Jessica Jirvas is starting FinnMart of Thunder Bay. This store sells Finnish-made clothing to the community, and consults on Finnish-Canadian business. Their store is located downtown Thunder Bay.

In so doing, she has incurred the following events: SEPT 1, 2020 She took a personal loan for $100,000. She invested $60,000 of that into the business bank account, receiving equivalent value of common shares.

SEPT 1 Paid first and last months rent to the landlord, Skyline Inc. Since it is located along Water Street, rent is moderate at $1000 per month.

SEPT 4 - The business purchased $10,000 of lights (fixtures) to upgrade their store, paying half now. The other half is due in 120 days.

SEPT 9 Paid $2,000 for advertising to in the Walleye Magazine. She paid for this upon buying the advertising.

SEPT 19 To open the store on October 1st, she had to buy inventory. She ordered $44,000 in inventory, paying $20,000 upon delivery and promising to pay the balance in 100 days.

SEPT 22 Sold consulting services for revenue to a client looking to open up another store. She charged them $5000 and they are to pay in 30 days. SEPT 30 - Looked at her cash register and saw she had $30,000 in cash recipets.

SEPT 30 - Processed payroll, paying wages of $3,000 to employees and taking a modest $750 withdrawal for herself. 1. Prepare journal entries for all transactions related to the business (FinnMart) 2. Calculate ending balance for cash. 3. Ensure all debits equal credits. 4. Prepare statement of income. Remember, revenue - expenses = net income, which gets transferred as retained earnings in (5). 5. Prepare statement of financial position