Professional Documents
Culture Documents
Entries:
January 1 Cash 10,000
Common Stock 10,000
January 15 Prepaid Rent 5,000
Cash 5,000
February 1 Leasehold Improvements 100,000
Long Term Liabilities 100,000
February 15 Inventory 50,000
Accounts Payable 50,000
March 1 Rent Expense 5,000
Cash 5,000
March 15 Cash 5,000
Cost of Sale (COGS) 1,000
Sales 5,000
Inventory 1,000
April 1 Accounts Receivable 3,000
Cost of Sale (COGS) 1,000
Sales 3,000
Inventory 1,000
April 15 Utility Expense 2,000
Cash 2,000
April 30 Supplies Expense 5,000
Cash 5,000
May 15 Wages/Salaries Expense 35,000
Cash 35,000
May 30 Accounts Payable 1,000
Cash 1,000
June 1 Cash 2,000
Lesson/Service Income 2,000
June 30 Long Term Liabilities 500
Interest Expense 500
Cash 1000
Nov 30 Cash 25,000
Cost of Sales (COGS) 10,000
Sales 25,000
Inventory 10,000
Dec 15 Dividends 10,000
Cash 10,000
Revenue
Expenses
BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2015
ASSETS
Current Assets
Cash 13,000
Accounts Receivable 3,000
Inventory 38,000
Total Current Assets 54000
Non-Current Assets
Leasehold Improvements 100,000
LIABILITIES
Current Liabilities
Accounts Payable 49,000
Total Current Liabilities 49,000
Non-Current Liabilities
Long-term liabilities 99,500
Owner's Equity
Common Stock 10,000
Dividends -10,000
Capital 5,500