Question
Create your own business. What are the first three UNIQUE transactions you would do as a business owner. Why are these the first things you
Create your own business. What are the first three UNIQUE transactions you would do as a business owner. Why are these the first things you would do? Input the three transactions in the spreadsheet.
PLEASE EDIT THIS TO A NEW BUSINESS AND COMPLETELY NEW TRANSACTIONS
| Name: | Print It Out Inc. |
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| Transaction 1: | Invested $20,000 from the personal funds to the business on January 1 |
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| This transaction is made to arrange the capital to start the business | ||||||
| Transaction 2: | Purchased the Apparels Printing Machine for $8000, by paying $5000 cash and issuing a 6 months note for balance on January 2
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| This transaction is made to arrange the equipment required for the business |
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| Transaction 3: | Provided Printing Services to customers on accounts for $1500 on January 10
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| This transaction is made to earn revenues for the business |
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| Date | ASSETS | EQUITY | LIABILITIES | ||||
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| Equipment | Debtors | Bank | Capital/Drawings | Income/Expense | Loan | Creditors |
| 1-Jan |
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| $20,000 | $20,000 |
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| 2-Jan | $8,000 |
| (5000) |
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| $3,000 |
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| 10-Jan |
| $1,500 |
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| $1,500 |
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| Total | $8,000 | $1,500 | $15,000 | $20,000 | $1,500 | $3,000 | $0 |
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Auditor Going Concern Reporting A Review Of Global Research And Future Research Opportunities
Authors: Marshall A. Geiger, Anna Gold, Philip Wallage
1st Edition
0367649489, 978-0367649487
