Lily's Lawn Care: Double-Entry Accounting

Lily’s Lawn Care Accounting Lab offers an engaging, real-world simulation for students to learn foundational accounting skills. Centered around a lawn care business, students dive into practical tasks from recording transactions to preparing financial statements.

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 Lily’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.