Account Credit Date 1-Dec Cash Owner's Capital Debit $10,000 $10,000 $4,000 1-Dec Store Equipment Accounts Payable $4,000 $1,000 3-Dec Pe-Paid Insurance Accounts Payable $1,000 $2,300 5-Dec Inventory Cash $2,300 $500 9-Dec Advertising Expense Accounts Payable $500 $650 11-Dec Cash Sales Revenue $650 $468 20-Dec Salaries & Wages Expense Cash $468 $250 25-Dec Owner's Drawings Cash $250 $172 27-Dec Cash Sales Revenue $172 $1,100 31-Dec Rent Expense Accounts Payable $1,100 4. Ledgers 5. Trial Balance, work sheet 6. Adjusting entries, Journalize and on work sheet 7. Balance Sheet Assets: current(cash, accounts receivable, inventory), fixed assets, Accumulated depreciation liabilities: current (accounts payable, payroll taxes payable), long term (notes payable) 8. Income Statement Revenues (with cost of goods sold if applicable) Expenses: utilities, insurance, wages or salaries, taxes, rent/lease, etc. 9. Closing entries