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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction 1: | Invested $20,000 from the personal funds to the business on January 1 |
| |||||
| 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
| ||||||
| This transaction is made to arrange the equipment required for the business |
|
| ||||
Transaction 3: | Provided Printing Services to customers on accounts for $1500 on January 10
|
|
|
| |||
| This transaction is made to earn revenues for the business |
|
|
| |||
|
|
|
|
|
|
|
|
Date | ASSETS | EQUITY | LIABILITIES | ||||
| Equipment | Debtors | Bank | Capital/Drawings | Income/Expense | Loan | Creditors |
1-Jan |
|
| $20,000 | $20,000 |
|
|
|
2-Jan | $8,000 |
| (5000) |
|
| $3,000 |
|
10-Jan |
| $1,500 |
|
| $1,500 |
|
|
Total | $8,000 | $1,500 | $15,000 | $20,000 | $1,500 | $3,000 | $0 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started