At the initial stage of learning Accounting. Students are taught elements, i.e Asset, Liability, Equity, Revenue and Expense and the mechanics behind when to Debit and Credit the account.
This exercise will enable the students to practice journal entry in an interactive way in which the whole class is involved. The students figure as a pair on the correct journal entries, with the class checking in on the answers, before the correct entry is ultimately shared by the teacher. The Transactions are kept relatively simple to introduce journal entries with some accruals to challenge the students.
This activity is suitable for Secondary school students taking Principles of Accounts in Singapore and High school students.