Question
Jack Uzi, wholesale toys online and because he operates out of his office in his parents apartment, he operates with 0 inventory. Every toy he
Jack Uzi, wholesale toys online and because he operates out of his office in his parents apartment, he operates with 0 inventory. Every toy he sells is first purchased then re-sold, but only after the order comes through. You need to help him out with his bookkeeping. The following transactions occurred in October:
a. Paid 500 for lease of computer equipment in advance for November
b. Cash Sales of 4,847. (for stuffed animal)
c. Cash sales of 4,486 (for Educational Toys)
d. Cash sales of 4,702 (for Video Games)
e. Cash Sales of 1,827 (for Pretend-play toys)
f. Purchase of office supplies on account from Bing's Office Supply, 416.
g. Withdrawal by owner (Jack Uzi) of 1,600.
h. Payment on account (Bing's), 390.
i. Payment of wages with cash, 2,500.
j. Payment for cleaning services with cash, 74
k. Payment to purchase stuffed animal, 4,044
l. Payment to purchase Educational Toys, 3,547
m. Payment to purchase Video Games, 4,169
n. Payment to purchase Pretend-play toys, 1,382
Further, he has account balances for the beginning of October as follows:
Cash | 2,000 | Accounts Payable, Bing's | 75 |
Office Supplies | 75 | Jack Uzi, Capital | 2,000 |
Question:
1. Prepare a Balance Sheet for October 31, 2016
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