Transactions for Sale Des You prefer to remember res repe Balance Sheet Income Statement G More Owlby Syah VIS MIVO Owner Mario Scen 4/16 42 Transactions for a Basic Business You operate a sneaker store for 3 months from February to April out of your parent's garage. Post the business's transactions by entering either a positive or negative value in the appropriate yellow cells. Inputs: You purchase sneakers at $140 and after painting and bedazzling them you sell them for $240. You pay no taxes and Net Income - Change in Equity Business Transactions Accounting Transactions Transaction Date Income Statement Cost of Revenues Revenues SG&A Net Income $ $ 1/25/19 2/1/19 2/9/19 2/12/19 2/15/19 2/25/19 3/1/19 3/15/19 4/1/19 4/6/19 4/15/19 4/20/19 4/15/19 4/25/19 Prepay $600 for 3 Month Rental of Shelves (store 'fixtures') Receive February Shelf Rental Invoice Purchase 10 pairs on credit due 4/6 Sell 1 pair for cash Pay Owners February Salary of $30/month Sell 4 pairs on credit due 4/15 Receive March Shelf Rental Invoice Pay Owners March Salary of $30/month Receive April Shelf Rental Invoice Pay $1000 invoice for 2/9 merchandise purchase Pay Owners April Salary of $30/month Sell 3 pairs for cash Receive cash payment for 3/12 sale Sell 2 pairs at 20% discount for cash $ $ $ $ $ $ $ $ Balance Sheet Accounts Payable Change in Assets Change in Liabilities + Change in Equity Cash Accounts Receivable Inventory Prepaid Rent $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $