auto Shop Chart of Accounts: / Supplies / Accounts Receivable—Chuck Norris / Accounts Payable— Northwest Tire / Fred Kruger, Capital	TICKET TO FLY! / Lesson 2-2: Analyzing Transactions / Using the T accounts listed below, / Write account names on the pairs of t accounts / Write amount of change due to the transaction / Aug. 15: Fred Kruger put $1,000 of cash into the company as an investment. / Aug. 17: Fred paid cash on his account at Northwest Tire, $500.	TICKET TO FLY! / Lesson 2-3: Analyzing Transactions that affect Owner’s Equity / Using the T accounts listed below, / Write account names on the pairs of t accounts / Write amount of change due to the transaction / Sep. 2: Fred rotated John Jones’ tires, $25. Fred let John charge to his account. / Sep. 5: Fred changed Jed Hog’s oil, $75. Jed paid Fred in cash.

Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!	Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!	Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!

TICKET TO FLY! / Lesson 3-1: Journalizing Transactions / Using the two source documents below, / Journalize the transactions in the general journal. / JUSTIFY yo	TICKET TO FLY! / Lesson 3-2: Journalizing Transactions / affecting Prepaid Insurance and Supplies / Journalize the following transactions on pg. 7 of the General Journal: / Nov. 1: Paid cash to Northwest Tire for outstanding invoice, $250. Check No. 6. / 4: Paid cash to Peters Insurance for 6 month policy, $600. Check No. 7.	TICKET TO FLY! / Lesson 3-3: Journalizing Transactions / affecting Owner’s Equity and Assets / Journalize the following transactions on pg. 7 of the General Journal: / Nov. 5: Paid cash to MDU for electric bill, $120. Check No. 10. / 8: Balanced tires for Jake Johnson, $240. Allowed Jake to charge to his account. Sales Invoice No. 3.

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Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!	Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!	Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!

TICKET TO FLY! / Lesson 3-4: Starting a New Journal Page & Correcting Errors / Fred has one line left on page 3 of his general / journal. Start the new page for him. / The next transaction is dated Nov. 9. / Check the following transactions for accuracy on the journal below. If entries are incorrect, make the / corrections. (HINT: there will be two corrections!) / Nov. 10: Fred wrote check #10, $425.00 to pay for rent of his shop. / 12: Fred bought supplies from Office Max, $30. He charged to his account. / 13: Fred received cash from Josh Jenkin for work done earlier, $250.	TICKET TO FLY! / Lesson 4-1: Preparing Account Forms & Chart of Accounts / Fred’s chart of accounts is listed below. / Fill in the three missing account name or numbers. / Fred has realized he needs a miscellaneous expense account for random expenses he pays. Based on the chart of accounts listed above, decide what the / account number should be and open the new account.	TICKET TO FLY! / Lesson 4-2: Posting to the General Ledger & Proving Cash / Post the general journal entries to the general / ledger. You will need to open the accounts first! / Prove cash. Balance on last check stub is $1,970. / Accounts: / 110 Cash, 160 Supplies, 310 Fred Kruger Capital, 410 Sales

Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!	Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!	Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!

TICKET TO FLY! / Lesson 4-3: Correcting Errors in Ledger / Journalize the correcting entry below: / Apr. 3: Discovered that transaction for rent expense was / accidentally journalized and posted to utilities expense, $300. M26. / It was also discovered that two posting errors were made to the Supplies account. Correct them! / 1, An entry for $30 on March 23 was posted as $300. / 2. An entry for $45 on March 25 was posted as a credit instead of a debit.	TICKET TO FLY! / Lesson 5-1: Checking Accounts / Fred’s Auto Shop is transferring a check to Pete’s Autobody. Prepare the endorsement. / __________________________ / __________________________ / __________________________	TICKET TO FLY! / Lesson 5-2: Bank Statement / Reconciliation & Service Charges / Prepare a bank statement reconciliation for May 31. / Journalize the service charge on journal pg. 6. Memo No. 24.

