Record the April 2018 transactions in the Financial Statement Effects Template provided.

1.a. Sell merchandise on account for $7,000.

1.b. Record $4,000 cost of merchandise sold in 1.a.

2. Pay $1,700 cash for April wages.

3. Issue stock for $20,000 cash.

4. Sell gift certificates for $300 cash.

5. Sign a note and receive $5,000 cash from a bank.

6. Purchase inventory costing $6,000 on account.

7. Repay a bank note with $4,000 cash.

8. Collect $5,000 from customers from prior month's purchases.

Beggining balance: Cash and cash equivalents:$10,000 Accounts Receivable:22,800 Inventory:4,700 Property and Equipment, net:32,000 Accounts Payable:1,800 Notes Payable:25,000

Common Stock:30,000 Retained Earnings:12,700

Balance Sheet

Income Statement

Transaction

Cash

Noncash

Contrib.

Earned

Net

Asset

+

Assets

=

Liabilities

+

Capital

+

Capital

Revenues

- Expense

Income

Beginning Balance