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need help with the balance sheet. Al the beginning of December, Madison finds out that Batter Blender Supply Co . has raised the cost of
need help with the balance sheet.
Al the beginning of December, Madison finds out that Batter Blender Supply Co has raised the cost of their mixers $ each, so she will only make one more purchase from them this month. She was ucky enough to find comparable mixers at Garcia Co a local manufacturer, so she has signed a contract to buy mixers from them this month. Garcia Co also has a $ cost for each mixer. She still plans to sell them for $ Madison is rumning out of storage space in her smal apartment, so she decides to rent a small office space to hold all of her supplies and inventory. Rent is due at the beginning of each month.
The following transactions occurred during the month of December.
Dec. Paid $ rent for the month of December. Check
Purchased three mixers on account from Batter Blender Supply Co For $ terms n
Paid $ freight for the December purchase. Check
Sold three mixers for $ on account to Seafood Shack, invoice terms N
Bought four mixers on account from Garcia Co for $ terms n
Collected the amount due from Peter's Pastries for the November transaction.
Returned one of the mixers purchased on Dec because it was damaged during shipping. Garcia Co issues Sweet Treats credit for the cost of the mixer.
Paid Batter Blender the amount due for the December purchase. Check
Bought three mixers on account from Garcia for $ terms n
Paid $ freight for the December purchase. Check
Three mixers are sold on account for $ to the Chop House, invoice terms n
One mixer is sold to a new customer, Bagel Depot, on account for $ invoice terms
Paid a $ cell phone bill for December. Check
Paid $ freight for items received on the December purchase. Check
Taught a hr cupcake making class at Winslow Sweets for $ per hour. Winslow Sweets paid in full at the end of the class.
Paid Garcia Co the amount due for the December purchase. Check
Collected the amount due from Chop House for the December transaction.
Purchased baking supplies for $ cash. Check
Issued a check to Madison's assistant for $ for the first two weeks in December. Check
Two mixers are sold on account for $ to the Chop House, invoice terms n
Taught a ht holiday cookie workshop at Young Souls, the local senior center. Madison offered her workshop al a discounted price of $ per hour. She left invoice with the director ol Young Souls after the workshop.
Collected the amount due from Bagel Depol for the December transadtion.
Madison wilhdrew $ cash for personal use. Check
As of December the following adjusting entry dala is available.
Accrued utilities tolal $ for the current month.
Another month's worth of depreciation needs to be recorded on the baking equipment.
A count reveals that $ of baking supplies are remaining in the supply room.
Another month's worth of insurance has expired.
Madison owes her assistant $ for the last two weeks of December, but will not pay it until January
Madison records another month of accuued interest on her grandma's loan.
Al year end, Madison completes all the financial stalements and closes out the year. Madison is making huge strides in her entrepreneurship program by starting up Sweet Treals and she cannot thank her friends and family enough for all their support. In the new year, Madison intends on continuing to sell mixers and provide classes on multiple baking needs. She is even considering attending culinary classes at CNM to learn new things she can incorporale into her business.
Al the beginning of December, Madison finds out that Batter Blender Supply Co has raised the cost of their mixers $ each, so she will only make one more purchase from them this month. She was ucky enough to find comparable mixers at Garcia Co a local manufacturer, so she has signed a contract to buy mixers from them this month. Garcia Co also has a $ cost for each mixer. She still plans to sell them for $ Madison is rum
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