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Planning Step 1: Lesson Curriculum: What are the Learning Goals for this lesson?

Lesson Standards

Always include a writing standard.

2.01 Apply procedures to prepare and post journal entries for a sole proprietorship

Writing Standards: Write informative/explanatory texts to examine a topic and convey ideas and information clearly.

Students Will Be Able To… (Do)

  • Skills from standards including thinking (cognitive verbs).
  • This is not activities.
  • One or more goals should be Higher Order Thinking (Levels of Learning 3 or 4), and/or Reading Comprehension.
  • Sequence these goals in the order in which they should be learned.

1. Identify the accounts that will be affected by business transactions
2. Represent how the accounting cycle changes with different business transactions
3. Explain how business transactions affect financial reports
4. Construct an argument using information from financial reports

Students Will Know

Knowledge from standards such as vocabulary, facts, formulas.

Accounting Cycle
Sole proprietorship
Source Documents
Financial Reports

Lesson Essential Question

  • A question that communicates the Learning Goals.
  • Reflect the Higher Order Thinking and/or Reading Comprehension Learning Goal(s).

How can you justify a business expanding by evaluating the financial reports?

Planning Step 3: Lesson Instruction: How will students learn?

Activating Strategy

  • Plan this after you plan your Learning Activities. How will you introduce the Lesson Essential Question?
  • How will you draw attention to important vocabulary in the Lesson Essential Question?
  • How will you build/link background knowledge?
  • What prerequisite content might students need to know before the lesson?
  • >Which key vocabulary from the Learning Goals needs to be explicitly taught?
  • Are there other vocabulary words that you think need to be taught?
  • Which vocabulary strategy will you use?
  • Previewing:
    • Advance Organizer
    • Prerequisite Content
    • Vocabulary

Blue Ivy asks her mom Beyonce for her own car washing business. Beyonce and Jay Z speak for a few to determine if this business would be a great investment.

Formulate 3 questions you would ask Blue Ivy to determine if she has the ability to grow a business. Make sure that you use accounting terminology.
Key Vocabulary: assets, liabilities, owner’s equity, financial reports

Vocabulary Strategy: Word Map
Assets (Green)
Liabilities (Red)
Owner’s Equity (Blue)

Graphic Organizer

  • How will students store and organize information as they learn during this lesson?
  • Base the organizer on the Higher Order Thinking or Reading Comprehension in the Will Be Able To… (Do) Learning Goals.
  • Determine how the organizer will be previewed for struggling students.
  • Determine how the organizer will be scaffolded for struggling students.

Constructing Arguments Graphic Organizer

Learning Activity 1

The Learning Goal(s) for this Learning Activity and Assessment Prompt:

Consider:

  • Explicitly teach Higher Order Thinking and/or Reading Comprehension Strategy (if didn’t in a previous Learning Activity)
  • Content students need to learn
  • Chunk activity:
    • Several opportunities for thinking, talking, writing to learn
    • Distributed summarizing and/or practice
    • Questions to ask
    • Higher Order Thinking and/or Reading Comprehension Questions to ask
  • Active engagement:
    • Collaborative Pairs, Numbered Heads, Think-Pair-Share, etc.
    • Variety
    • Movement
  • Previewing prerequisite knowledge/skills
  • Scaffolding content and process

Teacher will spend time discussing the accounting cycle and how the accounts are classified (Assets = Liabilities + Owner’s Equity) and affected using different business transactions. Use the PPT presentation that is included with the textbook. Students should be using the advance organizer created by the teacher to organize the business transactions.

Ex.
Transaction
+/- Account #1
=/- Account #2
Paid cash for supplies
Supplies (Asset) +
Cash (Asset) –

Ex. Paid cash on account, bought supplies for cash, bought supplies on account, received cash on account, paid cash on account, received cash for sales, sold services on account, owner withdrew cash for personal use

I DO: Teacher will work through the first two examples and students will record the notes on their collaborative notes worksheet (I DO, WE DO)

WE DO: Groups of 2:
Students will practice the next two problems with their partner. Still recording their answers on their collaborative notes worksheet.

Pairs Checking – Students will then check with their elbow partner to check for accuracy. If they are correct then they will complete the remainder of the transactions.

If they are not in agreement they will take turns justifying their answer and not move on until they can agree.

Collaborative notes: Students will take notes on the left hand side of the paper (which accounts are affected and if they decrease or increase). Meet with your elbow partner to combine and elaborate on your notes. On the right side of the paper, identify how it affects the accounting cycle. The collaborative pairs then work together to write a summary paragraph of what they have learned.

