For problem 2-3, each transaction will have only TWO accounts involved. Perform a transaction analysis for each transaction and then when preparing the results make sure the account that is debited is listed first (see the example below). If the debited account is not listed first, points will be deducted. This practice of listing debited accounts first is a good one to get into as journal entries are always recorded with the debited accounts first. Also, keep in mind the actual transaction is being described. For example: H) Buying enough feed for the entire winter. What is the person doing? She is buying feed, not purchasing inventory. From a farm accounting point of view, we never buy or sell inventory, we simply calculate its value once in a while. Example: z. Buying new heifers for your breeding herd Accounts Account Type Increase or Decrease Debit or Credit z. Breeding Livestock Asset Increase Debit Cash Asset Decrease Credit

rubric

2-1) Each account is worth 1 point. Descriptions can be found on pages 25-28 in the textbook. 2-2) Each account is worth 1 point. Descriptions can be found on pages 28-32 in the textbook. 2-3) Each transaction is worth 8 points. See the example below. Transaction Analysis Example Accounts Account Type Increase or Decrease Debit or Credit Breeding Livestock Asset Increase Debit Cash Asset Decrease Credit There are two (and only two) accounts for each transaction. One of the accounts will be debited, and one account will be credited. Points are allocated as follows: - 1 point each for naming the correct accounts (2 points total), - 1 point each for having the correct account type identified for each account (2 points total), - 1 point each for correctly identifying if the account balance increases or decreases during the transaction (2 points total), - 1 point each for correctly identifying which account is debited and which is credited (2 points). Formatting points: - If the debited account is not listed first, there will be a loss of 4 points on that transaction (this is to develop the habit of reporting debited accounts first). - The account names are proper nouns. If they are incorrectly capitalized, there will a loss of 1 point for each case. - Spelling errors will result in a loss of 2 points in each case.