Identifying Accounts in Business Transactions

Activity Description

In this worksheet, students will step into the role of an accountant for Alex's Auto Detailing, a service-based business. They are provided with 12 real-world business transactions and must analyze each one to determine which accounts are impacted. This practical exercise helps students develop a deeper understanding of accounting principles by directly connecting transactions to the accounts they affect.

What students will do:

• Analyze 12 business transactions for Alex's Auto Detailing.
• Identify which of the 11 provided accounts are affected by each transaction - drag and drop.

Key Learning Outcomes:

• Gain experience in identifying relevant accounts (e.g., Cash, Accounts Receivable, Equipment, Revenue, etc.).
• Strengthen skills in analyzing and categorizing transactions within a service business framework.

Included Accounts:

• Cash
• Accounts Receivable
• Accounts Payable
• Equipment
• Service Revenue
• Rent Expense
• Advertising Expense
• Wages Expense
• Supplies Expense
• Owner’s Equity
• Owner’s Withdrawals

Teacher Tips