Follow up with 4 day of Jane's graphic design business transcations and help prepare her balance sheet!!
$10,000 is deposited in to the business bank account increasing it from $0 to $10,000
DAY 1
DAY 2
DAY 3
DAY 4
Follow up with 4 days of Jane's graphic design business transactions and help prepare her Balance Sheet Day 1: $10,000 is deposited into the business bank account increasing it from $0 to $10,000 $500 is withdrawn from the business bank account and deposited into the petty cash box. Day 2: Jane bought from her supplier t-shirts and caps to sell. She paid the cost in full by bank transfer. $2,000 was spent out of the bank account to pay for the shirts and caps, thus reducing the bank balance (asset). $2,000 worth of stock (the shirts and caps) is placed into the stock room (asset) Day 3: Jane sold some of her designer T-shirts and customized caps to her first customer who paid cash. She deposited the cash that same day. $800 of income was deposited into the bank account, which increased the bank balance $500 worth of stock is taken out of the stock room and handed over to the customer $300 is the profit Jane makes on the sale of her stock because she added a 30% markup to the stock before selling it. Day 4: Jane brought a van for her business. She was given approval of a finance loan to pay for it, which she was contracted to pay off over 3 years. 1. $6 000 is the value of the new van 2. $6 000 is the amount of the loan Asset $ Current asset 0 Cash at bank Answer 1 Petty cash Answer 2 10 000 Non current asset: 10 000 (OC) Total asset Answer 3 Liabilities 10 000 Current liabilities Answer 4 9500 Nets equity Answer 5 Equity 500 Owners capital Answer 6 10 000 (E) Total Equity & Liabilities Answer 7 Asset $ 10 000 (OC) Current asset 10000 Cash at bank Answer 1 Petty cash Answer 2 0 Stock Answer 3 10 000 Non current asset: Total asset Answer 4 2000 Liabilities 7500 Current liabilities Answer 5 Net Assets Answer 6 500 Equity Owners capital Answer 7 10 000 (E) Total Equity & Liabilities Answer 8 Asset $ 10 000 Current asset : Cash at bank Answer 1 Petty cash Answer 2 10300 Stock Answer 3 0 Non current asset: Total asset Answer 4 10 300 Liabilities 1500 Current liabilities Answer 5 Net Assets 8300 Answer 6 Equity 500 Owners capital Answer 7 10 300 Profit Answer 8 300 Total Equity & Liabilities Answer 9 Asset $ 10 000 Current asset : Cash at bank Answer 1 Petty cash Answer 2 16300 Stock Answer 3 0 Non current asset: Van Answer 4 6000 Total asset Answer 5 6000 Liabilities 1500 Current liabilities Answer 6 Loan 8300 Answer 7 Net assets Answer 8 500 Equity: Owners capital Answer 9 10 300 Profit Answer 10 300 Total Equity & Liabilities Answer 11 10 300
