Inputs: 3 You purchase sneakers at $110 and after painting and bedazzling them you sell them for $210. 4 You pay no taxes and Net Income = Change in Equity. Business Transactions Accounting Transactions 7 3 Balance Sheet Transaction Date Income Statement Cost of Revenues Revenues Accounts Payable Change in Assets = SG&A Net Income Cash Accounts Receivable Inventory Prepaid Rent $ (150) $ 150 $ $ $ $ $ $ $ 1 01/25/19 02/01/19 B 02/09/19 7 02/12/19 02/15/19 5 02/25/19 7 03/01/19 B 03/15/19 04/01/19 04/06/19 1 04/15/19 2 04/20/19 3 04/15/19 7 04/25/19 Prepay $150 for 3 Month Rental of Shelves (store 'fixtures') Receive February Shelf Rental Invoice Purchase 10 pairs on credit due 4/6 Sell 1 pair for cash Pay Owners February Salary of $30/month Sell 4 pairs on credit due 4/15 Receive March Shelf Rental Invoice Pay Owners March Salary of $30/month Receive April Shelf Rental Invoice Pay $1000 invoice for 2/9 merchandise purchase Pay Owners April Salary of $30/month Sell 3 pairs for cash Receive cash payment for 3/12 sale Sell 2 pairs at 20% discount for cash $