Eis Capital Rent E Advertising Expense Acc. Depr.Fatures Depreciation Expense 1 Ellis started the business, Ellis Tents, with a cash investment of $45,000. 2 Ellis paid rent of $1,500 in cash, for the month of March, for a delux showroom 3 Ellis purchased 100 tents for resale, at a cost of $70 each, on account 4 Ellis arranged for advertising in the Seattle Times, for $300, on account. 5 Ellis sold 30 tents for a price of $200 each, on account. (Record both the sale, at $200 per unit, and the Cost of Goods Sold, at $70 per unit.) 6 Ellis purchased shelving fixtures for $4,800 cash. The estimated useful life is 48 months 7 Ellis purchased 60 tents on account at a price of $70 on account 8 Ellis sold 40 tents at a price of $200 on account, Cost of Goods Sold was $70 per unit. 9 Ellis withdrew $1,000 cash from the business for personal use. 10 Record depreciation on the Store Fixtures in the amount of $100 for the month. 11 Ellis Tents Income Statement SALES COST OF GOODS SOLD GROSS PROFIT RENT EXPENSE ADVERTISING EXP. DEPRECIATION EXP NET INCOME 12 OE Statement ELLIS CAPITAL BEG +NET INCOME SUBTOTAL S ELLIS CAPITAL END 13 Ellis Tents Balance Sheet CASH ACCTS REC INVENTORY FIXTURES ACC. DEPR. ACCOUNTS PAYABLE TOTAL LIABILITIES ELLIS CAPITAL TOTAL LIAB. AND OE TOTAL ASSETS