Today in class we will:

1. have the promised short quiz on chapter 3 in The Accounting Game.
2. compare accounts in our Gnucash and take a first look at generating financial reports.

I'll be seeing our twice postponed guest speaker bookkeeper on Saturday, and I'll be sure to ask her a bunch of questions and share with you what I learn when we meet again next Tuesday.

As we discussed in class last time, we have two tasks to complete today:

1. Finish reading Chapter 3 together and taking notes.
2. Entering all the transactions we find in the chapter into GnuCash.

We'll have a short quiz on the chapter at the beginning of class on Friday, and you're earn an equally weighted grade for showing your GnuCash with the transactions entered.

We'll begin class with the promised short quiz on the terms we discussed the week before winter break. Then we'll continue with our study of The Accounting Game.

In your groups, read and discuss Chapter 3, making sure to include the following ideas in your discussion and notes:

• Ending balance sheet
• Beginning balance sheet
• Retained earnings
• Accounting period
• Notes payable
• Accounts payable
• Interest

Some questions you should be able to answer at the end of this chapter:

• What changes do you need to make to the ending balance sheet so that it can become the beginning balance sheet for the new accounting period?
• What are the two things the chapter says can happen to earnings?
• Notes payable and accounts payable are both under which top level account? How do they differ?

As you read through the chapter, you will also want to add new transactions into your GnuCash accounting system.