Your parents gave you $30,000 to become owners in your business. Purchased a food truck for $10,000 cash. Purchased a special oven to install in the food truck so you can sell freshly baked items The oven cost $2,000 which you must pay in 30 days.. Paid $500 to purchase kitchen equipment (mixer, baking sheets, measuring cups, etc.) Paid $300 to purchase baking ingredients. Purchased $50 of gasoline for the food truck. During the first week of business, used $280 of baking ingredients to produce your baked goods. During the first week, had sales totaling $1400. The baked goods sold accounted for 80% of what was produced. During the first week, 20 % of what was produced was given away as samples Paid $500 to purchase additional baking ingredients. After the first week, paid yourself a salary of $500. 1 2. 3. 4. 5. 6. 7. 8. 9. 10. 11 Accounts to use Revenues: Sales Revenue Expenses: Gasoline Expense Salary Expense Cost of Goods Sold Promotional Expense Assets: Cash Inventory-baked goods Oven Inventory-Ingredients Truck Kitchen Equipment Liabilities Accounts Payable Equity: Retained Earnings Common Stock Revenues Expenses Net Income Assets Liabilities Equity Common 30,000 stock 1 30,000 cash 2 3 4 6 7 8 9 10 11