LEDGER REPORTS A ASSETS LIARILITIES OWNER'S EQUITY INCREASE: DEBIT INCREASE: CREDIT INCREASE: CREDIT DECREASE: CREDIT DECREASE: DEBIT DECREASE: DEBIT CASH ACCOUNTS PAYABLE TALBOT DRAWING TALBOT CAPITAL 0 RECORD EACH TRANSACTION IN THE T-ACCOUNTS- GRAY areas en 1 On April 2. Jody Talbot invested $80,000 in her business, Talbor's Dress Shop. Debit Cash, credit Talbot Capital). 2. The company purchased 50 dresses at a cost of $50 per dress. (Debit Inventory for $2.500 credit Accounts Payable for $2.500.) 3. Equipment was purchased for $7,000, a cal down payment of $2,000 was made the rest 55.000, was on account (Debit Equipment, credit Cash and Accounts Payable) 4. Talbot sold 20 dresses on account, at a price of $200 cach. Two entries debit Accounts Receivable for 54,000 credit Sales for $4,000 Then debit Cost of Goods Sold for 20550 - 51,000 and credit feventory for 51.000. Note that inventory now consists of 30 dresses a $50, 51.500 in total NOTES PAY ABLE COST OF RODS NLD SALES COUNTS RECEIVABLE RENT EXPENSE Le gry only! DIR CR 0 0 INVENTORY 6 Lansio borrowed 10,000 from Bank of America a note payable was signed. The note is in one year Debit Cash for $10,000 credit Note Payable for 510,000 WAGENEXPENNE 7. A total of 1,000 of the accounts reivable was received in cash (Debut Carli, credit Accounts Receivable) BUILDING ADVERTISING EXPENSE Het was pold, 51,000 in cash 9. The cashier wages, paid in eah, mounted to $1.500 EQUIPMENT 10. Advertising experw was paid in cash, 5500 1. Talbot withdrew $1.000 cash to take her family so Aberdeen RECORD EACH TRANSACTION IN THE TACCOUNTS. ALL DEBITS AND CREDITS SHOULD BE IN THE GRAY AREAS.company od 10 dresses for cash, 5200 per dress AS YOU RECORD EACH TRANSACTION, SEX THE REPORTS SHEET, IN ORDER TO MONITOR THE RESULTS. DblCh for $2,000 credit Sales for $2,000, then debit Cost of Goods Sold for 500 and credit Inventory for $500 WHEN YOU ARE DONE SAVE THE FILE USING LASTNAME-LASTA-LAB Note that inventory end at $1,000, consisting of 20 dieses JANET SMITH, STUDENT NUMBER 021214 WOULD SAVE THE FILE AS at a cost of cach SMITH-1234-LAB.XLSX 13. A small building was purchased for 1.000. La SUBMIT YOUR FILE THROUGH CANVAS signed a note payable for the entire amour LEDGER REPORTS FINANCIAL STATEMENTS IS 0 ol 0 TRIAL BALANCE DR CR CASH ol ACCOUNTS RECEIVABLE ol INVENTORY 0 BUILDING 0 EQUIPMENT 0 ACCOUNTS PAYABLE NOTES PAYABLE TALBOT CAPITAL TALBOT DRAWING SALES COST OF GOODS SOLD 01 RENT EXPENSE WAGES EXPENSE ADVERTISING EXPENSE 0 TOTALS 0 SALES COST OF GOODS SOLD GROSS PROFIT RENT EXPENSE WAGES EXPENSE ADVERTISING EXPENSE NET INCOME 0 0 0 0 0 OF 0 TALBOT CAPITAL, BEGINNING + NET INCOME SUBTOTAL - DRAWINGS TALBOT CAPITAL, END ol 0 ES ACCOUNTS PAYABLE NOTES PAYABLE TOTAL LIABILITIES 0 o 0 CASH ACCOUNTS RECEIVABLE INVENTORY BUILDING EQUIPMENT TOTAL ASSETS O TALBOT CAPITAL TOTAL LIAB. AND OE. ol 0 IN BALANCE