Larry gets Beaver into trouble when he goads Beaver into trying out Ward's drill and in the end there are two holes in the garage wall. Ward hits the roof and scolds Beaver who in turn decides to run away.

Beaver is all excited to have his friend, Larry Mondello, stay over for the weekend. However, things start off on the wrong foot when Beaver and Larry get into a fight ending with Beaver punching Larry in the stomach.

Larry invites Beaver to the carnival and tells him that his mother will treat him. However, when Mrs. Mondello refuses to give Larry money, Larry decides to find some. He throws some of his mother's money out the window and when Beaver comes over, Larry pretends as if he's found some money.

Ward and June allow Wally to babysit Beaver one evening, while they attend a party. However, things go awry when Beaver gets ready to take a bath he accidentally lets the bathtub overflow causing the water to leak onto the bathroom floor and into the downstairs ceiling.

After leaving the cap off the ink, Beaver is grounded to the house for a whole day after the ink ruined some of Ward's papers. However, Larry and Beaver sneak out to the movies and when Beaver wins a bike, he must find a way to keep it a secret from his parents.

Larry and Beaver spend the day at lake which is where they encounter two kids who let them borrow their boat. However, little do Larry and Beaver know that the boat is stolen.

Ward loans Beaver 25 cents but gives him a dollar, expecting 75 cents as change. However, Larry manages to convince Beaver to loan him the 75 cents and when Larry doesn't pay him back, when he said he was going to, a feud erupts.

June's birthday has Wally and Beaver fighting over what to buy with the five dollars that Ward gave them. Wally buys her a wallet while Beaver buys an ugly blouse that June kindly thanks him for, but she has a hard time bringing herself to wear it.

While Beaver is staying at the Mondellos, Larry sneaks a peak at his sister's diary and his mother discovers him and yells at him right in front of Beaver. This prompts Larry to run away, to Beaver's house, who secretly hides him in his bathroom.

Both Beaver and Larry are forced into attending dancing school by their parents and after one lesson, they find that they absolutly detest it, like they knew they would. This prompts them to skip class next time and they hide out behind a barn until it's time to go home.

Larry is furious when Beaver leaves him out when he joins a club called the Bloody Five. To get revenge, Larry makes up a story that he is starting his own club and that people are waiting in line to join. This prompts Beaver to resign from the Bloody Five and he tries to join Larry's bogus club.

While cleaning, June runs across an old family scrapbook and gathers the family together to reminisce about the past six years. The Cleavers recall scenes from previous episodes including: Beaver Gets 'Spelled, New Neighbors, My Brother's Girl, The Shave, Beaver Runs Away, Larry Hides Out, Teacher Comes to Dinner, and Wally's Election.