Preview (Small Group)
Advance/Graphic Organizer on Constructing an Argument
Discuss steps for Anchor Chart. Prepare 8 business transactions on individual index cards. Have the students to analyze the transactions and determine which financial statements are affected by those transactions. Have them to record them on their advance organizer. Give each student a piece of paper and fold it into hamburger/hotdog style. Have them to label each corner (Balance Sheet, Income Statement, Cash Flow Statement, Statement of Owner’s Equity). Have them to include +/- transaction where it belongs. Think Aloud (Give a reason that transaction would keep a business from expanding)

Assessment Prompt for Learning Activity 1

  • Formative assessment of the Learning Goal(s).
  • Ensure the task meets the expectation of the Higher Order Thinking and/or Reading Comprehension Learning Goal.
  • Remediate: What is an additional learning opportunity for students who did not master the Learning Goal(s) before proceeding?

Numbered Heads: 1’s tell 2’s which accounts are affected when buying items for cash, and on account.

2’s tell 1’s which accounts are affected when selling items for cash and on account.

Learning Activity 2

The Learning Goal(s) for this Learning Activity and Assessment Prompt:

Consider:

  • Explicitly teach Higher Order Thinking and/or Reading Comprehension Strategy (if didn’t in a previous Learning Activity)
  • Content students need to learn
  • Chunk activity:
    • Several opportunities for thinking, talking, writing to learn
    • Distributed summarizing and/or practice
    • Questions to ask
    • Higher Order Thinking and/or Reading Comprehension Questions to ask
  • Active engagement:
    • Collaborative Pairs, Numbered Heads, Think-Pair-Share, etc.
    • Variety
    • Movement
  • Previewing prerequisite knowledge/skills
  • Scaffolding content and process

The advance organizer from Learning Activity 1 will be used to explain how business transactions affect financial reports.

I DO: Explain how paid cash for supplies affect each financial statement.

WE DO: Practice 9 more business transactions. Circle every 3rd problem. Complete one independently and two together. Do not move on to the next set of problems until you and your partner agree.

ADVANCE ORGANIZER

TRAN
Balance Sheet
Income Statement
Cash Flow
ST
OE
Paid cash for supplies

Quick write: pick one business transaction and explain to an absent student how to evaluate it.

Divide the class into groups of 4 and assign each group a financial statement.
Balance Sheet
Income Statement
Cash Flow Statement
Statement of Owner’s Equity

Hand out chart paper.
Students should write on the chart paper the financial statement assigned to them by the teacher. Using the 1st problem we worked together as a class chart the information on the paper.

Ex. PAID CASH FOR SUPPLIES
Balance Statement: Increases & decreases Assets
Income Statement: does not affect because the only accounts represented by the income statement are revenues and expenses
Cash Flow Statement: decreases cash on hand
Statement of Owner’s Equity: no change to owner’s equity.

Think-Pair-Ink-Share: 20 business transactions will be rotated between each group (one at a time). The group will discuss if and how the business transaction affects the financial statement the group is holding. The group will discuss their answer and write it on the chart paper.

Once all the 20 business transactions have been completed and posted on the wall; students will be paired in 2’s.
Numbered Heads: 1’s tell 2’s what is wrong; 2’s tell 1’s why it is wrong. Review the charts and make a list of any transaction you disagree with.

Assessment Prompt for Learning Activity 2

  • Formative assessment of the Learning Goal(s).
  • Ensure the task meets the expectation of the Higher Order Thinking and/or Reading Comprehension Learning Goal.
  • Remediate: What is an additional learning opportunity for students who did not master the Learning Goal(s) before proceeding?

Pass the solution: Based on what you know about how business transactions affect the accounting cycle; suggest one way to increase the amount of cash on hand daily.

Learning Activity 3

The Learning Goal(s) for this Learning Activity and Assessment Prompt:

Consider:

  • Explicitly teach Higher Order Thinking and/or Reading Comprehension Strategy (if didn’t in a previous Learning Activity)
  • Content students need to learn
  • Chunk activity:
    • Several opportunities for thinking, talking, writing to learn
    • Distributed summarizing and/or practice
    • Questions to ask
    • Higher Order Thinking and/or Reading Comprehension Questions to ask
  • Active engagement:
    • Collaborative Pairs, Numbered Heads, Think-Pair-Share, etc.
    • Variety
    • Movement
  • Previewing prerequisite knowledge/skills
  • Scaffolding content and process

Watch the youtube video that explains the steps to the accounting cycle.
https://www.youtube.com/watch?v=V7CiFWOQBAg (Students will record the steps to the accounting cycle). Have the steps written on individual laminated cards. Put the students in groups of 2 and write a $1.00 quick write per card why they should be in that order.