INFO:
Bank statement balance: $1970 / Bank service charge: $20 / Outstanding deposit: $550 on May 28 / Outstanding check: No. 131—$45 / Checkbook balance on Check stub 132: $2495.

Prepare check stub and write check for this check:
On June 30, Fred wrote a check to Office Max, $45 for supplies, Check # 130.
INFO: Balance brought forward from last check stub is $1,970, and a deposit ($500) was made on May 30.

Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!	Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!	Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!

TICKET TO FLY! / Lesson 5-3: Dishonored checks, EFT, and debit card purchases	TICKET TO FLY! / Lesson 5-4: Petty Cash / Journalize the transaction below: / Jun. 7: Fred is starting a petty cash fund—$200. / Complete Petty Cash Report. Journalize the replenishment. / Jun. 30: Fred has receipts in his petty cash bag for: / Supplies, $45; Misc. Expense, $35; Postage Expense, $15. / Total cash left in bag is $103. C200.

Journalize the entries below:
Jun. 3: Bank called Fred to tell him that check from Chuck Norris dishonored, $455 plus $50 bank fee. Memo No. 6.
6: Paid cash to Tires Plus on account using debit card, $75. Memo No. 17
6: Paid cash to Northwest Tire on account using EFT, $400. Memo No. 18.

Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!	Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!	Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!

TICKET TO FLY! / Lesson 6-1: Creating a Work Sheet / On May 31, Fred’s Auto Shop had an ending cash balance of $2,669. His customer, Jake Johnson, still owes him $300. He also has an ending balance of $2,400 in Sales. / Create the heading, insert these accounts and their balances, then total and rule the Trial balance.	TICKET TO FLY! / Lesson 6-2: Planning Adjusting Entries on a Work Sheet / Fred’s Auto Shop has the following adjustments needed. Don’t forget to TOTAL and RULE. / Adjustment Information, May 31 / Supplies on hand $ 50.00 / Value of prepaid insurance 100.00	TICKET TO FLY! / Lesson 6-3: Completing the Work Sheet and Correcting Errors / Complete the Work Sheet listed below by extending the Income Statement and Balance Sheet balances. Calculate Fred’s Net Income/Loss, and rule these columns.

Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!	Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!	Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!

TICKET TO FLY! / Lesson 6-4: Journalizing and Posting / Adjusting Entries / Journalize and post the below adjusting entries for Fred’s Auto Shop. Date is May 31, 2019. Use page 5 of the General Journal.	TICKET TO FLY! / Lesson 7-1: Preparing an Income Statement / Fred is applying for credit at a bank. They’ve requested an up-to-date Income Statement for the Month of May 2019. Complete the Income Statement below. / Do not forget correct ruling!	TICKET TO FLY! / Lesson 7-2: Preparing a Balance Sheet / Fred is applying for credit at a bank. They’ve requested an UTD Balance Sheet. The balance if Fred’s capital account is $4,000. The balance if his drawing account is $1,000. His Net Income was $394.00. He does now show the details of this on his Balance Sheet. / Complete the Balance Sheet for May 31. / Do not forget correct ruling!

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Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!	Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!	Rank your understanding: / (circle one—list what you’re stumped on) / STOP! I don’t get this! / I get some of it! / I could show a classmate / how to do this!

TICKET TO FLY! / Lesson 8-1: Recording Closing Entries / Journalize and post the below closing entries for Fred’s Auto Shop. Date is May 31, 2019. Use page 6 of the General Journal. You will have TWO entries	TICKET TO FLY! / Lesson 8-2: Preparing a Post-Closing / Trial Balance / Fred is preparing for the next Accounting Cycle. Total and Rule Fred’s Post-Closing Trial Balance. / Finish the following list of the Accounting Cycle: / Analyze Transactions / Post / Prepare Work Sheet / Journalize and Post Adjusting Entries / Journalize and Post Closing Entries