ACCOUNTING I

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Chapter 7

Work Sheet for a Service Business

ESSENTIAL QUESTIONS

  • How is the heading and trial balance entered on a work sheet?
  • How are adjustments for supplies and prepaid insurance calculated and entered on a work sheet?.
  • What is required to complete a work sheet for a service business organized as a proprietorship?
  • What are ways to identify and correct errors in accounting records?
 

TERMS FOR CHAPTER 7

- fiscal period
- work sheet
- trial balance
- adjustment
- income statement
- net income
- net loss

ASSIGNMENTS

Creating a Work Sheet
Read pp. 148-153

1) View Power Point presentation 7-1
2) Complete Application Problem 7-1 p. 169
3) Work on Study Guide 7
December 2

Planning Adjusting Entries on a Work Sheet
Read pp. 154-158

1) View Power Point presentation 7-2
2) Complete Application Problem 7-2 p. 169
3) Continue to Work on Study Guide 7
December 3

Extending Financial Statement Information
on a Work Sheet

Read pp. 159-163

1) View Power Point presentation 7-3
2) Complete Application Problem 7-3 p. 169
3) Continue to Work on Study Guide 7
December 4

Finding and Correcting Errors on the Work Sheet
Read pp. 164-168

1) View Power Point presentation 7-4
2) Complete Application Problem 7-4 p. 170
3) Complete Study Guide 7
December 5

Complete Mastery Problem 7-5 p. 170
December 8

Additional Chapter exercises
Chapter Seven Internet Activity
Accounting in Your Career p. 149
Explore Accounting p. 168
Due December 11

Tentative Test Date for Chapter 7 is Tuesday, December 9


Challenge Problem 7-6 p. 171 may be completed for extra credit due December 12