fill out the balance sheet

Instructions: 1. Prepare T Accounts for each account (scroll down I prepared them for you) 2. Analyze each transaction into its debit and credit parts. Write the debit and credit amounts in the proper T Accounts to show how each transaction changes account balances. Write the date of the transactions in parentheses before each amount. 3. Fill in a Trial Balance: Debits = Credits 4. Calculate Profit (Loss): Net Income/Net Loss 5. Fill in the Balance Sheet: A = L + OE Remember to use the NEW ENDING BALANCE FOR CAPITAL Transactions-all are for the month of July (Also in your "green" packet but all answers need to be on here!) 1. Received cash from owner as an investment, $4,500.(did this as an example) Paid cash for rent, $520 4. Paid cash for supplies, $300. 4. Received cash from sales, $400. 5. Paid cash for insurance, $200. 8. Sold services on account to Flowerama, $450. Bought supplies on account from Raffi Supplies, $700. 10. Paid cash for rent, $120. 11. Received cash from owner as an investment, $2,300. 11. Received cash from sales, $800. 12. Bought supplies on account from Pacific Paper, $300. 13. Received cash on account from Flowerama, $250. 15. Paid cash for miscellaneous expense, $40. 16. Paid cash on account to Raffi Supplies, $350. 22. Paid cash from electric bill (utilities expense), $70. 23. Paid cash for advertising, $160. 25. Sold services on account to Seaside Inn, $640. 26. Paid cash to owner for personal use, $1,200. 30. Received cash on account from Seaside Inn, $300.PROFIT & LOSS: = Net Profit/Loss BALANCE SHEET ( A = L + OE ) Assets Liabilities Total Liabilities Owner's Equity Total OE Total Assets Total L + OE