Exposition: Beginning of story; reader is introduced to the characters, setting, and mood
The author's friend has asked the author to find Simon Wheeler and ask him about Reverend Leonidas W. Smiley. When the author finds Simon Wheeler, the man doesn't recall the reverend, but starts talking about another man named Jim Smiley who loved to make bets.
Inciting incident: First conflict is introduced
Jim Smiley is shown to have a love for gambling, as shown when he makes bets. He usually bets on the underdog, like when his old horse doesn't look like it has a chance of winning, it pulls through during the last few seconds of the race.

Rising action: Where most of the action of the story happens; suspense and tension is built
Jim Smiley catches a frog and names it Dan'l Webster. He teaches the frog to jump higher and faster than any other frog. After awhile, Smiley begins to bets over Dan'l.
Climax: Conflict reaches its highest point; most exciting part of the story
Smiley meets a stranger and bets 40 dollars that Dan'l could beat any frog. As Smiley goes out to find another frog to prove this, the stranger feeds quail shot to Dan'l.

When Smiley comes back with another frog, the stranger and Smiley test to see if Dan'l could jump higher than the other. As they do, Dan'l was unable to even jump. The stranger leaves with the 40 dollars.

Falling action: Conflict in the story is beginning to be resolved.

Other problems are cleared and the story proceeds on to the end

Smiley discovers the quail shot as he examined what was wrong with Dan'l. He tries to go after the stranger, but the stranger was already long gone, taking Smiley's money with him.
Resolution: The conflict is completely resolved; all questions have been answered
Simon Wheeler is interrupted from continuing his story and asks the author to wait. The author decides that hearing about Jim Smiley's adventures wouldn't help him get information about Reverend Leonidas W. Smiley, and begins to leave only to meet Wheeler at the doorway. Wheeler begins another story about Jim Smiley, but the author stops him in a slightly rude manner and leaves.