Transcript Glorian Portraits Studios, Incorporated Transaction

Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
=
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
= LIABILITIES
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
= LIABILITIES + STOCKHOLDERS’ EQUITY
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
Entry
Cash
= LIABILITIES + STOCKHOLDERS’ EQUITY
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
Entry
Accounts
Cash Receivable
= LIABILITIES + STOCKHOLDERS’ EQUITY
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
Entry
Accounts
Cash Receivable Supplies
= LIABILITIES + STOCKHOLDERS’ EQUITY
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
Entry
Accounts
Cash Receivable Supplies
= LIABILITIES + STOCKHOLDERS’ EQUITY
Accounts
Payable
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
Entry
Accounts
Cash Receivable Supplies
= LIABILITIES + STOCKHOLDERS’ EQUITY
Accounts
Payable
Capital
Stock
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
Entry
Accounts
Cash Receivable Supplies
= LIABILITIES + STOCKHOLDERS’ EQUITY
Accounts
Payable
Capital
Stock
Retained
Earnings
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
Entry
Beginning Balances
Accounts
Cash Receivable Supplies
= LIABILITIES + STOCKHOLDERS’ EQUITY
Accounts
Payable
Capital
Stock
Retained
Earnings
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
Entry
Accounts
Cash Receivable Supplies
Beginning Balances
$11,000
= LIABILITIES + STOCKHOLDERS’ EQUITY
Accounts
Payable
Capital
Stock
Retained
Earnings
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
Entry
Accounts
Cash Receivable Supplies
Beginning Balances
$11,000 $7,000
= LIABILITIES + STOCKHOLDERS’ EQUITY
Accounts
Payable
Capital
Stock
Retained
Earnings
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
Entry
Accounts
Cash Receivable Supplies
Beginning Balances
$11,000 $7,000 $2,000
= LIABILITIES + STOCKHOLDERS’ EQUITY
Accounts
Payable
Capital
Stock
Retained
Earnings
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
= LIABILITIES + STOCKHOLDERS’ EQUITY
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Beginning Balances
$11,000 $7,000 $2,000
$3,500
Capital
Stock
Retained
Earnings
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
= LIABILITIES + STOCKHOLDERS’ EQUITY
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
Retained
Earnings
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
= LIABILITIES + STOCKHOLDERS’ EQUITY
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
= LIABILITIES + STOCKHOLDERS’ EQUITY
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
= LIABILITIES + STOCKHOLDERS’ EQUITY
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
-5,000
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
= LIABILITIES + STOCKHOLDERS’ EQUITY
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
2. May 8
-5,000
-5,000
Rent Expense
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
= LIABILITIES + STOCKHOLDERS’ EQUITY
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
2. May 8
+1,000
-5,000
Rent Expense
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
= LIABILITIES + STOCKHOLDERS’ EQUITY
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
2. May 8
collected amount due from sale of
portrait on March 10 on account
+1,000 -1,000
-5,000
Rent Expense
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
= LIABILITIES + STOCKHOLDERS’ EQUITY
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
2. May 8
collected amount due from sale of
portrait on March 10 on account
+1,000 -1,000
3. May 12
-5,000
Rent Expense
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
= LIABILITIES + STOCKHOLDERS’ EQUITY
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
2. May 8
collected amount due from sale of
portrait on March 10 on account
+1,000 -1,000
3. May 12
-3,500
-5,000
Rent Expense
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
= LIABILITIES + STOCKHOLDERS’ EQUITY
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
2. May 8
collected amount due from sale of
portrait on March 10 on account
+1,000 -1,000
3. May 12
payment to painting supplies vendor
for previous purchase on credit
-3,500
-5,000
Rent Expense
-3,500
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
ASSETS
= LIABILITIES + STOCKHOLDERS’ EQUITY
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
2. May 8
collected amount due from sale of
portrait on March 10 on account
+1,000 -1,000
3. May 12
payment to painting supplies vendor
for previous purchase on credit
-3,500
4. May 20
-5,000
Rent Expense
-3,500
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
= LIABILITIES + STOCKHOLDERS’ EQUITY
ASSETS
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
2. May 8
collected amount due from sale of
portrait on March 10 on account
+1,000 -1,000
3. May 12
payment to painting supplies vendor
for previous purchase on credit
-3,500
4. May 20
-5,000
Rent Expense
-3,500
+6,000
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
= LIABILITIES + STOCKHOLDERS’ EQUITY
ASSETS
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
2. May 8
collected amount due from sale of
portrait on March 10 on account
+1,000 -1,000
3. May 12
payment to painting supplies vendor
for previous purchase on credit
-3,500
4. May 20
purchase of painting supplies on credit
-5,000
Rent Expense
-3,500
+6,000
+6,000
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
= LIABILITIES + STOCKHOLDERS’ EQUITY
ASSETS
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
2. May 8
collected amount due from sale of
