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close this bookAccounting for the Microbusiness - A Teaching Manual (Peace Corps; 1975; 105 pages)
View the documentInformation
View the documentAcknowledgement
View the documentIntroduction
close this folderThe system
View the documentThe preliminary interview
View the documentLesson # 1
View the documentLesson # 2
View the documentLesson # 3
View the documentLesson # 4
View the documentInstallation of the system
View the documentFollow-up visits
View the documentMonth end financial statements
View the documentAnalysis
View the documentThe financial statements
View the documentAdditional controls
View the documentOdd entries
Open this folder and view contentsAids
 

Lesson # 3

OBJECTIVES:

To explain Credit Books
To sell and distribute account books,

MATERIAL AIDS:

Bulletin Board Aids: 16, 20, 21, 22, 23, 24,

METHODOLOGY:

Distribute work sheets for the Credit Books,

1.

Aid 16. Review the Diagram of the System.

2.

The Credit Books are divided into two groups:
Credit Sales and Payments are entered in the Credit Sales Book.
Credit Purchases and Payments are entered in the Credit Purchases Book.

 

2.1 Both the Organization and Entries are the same in each book.

 

2.11 The Books are divided into Amount, Individual Account' and Summary sections. Explain using Aids 20, 21.

 

2.12 Credit Transactions are recorded in all these sections.

 

2.2 Handout six worksheets to each student, refer them to the "Guide to Account Entries" and (Aid 22) present the list of examples one by one asking
"Is this a cash or credit sale?" Credit.
"Where do we enter credit sales?" Credit Sales Book
"How?" Pick a student.

 

2.3 Aid 23. Repeat the procedure of 2.2 for Credit Purchases examples.

 

2.4 Emphasize importance of credit balances asking, "How much does client "x" owe us?" "All clients? "; etc.

3.

Credit Payments - review difference between credit and cash payments.

 

3.1 If sale occurs at delivery, advances before and payments after delivery are credit payments.

 

3.2 Refer to the "Guide to Accounting Entries", read the examples (Aid 24) one by one and have the students make the entries in their handouts as you do on the bulletin board asking,
"Is this a cash or credit transaction?"
Cash because we receive money.
"Where do we enter cash transactions?"
Cash Book.
"Does this cash transaction affect a credit account also?" Yes.
"Will this transaction affect the summary?" Yes.

 

3.3 Advances on contracts teach this part of the "Guide to Accounting Entries" only to those who receive advances. Make up examples.

4.

Distribute ant sell accounting books: to prevent mistakes, gain a discount, and secure a supply of materials.

 

4.1 The books are:

 

4.11 The Cask Book: Soft cover accounting notebook with between 12 and 16 "T" accounts.

 

4.12 The Credit Books: Adjustable, 2 screw binding, hardcover accounting books with three columns. An alphabetical index (for individual accounts) and 100 pages are needed in each.

 

4.13 The Account Book: 40 pages softcover accounting notebook with three columns.

 

4.14 Folders: 8 simple cardboard folders to file:

 

Banks
Clients
Suppliers
Creditors

Others
Correspondence
Financial Statements
Taxes

5.

Review the fiat of Clients, suppliers and creditors and their account balances.

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