Alex’s Auto Detailing: Double-Entry Accounting

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ActiveLearningLabs
Price per Classroom
$25.00
Duration
5 Hours
Activities
48
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Lab Description

Alex's Accounting Lab provides an interactive, hands-on experience where students learn the full accounting cycle through guided activities. In this lab, students help Alex manage his service-based auto detailing business, making it simpler by avoiding the complexities of inventory and cost of goods sold.

This lab offers a unique and engaging way for high school students to learn the full accounting cycle. Designed specifically for high school students, the lab uses a simple service-based business to walk students through each step of accounting—from transactions to financial statements—making it accessible and easy to follow.

What sets this lab apart is its Randomization Capability - With our unique platform feature, teachers can configure whether every student should receive a different set of transaction amounts. This prevents copying, supports individualized learning, and makes it ideal for independent projects.

The lab is highly interactive, with auto-graded worksheet activities, allowing students to gain hands-on experience and learn at their own pace without feeling overwhelmed. This combination of real-world practice and instant feedback makes it the perfect tool for introducing students to the foundations of accounting.


Key Learning Objectives:

  • Ability to analyze transactions (12 transactions in this lab)
  • Use T-accounts to visualize the effect of transactions on accounts
  • Understand double-entry accounting by recording transactions in the general journal.
  • Post the journal entries to ledgers.
  • Prepare and verify a trial balance to ensure the accounts are accurate.
  • Learn how to make adjusting entries for prepaid expenses and unearned revenues.
  • Develop key financial statements: Income Statement, Balance Sheet, and Statement of Owner’s Equity.
  • Complete the accounting cycle by making closing entries and preparing the Post-Closing Trial Balance.

Features:

  • Randomization Capability: Teachers can configure whether every student should receive a different set of transaction amounts.
  • Auto-graded worksheets that provide immediate feedback and ensure students don’t fall behind at any step.
  • Simplified service business setup, removing the complications of tracking inventory and cost of goods sold.
  • Engaging reflective writing activities to reinforce learning and analyze Alex’s business performance.
  • Hands-On Learning: Students gain true hands-on experience by engaging with real transactions and accounting procedures.
  • Immediate Feedback for Learning: With instant feedback and correction, students can see their progress and make adjustments in real-time, reinforcing their understanding of accounting concepts and preventing common mistakes.
  • Tailored for High School Students: With simple, real-world transactions, the lab is perfectly suited for high school students who are new to accounting.

FBLA -
THE ACCOUNTING PROCESS
Explain the relationship between the closing process, the financial statements, and the post-closing trial balance
FBLA -
THE ACCOUNTING PROCESS
Prepare the financial statements for the different types of business operations and ownership structures
FBLA -
THE ACCOUNTING PROCESS
Identify permanent and temporary accounts in the closing process and prepare closing entries
FBLA -
THE ACCOUNTING PROCESS
Explain the need for adjusting entries and record adjusting entries
FBLA -
THE ACCOUNTING PROCESS
Apply the double-entry system of accounting to record business transactions and prepare a trial balance
FBLA -
THE ACCOUNTING PROCESS
Explain and analyze how business transactions impact the accounting equation
FBLA -
THE ACCOUNTING PROCESS
Explain the purpose of journals and ledgers and their relationship
FBLA -
THE ACCOUNTING PROCESS
State and explain the classifications within assets, liabilities, and equity
FBLA -
THE ACCOUNTING PROCESS
Define assets, liabilities, equity, revenue, expenses, gains, and losses
FBLA -
THE ACCOUNTING PROCESS
ACHEIVEMENT STANDARD: Develop a working knowledge of the accounting process
Price per Classroom
$25.00
Duration
5 Hours
Activities
48
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What Does "Per Classroom" Mean?

When you purchase a lab per classroom, the license allows you to use the lab with a single classroom of up to 40 students.

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  • The price listed is for one classroom of up to 40 students.
  • For larger classrooms or multiple classrooms, additional licenses will be required.
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