Beaver's teacher, Miss Canfield, sends a note home with Beaver and the other kids convince him that it's news that he's getting kicked out of school. Beaver and Wally take steps to hide the note from Ward and June.

Beaver and Wally send away for an alligator and they secretly keep it in the bathroom. When the alligator falls ill, the boys get some advice from Captain Jack, an owner of an alligator farm. However, keeping him a secret is going to be hard, the alligator is growing and they need a new place to keep him without June and Ward finding out.

Beaver comes home with a black eye and Ward is upset when he learns that Beaver didn't fight back. This leads Ward to teach Beaver how to defend himself. Little does Ward know that the person who punched Beaver is a girl, Violet Rutherford, the daughter of one of Ward's co-workers.

After losing his lunch money for three days in a row, Ward gives Beaver one last chance by letting him handle his haircut money. However, when he loses that too, Beaver decides to give himself a haircut just days before he's scheduled to be an angel in a play.

The Cleavers have new neighbors, the Donaldsons, and June sends Beaver over to welcome them with a vase of flowers. However, when Mrs. Donaldson thanks Beaver by kissing him on the cheek, Beaver becomes convinced that Mr. Donaldson will kill him because he let a married woman kiss him, and it's all thanks to Eddie Haskell, who planted that idea in Beaver's mind.

June has had it with Wally and Beaver's fighting and demands they make a pact to be nice to one another and do things together. However, when each boy gets an invitation for individual social outings, they each attempt to break the pact.

Wally and his friends are trying to earn enough money to buy baseball uniforms. They put a plan into action by doing their chores at a slow pace in order to maximize their hourly pay. Meanwhile, Beaver, also wanting to be on the team, begins selling water to his family and neighbors.

Beaver has a crush on his teacher, Miss Canfield. When Judy, Whitey and Larry tease him for being a 'teacher's pet,' Beaver tries to prove them wrong and places a spring snake in her desk. However, Beaver has second thoughts and becomes determined to remove the snake before she finds it.

Wally and his friends build a clubhouse and Beaver wants to join. Although the dues are $1 for 8th graders, Beaver has to come up with $3 in order to join their club. How can Beaver earn the money?

Wally and Beaver dread attending dance school, so when suddenly Wally takes a liking in it, June and Ward are dumbfounded. It seems Wally has developed a crush on a girl named Penny and Beaver soon feels neglected and left out when Wally begins spending all his time with her.

When June goes on a trip to visit her sister, Peggy, June's Aunt Martha steps in and stays with Ward and the boys. Ward and the boys do their best not to hurt Martha's feelings, but Beaver has the hardest time when she buys him a suit, knee socks, a cap, and short pants and makes him wear the outfit to school.

Wally and Beaver want to win a fancy film projector. In order to get it they have to sell 24 bottles of perfume. However, the appalling aroma of the perfume quickly leads to zero sales and has Ward trying to think up a sales gimmick.