Hints: You purchase sneakers at $100 and after painting and bedazzling them you sell them for $200. You pay no taxes and Net Income = Change in Equity. Balance Sheet Income Statement Cost of Accounts Change in Change in + Change in Accounts Equity SG&A Cash Receivable Inventory Prepaid Rent Payable Assets = Liabilities Revenues Revenues Net Income Transactions: 1/25/2019 2$ Prepay $300 for Rental of Shelves (store 'fixtures') 2$ 2$ 2/9/2019 Purchase 10 pairs on credit due 4/6 2/1/2019 2$ 2$ Receive February Shelf Rental Invoice 2/12/2019 Sell 1 pair for cash 2/15/2019 2$ Pay Owners February Salary of $30/mth 3/1/2019 Receive March Shelf Rental Invoice 2$ 3/12/2019 Sell 4 pairs on credit due 4/15 2$ 3/15/2019 Pay Owners March Salary of $30/mth 4/1/2019 2$ Receive April Shelf Rental Invoice 4/6/2019 2$ 2$ Pay $1000 invoice for 2/9 merchandise purchase 2$ 4/15/2019 Pay Owners April Salary of $30/mth 2$ 4/20/2019 Sell 3 pairs for cash 4/15/2019 Receive cash payment for 3/12 sale 4/25/2019 Sell 2 pairs at 20% discount for cash Totals Opening Balance Current Balance Ending Balance 500 $ 500 500 500 $ 2$ 500 500 1,920 $ 1,000 $ 1,030 $ 390 530 1,030 1,030