Jacqueline owns and operates a specialty cosmetics manufacturing firm. Distribution is primarily through boutique shops in regional shopping centers, although some items are sold directly through a network of beauty consultants. Raw materials consist of various lotions, potions, fragrances, oils, and powders. The transactions that occurred during the month of March were entered into the accounting system as follows.

Required
A. Describe each of the firm’s transactions. Specify as much detail about each transaction as you can.
B. Assume an income statement and balance sheet are prepared immediately after the last transaction.
1. What amount of net income would be reported?
2. What total amount of owners’ equity would be reported on the balancesheet?

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ASSETS +OWNERS' EQUITY Other Contributed Retained CaptEarnings 10,000 Contributed Capital 10,000 Mar. 3 Mar. Mar. 18 5 Merchandise Inventory 8,100 Cash Sales Revenue Cost of Goods Sold Merchandise Inventory 15,250 -7,500 -7,500 Mar. 18 Wages Expense Mar. 23 Notes Payable Mar. 31 Retained Earnings 2.500 2,000 19,000 +600 4,500+ 10,000 5,100