Question
Journal Entries: 1/1/2020 Debit: Cash $100,000 Credit: Owner's Equity $100,000 1/2/2020 Debit: Vehicles $20,000 Credit: Cash $20,000 1/5/2020 Debit: Extermination Equipment $5,000 Credit: Cash $5,000
Journal Entries:
1/1/2020
Debit: Cash $100,000
Credit: Owner's Equity $100,000
1/2/2020
Debit: Vehicles $20,000
Credit: Cash $20,000
1/5/2020
Debit: Extermination Equipment $5,000
Credit: Cash $5,000
1/6/2020
Debit: Supplies $400
Credit: Cash $400
1/17/2020
Debit: Cash $3,500
Credit: Service Revenue $3,500
1/28/2020
Debit: Cash $30,000
Credit: Bank Loan $30,000
2/1/2020
Debit: Prepaid Insurance $2,300
Credit: Cash $2,300
2/8/2020
Debit: Owner's Withdrawal $2,500
Credit: Cash $2,500
2/19/2020
Debit: Accounts Receivable $15,000
Credit: Service Revenue $15,000
2/21/2020
Debit: Supplies $20,000
Credit: Cash $20,000
3/18/2020
Debit: Gifts and Entertainment $200
Credit: Cash $200
3/28/2020
Debit: Marketing Expenses $1,200
Credit: Cash $1,200
4/15/2020
Debit: Income Tax Expense $3,000
Credit: Cash $3,000
5/1/2020
Debit: Cash $2,000
Credit: Service Revenue $2,000
5/18/2020
Debit: Meals and Entertainment $200
Credit: Cash $200
6/15/2020 & 6/30/2020
Debit: Owner's Withdrawal ($2,000 + $4,000)
Credit: Cash ($2,000 + $4,000)
7/28/2020
Debit: Supplies $2,000
Credit: Cash $2,000
8/2/2020
Debit: Cash ($15,000 + $2,000)
Credit: Accounts Receivable $15,000
Credit: Other Income - Late Fee $2,000
9/1/2020 to 12/31/2020 (Paying rent and salary 4 times in this period)
Debit: Rent Expense ($3,000 * 4)
Credit: Cash ($3,000 * 4)
Debit: Salaries Expense ($3,000 * 4)
Credit: Cash ($3,000 * 4)
10/15/2020
Debit: Cash $150,000
Credit: Service Revenue $150,000
12/9/2020
Debit: Supplies $3,000
Credit: Cash $3,000
12/31/2020
Debit: Cost of Goods Sold ($20,400 + $2,000 + $3,000 - $4,000)
Credit: Supplies ($20,400 + $2,000 + $3,000 - $4,000)
Debit: Owner's Withdrawal $120,000
Credit: Cash $120,000
Using the above journal entries, How can I create a Balance Sheet and Income Statement? Thank you.
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