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1. Below is your Balance Sheet from last week from the Lemonade Stand : Assets Liabilities Cash Accounts Receivable Inventory $105 $20 Accounts Payable Notes
1. Below is your Balance Sheet from last week from the Lemonade Stand : Assets Liabilities Cash Accounts Receivable Inventory $105 $20 Accounts Payable Notes Payable $0 Prepaid Expense $2 $5 Owners Equity Original Investment Retained Earnings Earnings week to date $56 $11 Total Assets $127 Total L&O.E $127 Now feature the transactions on this week's Balance Sheets which you can find below: a. As this is a new week, close the last week. b. Since you started selling lemonade again, you needed to inform everybody else so you advertised your business in local newspaper for $5 c. We owed our local shop $5 of inventory; we want to maintain a good relationship with the owner, so we pay back that debt. d. Our Lemonade stand needed a small repair. We repair it in value of $5. e. You go again to your local shop and take $20 dollars lemons, but you decide to pay it later. f. All of the people that owe you pay their debts. Do the balance sheet only
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