portrait on March 10 on account
+1,000 -1,000
3. May 12
payment to painting supplies vendor
for previous purchase on credit
-3,500
4. May 20
purchase of painting supplies on credit
5. May 31
-5,000
Rent Expense
-3,500
+6,000
+6,000
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
= LIABILITIES + STOCKHOLDERS’ EQUITY
ASSETS
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
2. May 8
collected amount due from sale of
portrait on March 10 on account
+1,000 -1,000
3. May 12
payment to painting supplies vendor
for previous purchase on credit
-3,500
4. May 20
purchase of painting supplies on credit
5. May 31
+18,000
-5,000
Rent Expense
-3,500
+6,000
+6,000
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
= LIABILITIES + STOCKHOLDERS’ EQUITY
ASSETS
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
2. May 8
collected amount due from sale of
portrait on March 10 on account
+1,000 -1,000
3. May 12
payment to painting supplies vendor
for previous purchase on credit
-3,500
4. May 20
purchase of painting supplies on credit
5. May 31
+18,000 +6,000
-5,000
Rent Expense
-3,500
+6,000
+6,000
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
= LIABILITIES + STOCKHOLDERS’ EQUITY
ASSETS
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
2. May 8
collected amount due from sale of
portrait on March 10 on account
+1,000 -1,000
3. May 12
payment to painting supplies vendor
for previous purchase on credit
-3,500
4. May 20
purchase of painting supplies on credit
5. May 31
recorded revenue earned for May
+18,000 +6,000
-5,000
Rent Expense
-3,500
+6,000
+6,000
+24,000
Revenue Earned
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
= LIABILITIES + STOCKHOLDERS’ EQUITY
ASSETS
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
2. May 8
collected amount due from sale of
portrait on March 10 on account
+1,000 -1,000
3. May 12
payment to painting supplies vendor
for previous purchase on credit
-3,500
4. May 20
purchase of painting supplies on credit
5. May 31
recorded revenue earned for May
6. May 31
+18,000 +6,000
-5,000
Rent Expense
-3,500
+6,000
+6,000
+24,000
Revenue Earned
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
= LIABILITIES + STOCKHOLDERS’ EQUITY
ASSETS
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
2. May 8
collected amount due from sale of
portrait on March 10 on account
+1,000 -1,000
3. May 12
payment to painting supplies vendor
for previous purchase on credit
-3,500
4. May 20
purchase of painting supplies on credit
5. May 31
recorded revenue earned for May
6. May 31
-5,000
Rent Expense
-3,500
+6,000
+18,000 +6,000
+6,000
+24,000
Revenue Earned
-1,200
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
= LIABILITIES + STOCKHOLDERS’ EQUITY
ASSETS
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
2. May 8
collected amount due from sale of
portrait on March 10 on account
+1,000 -1,000
3. May 12
payment to painting supplies vendor
for previous purchase on credit
-3,500
4. May 20
purchase of painting supplies on credit
5. May 31
recorded revenue earned for May
-5,000
Rent Expense
-3,500
+6,000
+18,000 +6,000
6. May 31
recorded painting supplies used in May
+6,000
+24,000
Revenue Earned
-1,200
-1,200
Painting Supplies Expense
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
= LIABILITIES + STOCKHOLDERS’ EQUITY
ASSETS
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
-5,000
Rent Expense
2. May 8
collected amount due from sale of
portrait on March 10 on account
+1,000 -1,000
3. May 12
payment to painting supplies vendor
for previous purchase on credit
-3,500
-3,500
4. May 20
purchase of painting supplies on credit
5. May 31
recorded revenue earned for May
+6,000
+18,000 +6,000
6. May 31
recorded painting supplies used in May
7. May 31
paid artist’s salary for May
+6,000
+24,000
Revenue Earned
-1,200
-1,200
Painting Supplies Expense
-8,000
______
______ ______
______
______
-8,000
Salaries Expense
_____
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
= LIABILITIES + STOCKHOLDERS’ EQUITY
ASSETS
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
-5,000
Rent Expense
2. May 8
collected amount due from sale of
portrait on March 10 on account
+1,000 -1,000
3. May 12
payment to painting supplies vendor
for previous purchase on credit
-3,500
-3,500
4. May 20
purchase of painting supplies on credit
5. May 31
recorded revenue earned for May
+6,000
+18,000 +6,000
6. May 31
recorded painting supplies used in May
7. May 31
paid artist’s salary for May
+24,000
Revenue Earned
-1,200
-1,200
Painting Supplies Expense
-8,000
______
May 31 Balances
+6,000
$13,500
______ ______
______
______
-8,000
Salaries Expense
_____
Glorian Portraits Studios, Incorporated
Transaction Worksheet
For May 2007
= LIABILITIES + STOCKHOLDERS’ EQUITY
ASSETS
Entry
Accounts
Cash Receivable Supplies
Accounts
Payable
Capital
Stock
Retained
Earnings
Beginning Balances
$11,000 $7,000 $2,000
$3,500
$7,500
$9,000
1. May 1
paid rent for month
-5,000
-5,000
Rent Expense
2. May 8
collected amount due from sale of
portrait on March 10 on account
+1,000 -1,000
3. May 12
payment to painting supplies vendor
for previous purchase on credit
-3,500
-3,500
4. May 20
purchase of painting supplies on credit
5. May 31
recorded revenue earned for May
+6,000
+18,000 +6,000
6. May 31
recorded painting supplies used in May
7. May 31
paid artist’s salary for May
May 31 Balances
+6,000
+24,000
Revenue Earned
-1,200
-1,200
Painting Supplies Expense
-8,000
______
______ ______
______
______
$13,500
$12,000 $6,800
$6,000
$7,500
-8,000
Salaries Expense
_____
$18,800