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  • Lesson Plan 6.2 End of Fiscal Period Activities Copyright Texas Education Agency, 2011. All rights reserved.

    ACCOUNTING 1

    Lesson Plan 6.2 End-of-Fiscal Period Activities Course Title Accounting I

    Session Title End-of-Fiscal Period Activities

    Lesson Purpose Demonstrate skill in completing the end-of-fiscal period activities for a merchandising business.

    Behavioral Objectives Create a computer-generated Trial Balance after posting for the fiscal

    period.

    Find and correct any errors in a Trial Balance.

    Create schedules of subsidiary ledgers.

    Find and correct any errors in subsidiary ledgers.

    Analyze and journalize adjusting entries for a merchandising business.

    Create computer-generated financial statements for a merchandising business.

    Analyze closing entries for a fiscal period.

    Close the accounting records for a fiscal period in preparation for a new fiscal period.

    Create a Post-Closing Trial Balance for a fiscal period.

    OLD 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 2.d. prepare schedules for subsidiary ledgers; 2.e. generate Trial Balances and end-of-period adjustments; 2.f. prepare financial statements; 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

    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. 130.166.C. 6.c. post to an accounts payable subsidiary ledger; 3.h. prepare a trial balance; 3.i. journalize and post adjusting and closing entries;

  • Lesson Plan 6.2 End of Fiscal Period Activities Copyright Texas Education Agency, 2011. All rights reserved.

    ACCOUNTING 1

    TAKS Correlation: READING Objective 1: The student will demonstrate a basic understanding of culturally diverse written texts. MATH Objective 10: The student will demonstrate an understanding of the mathematical processes and tools used in problem solving.

    Materials, Equipment and Resources: Textbook

    Accounting software

    Journal input forms

    Teaching Strategies: Observation

    Facilitation

    Lesson Content: Review the steps of the accounting cycle. Students complete all end-of-fiscal period for a merchandising business independently.

    Assessment: Observation

    Graded Assignments

    Additional Resources: Textbooks:

    Guerrieri, Donald J., Haber, Hoyt, Turner. Glencoe Accounting Real-World 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. South-Western 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. South-Western Educational and Professional Publishing, 2003. ISBN/ISSN: 0-538-43529-1.

  • Activity 6.2.1 Creating a Trial Balance Copyright Texas Education Agency, 2011. All rights reserved. ACCOUNTING 1

    Lesson 6.2 Activity Creating a Trial Balance 6.2.1

    Course Title Accounting I

    Session Title End-of-Fiscal Period Activities

    Activity Purpose Create a computer-generated Trial Balance for a merchandising business after posting for the fiscal period.

    OLD 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 2.e. generate Trial Balances and end-of-period adjustments;

    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. 130.166.C. 3.h. prepare a trial balance; 3.i. journalize and post adjusting and closing entries;

    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

    Accounting software

    Teaching Strategies: Observation

    Facilitation

    Activity Outline:

    Have your students print a Trial Balance report at the end of the fiscal period for The Kewl Shoppe. Ask students to find any errors on the Trial Balance and correct them. Check the Trial Balance before the student proceeds to the next step of the accounting cycle.

  • Activity 6.2.1 Creating a Trial Balance Copyright Texas Education Agency, 2011. All rights reserved. ACCOUNTING 1

    Assessment:

    Observation

    Graded Assignment

    Quality Feature Score

    Printed report of Trial Balance for The Kewl Shoppe

    Corrects any errors in Trial Balance

    Completes in a timely manner

  • Activity 6.2.2 Creating Schedules of Subsidiary Ledgers Copyright Texas Education Agency, 2011. All rights reserved. ACCOUNTING 1

    Activity 6.2.2 - Creating Schedules of Subsidiary Ledgers

    Course Title Accounting I

    Session Title End-of-Fiscal Period Activities

    Activity Purpose Create a computer-generated Trial Balance for a merchandising business after posting for the fiscal period.

    OLD 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 2.d. prepare schedules for subsidiary ledgers.

    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. 130.166.C. 6.c. post to an accounts payable subsidiary ledger;

    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

    Accounting software

    Teaching Strategies: Observation

    Facilitation

    Activity Outline:

    Have students print a computer-generated report of the subsidiary ledgers. Ask them to be sure they equal the controlling account.

    Check the subsidiary ledger before students proceed to the next step of the accounting cycle.

  • Activity 6.2.2 Creating Schedules of Subsidiary Ledgers Copyright Texas Education Agency, 2011. All rights reserved. ACCOUNTING 1

    Assessment:

    Observation

    Graded Assignment

    Quality Feature Score

    Printed report of Trial Balance for The Kewl Shoppe

    Corrects any errors in Trial Balance

    Completes in a timely manner

  • Activity 6.2.3 Analyze and Journalize Adjusting Entries Copyright Texas Education Agency, 2011. All rights reserved.

    ACCOUNTING 1

    Activity 6.2.3 Analyze and Journalize Adjusting Entries

    Course Title Accounting I

    Session Title End-of-Fiscal Period Activities

    Activity Purpose Demonstrate skill in analyzing and journalizing adjusting entries for a merchandising business.

    OLD 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 2.e. generate Trial Balances and end-of-period adjustments; 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

    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. 130.166.C. 3.h. prepare a trial balance; 3.i. journalize and post adjusting and closing entries;

    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

    Accounting software

    Teaching Strategies: Observation

    Facilitation

  • Activity 6.2.3 Analyze and Journalize Adjusting Entries Copyright Texas Education Agency, 2011. All rights reserved.

    ACCOUNTING 1

    Activity Outline:

    Have your students analyze and journalize the adjusting entries using a General Journal Input Form spreadsheet.

    Merchandise Inventory: Beginning Inventory is 0 because this is a new business. The count at the end of the fiscal period shows $2,013 in inventory.

    Office Supplies: End of fiscal period inventory $220

    Store Supplies: End of fiscal period inventory $352

    Value of Prepaid Insurance: 6 month policy at $600; the value is now $500

    Ask students to enter the journal entries using their accounting software and print a report.

    .

    Assessment:

    Observation

    Graded Assignment

    Quality Feature Score

    Adjusting entries analyzed correctly

    General jour

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