Lesson Plan: T Accounts for Year 8

Objective: Students will be able to understand the concept of T accounts and how they are used in accounting.

Materials: - Whiteboard and markers - Handouts with examples of T accounts - Pencils and erasers

Introduction (10 minutes): 1. Begin by asking students if they have ever heard of T accounts before. If they have, ask them to explain what they know about them. If they haven’t, explain that T accounts are a tool used in accounting to help organize and analyze financial transactions. 2. Write the term “T account” on the board and draw a simple example of a T account. Explain that the T account is divided into two sides: the left side is the debit side and the right side is the credit side. 3. Ask students if they know what debits and credits are in accounting. If they don’t, explain that debits are used to record increases in assets and expenses, while credits are used to record increases in liabilities, equity, and revenue.

Body (30 minutes): 1. Hand out the T account examples to the students and ask them to work in pairs to complete them. The examples should include transactions such as buying inventory, paying rent, and receiving payments from customers. 2. As the students work, walk around the room and answer any questions they may have. Encourage them to use the T accounts to help them understand how the transactions affect the different accounts. 3. After the students have completed the examples, ask them to share their answers with the class. Discuss any discrepancies and make sure everyone understands how the transactions affect the T accounts.

Conclusion (10 minutes): 1. Review the key concepts of T accounts, debits, and credits with the class. 2. Ask the students to reflect on how they could use T accounts in their own lives, such as keeping track of their allowance or budgeting for a trip. 3. End the lesson by reminding the students that T accounts are a useful tool in accounting and can help them better understand financial transactions.

Example T Account:

Inventory Debit | Credit ——|——- $500 |

Explanation: This T account shows the purchase of $500 worth of inventory. The debit side shows the increase in the inventory asset account, while the credit side is left blank because there is no corresponding decrease in another account.