Constructing Arguments Anchor Chart and Graphic Organizer.

Teacher will present the steps to constructing an argument. Students will have a guided note to follow along. Teacher will model with using the transactions from a lemonade stand.
Our position statement will be to “Support opening a 2nd lemonade stand”

Teacher would give one reason we could support opening a second stand. Reason 1, based on the income statement sales have increased 29%.

Students would be in groups of 3. They will have to extend the trial balance on a worksheet to find the facts.

Each group will be given a piece of chart of paper. They will examine a balance sheet and find one reason to support a 2nd lemonade stand. Students will work in groups to do a gallery walk to provide the one fact for each reason.

Practice 8 different business transactions. Have students circle every 3rd problem. Teacher will work the first problem, individual student will work the second problem, elbow partners will work the next three problems. They are not allowed to move on to the next five problems until they agree on each set of 3 problems. Make sure to include which financial statements are affected by those business transactions.

Double Dose for students who need more practice (Any student who missed 3 or more problems)

Assessment Prompt for Learning Activity 3

  • Formative assessment of the Learning Goal(s).
  • Ensure the task meets the expectation of the Higher Order Thinking and/or Reading Comprehension Learning Goal.
  • Remediate: What is an additional learning opportunity for students who did not master the Learning Goal(s) before proceeding?

In the groups they will formulate “3 Facts and a Fib” that support the reason the teacher has formulated. They will share out with the other groups and have them to determine which one is the Fib. We will add the correct facts to our graphic organizer.

Learning Activity 4

The Learning Goal(s) for this Learning Activity and Assessment Prompt:

Consider:

  • Explicitly teach Higher Order Thinking and/or Reading Comprehension Strategy (if didn’t in a previous Learning Activity)
  • Content students need to learn
  • Chunk activity:
    • Several opportunities for thinking, talking, writing to learn
    • Distributed summarizing and/or practice
    • Questions to ask
    • Higher Order Thinking and/or Reading Comprehension Questions to ask
  • Active engagement:
    • Collaborative Pairs, Numbered Heads, Think-Pair-Share, etc.
    • Variety
    • Movement
  • Previewing prerequisite knowledge/skills
  • Scaffolding content and process

Four Corners:

Posted in the classroom will be the parts of the (1)Balance Sheet, (2)Income Statement, (3)Cash Flow Statement, and (4)Statement of Owner’s Equity.

Put students in groups of 4 – Numbered Heads 1-4; all the ones will be grouped together and work on Balance Sheet and so on.
Jigsaw Activity – What facts can you gather from this financial statement to support expanding a business? (30 minutes)

Students will go back to their original groups and share what they learned from each group.

Now continue on with your graphic organizer and decide supporting facts from the additional financial statements.

SCAFFOLD
Struggling students will need to have a g

Assessment Prompt for Learning Activity 4

  • Formative assessment of the Learning Goal(s).
  • Ensure the task meets the expectation of the Higher Order Thinking and/or Reading Comprehension Learning Goal.
  • Remediate: What is an additional learning opportunity for students who did not master the Learning Goal(s) before proceeding?

Quick write:
3-reasons why the business should expand
2-supporting facts from financial statements
1-transaction that would change this idea

Planning Step 2: Lesson Assessment: How will students demonstrate understanding of the Learning Goals for this lesson?

Assignment

  • Plan this before planning Lesson Instruction.
  • How will students demonstrate their knowledge of the Will Know Learning Goals and the skills in the Will Be Able To… (Do) Learning Goals (especially the Higher Order Thinking and/or Reading Comprehension)?
  • How will the Assignment be differentiated for support and challenge?
  • Which students receive differentiation?
  • For students who struggle with the Assignment, how will you remediate this lesson?
Panther Den would like to expand the business to operating from 5 days a week to 7 days a week.  Write a letter to the business owner evaluating the financial reports over the past 3 months and construct an argument for or against the expansion.

Remember to include the interpretation of the month end reports.  Formulate your argument and provide evidence from those reports that support your findings.

Differentiated Assignment for Struggling Students:

Use the graphic organizer from Learning Activity 4 and complete a R.A.F.T 

Role: Business Owner

Audience: Investors

Format: Letter

Topic: Write an argument and provide evidence for or against business expansion.

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