Business owner design company.
1, business owner opens design company and invested 300,000 in bank account.
2, business bought supplies 1000 but money will be paid later .
3, business paid 1 year rent 24000.
4, business bought computer and printer for 9000 paid in cash useful life of machine 10 years .
5, business bought floor materials required to complete upcoming renovation project#1 for 3500 paid in cash .
6, business use the 5 year auto financing 24000 to purchase truck (interest rate is 10% which will be paid at end of 5 years with principal. useful life is 5 years).
7, business signed project#1 for 35000 agreement (project will be finished during the month and hired a group of contractors to help project #1).
8, business paid the owing money 1000( for the purchase of supplies in transaction 2 ).
9, business paid front desk employee 1500 wages in cash.
10, business completed project #1 and received money 35000.
11, business paid 10000 to contractors for help in project 1.
12, business confirm 2000 materials already been used for project 1.
13, business completes the basement design service of project #2 for 8000 (money will be received in future)
14, business owner withdrew 3000 cash of business account .
15, business paid front employee wages in cash.
16, business received utility bill 800 for energy used during month paid cash.
17, business found only 400 supplies left over.
18, business need to record the current month rent expense since the business has been a tenant for whole month.
19, business need to record the used up part of the equipment.
20, business need to record the used up part of the truck.
21, business record the monthly interest of the above truck loan.
required account summary
(income statement) project 1 and project 2 – and total net sales
gross profit
operating expencess
net income
balance sheet – current asset , capital or fixed assets ,intangible assets. total assets.
liabilities- current liabilities , long term . total liabilities and total equity.
create an excel sheet needed total owners equity and total owners liabilities
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