Inputs: You purchase sneakers at $140 and after painting and bedazzling them you sell them for $240. You pay no taxes and Net Income - Change in Equity. Business Transactions Accounting Transactions Balance Sheet Transaction Date Income Statement Cost of Revenues Revenues SG&A Accounts Payable Change in Assets = Change in Liabilities Net Income Cash + Change in Equity Accounts Receivable Inventory Prepaid Rent $ $ S $ S $ $ S $ S S $ 1/25/2019 2/1/2019 2/9/2019 2/12/2019 2/15/2019 2/25/2019 3/1/2019 3/15/2019 4/1/2019 4/6/2019 4/15/2019 4/20/2019 4/15/2019 4/25/2019 Prepay $600 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 $ $ S S $ $ $ $ $ S $ $ $ S $ $ $ S $ $ $ $ S $ $ $ $