Period 1
Accts
Fixed
Accts
Other
Note
Contributed Retained
Cash + receivable + Inventory + Assets = Payable + Payables + Payable + Capital + Earnings
1.
Issued stock, $20
20
2.
Borrowed $50
50
3.
Purchased fixed asset
(stand) for $60
(60)
4.
Purchased inventory on
account for $16
5.
Received $10 in
advance for consulting
service
6.
Sold invent. on account
(cost $12; price $28)
7.
Paid expenses, $4
8.
Completed 30% of
consulting service
9.
Depreciated fixed
assets, $6
20
50
60
16
16
10
10
28
(12)
28 R
(12) X
(4) X
(4)
(3)
(6)
(6) X
10. Accrued interest, $5
5
11. Declared dividend, $2
2
TOTAL
3R
16
28
4
54
16
14
(5) X
(2) D
50
20
2