Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007.
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Glorian Portraits Studios, Incorporated Glorian Portraits Studios, Incorporated Transaction Worksheet Transaction Worksheet For May 2007 For May 2007
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Transcript of Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007.
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = =
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES LIABILITIES
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
EntryEntry CashCash
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts EntryEntry CashCash ReceivableReceivable
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts EntryEntry CashCash ReceivableReceivable SuppliesSupplies
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Accounts Accounts EntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital Accounts Accounts Capital EntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning BalancesBeginning Balances
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000Beginning Balances $11,000
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000Beginning Balances $11,000 $7,000
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000Beginning Balances $11,000 $7,000 $2,000
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500Beginning Balances $11,000 $7,000 $2,000 $3,500
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 11. May 1
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,0001. May 1 -5,000
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 82. May 8
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,0002. May 8 +1,000
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,000 -1,0002. May 8 +1,000 -1,000collected amount due from sale of collected amount due from sale of portrait on Aug. 10 on accountportrait on Aug. 10 on account
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,000 -1,0002. May 8 +1,000 -1,000collected amount due from sale of collected amount due from sale of portrait on Aug. 10 on accountportrait on Aug. 10 on account
3. May 123. May 12
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,000 -1,0002. May 8 +1,000 -1,000collected amount due from sale of collected amount due from sale of portrait on Aug. 10 on accountportrait on Aug. 10 on account
3. May 12 -3,5003. May 12 -3,500
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,000 -1,0002. May 8 +1,000 -1,000collected amount due from sale of collected amount due from sale of portrait on March 10 on accountportrait on March 10 on account
3. May 12 -3,500 -3,5003. May 12 -3,500 -3,500payment to painting supplies vendor payment to painting supplies vendor for previous purchase on creditfor previous purchase on credit
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,000 -1,0002. May 8 +1,000 -1,000collected amount due from sale of collected amount due from sale of portrait on March 10 on accountportrait on March 10 on account
3. May 12 -3,500 -3,5003. May 12 -3,500 -3,500payment to painting supplies vendor payment to painting supplies vendor for previous purchase on creditfor previous purchase on credit
4. May 204. May 20
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,000 -1,0002. May 8 +1,000 -1,000collected amount due from sale of collected amount due from sale of portrait on March 10 on accountportrait on March 10 on account
3. May 12 -3,500 -3,5003. May 12 -3,500 -3,500payment to painting supplies vendor payment to painting supplies vendor for previous purchase on creditfor previous purchase on credit
4. May 20 +6,000 4. May 20 +6,000
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,000 -1,0002. May 8 +1,000 -1,000collected amount due from sale of collected amount due from sale of portrait on March 10 on accountportrait on March 10 on account
3. May 12 -3,500 -3,5003. May 12 -3,500 -3,500payment to painting supplies vendor payment to painting supplies vendor for previous purchase on creditfor previous purchase on credit
4. May 20 +6,000 +6,0004. May 20 +6,000 +6,000purchase of painting supplies on creditpurchase of painting supplies on credit
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,000 -1,0002. May 8 +1,000 -1,000collected amount due from sale of collected amount due from sale of portrait on March 10 on accountportrait on March 10 on account
3. May 12 -3,500 -3,5003. May 12 -3,500 -3,500payment to painting supplies vendor payment to painting supplies vendor for previous purchase on creditfor previous purchase on credit
4. May 20 +6,000 +6,0004. May 20 +6,000 +6,000purchase of painting supplies on creditpurchase of painting supplies on credit
5. May 315. May 31
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,000 -1,0002. May 8 +1,000 -1,000collected amount due from sale of collected amount due from sale of portrait on March 10 on accountportrait on March 10 on account
3. May 12 -3,500 -3,5003. May 12 -3,500 -3,500payment to painting supplies vendor payment to painting supplies vendor for previous purchase on creditfor previous purchase on credit
4. May 20 +6,000 +6,0004. May 20 +6,000 +6,000purchase of painting supplies on creditpurchase of painting supplies on credit
5. May 31 +18,0005. May 31 +18,000
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,000 -1,0002. May 8 +1,000 -1,000collected amount due from sale of collected amount due from sale of portrait on March 10 on accountportrait on March 10 on account
3. May 12 -3,500 -3,5003. May 12 -3,500 -3,500payment to painting supplies vendor payment to painting supplies vendor for previous purchase on creditfor previous purchase on credit
4. May 20 +6,000 +6,0004. May 20 +6,000 +6,000purchase of painting supplies on creditpurchase of painting supplies on credit
5. May 31 +18,000 +6,000 5. May 31 +18,000 +6,000
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,000 -1,0002. May 8 +1,000 -1,000collected amount due from sale of collected amount due from sale of portrait on March 10 on accountportrait on March 10 on account
3. May 12 -3,500 -3,5003. May 12 -3,500 -3,500payment to painting supplies vendor payment to painting supplies vendor for previous purchase on creditfor previous purchase on credit
4. May 20 +6,000 +6,0004. May 20 +6,000 +6,000purchase of painting supplies on creditpurchase of painting supplies on credit
5. May 31 +18,000 +6,000 +24,0005. May 31 +18,000 +6,000 +24,000recorded revenue earned for May Revenue Earnedrecorded revenue earned for May Revenue Earned
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,000 -1,0002. May 8 +1,000 -1,000collected amount due from sale of collected amount due from sale of portrait on March 10 on accountportrait on March 10 on account
3. May 12 -3,500 -3,5003. May 12 -3,500 -3,500payment to painting supplies vendor payment to painting supplies vendor for previous purchase on creditfor previous purchase on credit
4. May 20 +6,000 +6,0004. May 20 +6,000 +6,000purchase of painting supplies on creditpurchase of painting supplies on credit
5. May 31 +18,000 +6,000 +24,0005. May 31 +18,000 +6,000 +24,000recorded revenue earned for May Revenue Earnedrecorded revenue earned for May Revenue Earned
6. May 316. May 31
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,000 -1,0002. May 8 +1,000 -1,000collected amount due from sale of collected amount due from sale of portrait on March 10 on accountportrait on March 10 on account
3. May 12 -3,500 -3,5003. May 12 -3,500 -3,500payment to painting supplies vendor payment to painting supplies vendor for previous purchase on creditfor previous purchase on credit
4. May 20 +6,000 +6,0004. May 20 +6,000 +6,000purchase of painting supplies on creditpurchase of painting supplies on credit
5. May 31 +18,000 +6,000 +24,0005. May 31 +18,000 +6,000 +24,000recorded revenue earned for May Revenue Earnedrecorded revenue earned for May Revenue Earned
6. May 31 -1,2006. May 31 -1,200
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,000 -1,0002. May 8 +1,000 -1,000collected amount due from sale of collected amount due from sale of portrait on March 10 on accountportrait on March 10 on account
3. May 12 -3,500 -3,5003. May 12 -3,500 -3,500payment to painting supplies vendor payment to painting supplies vendor for previous purchase on creditfor previous purchase on credit
4. May 20 +6,000 +6,0004. May 20 +6,000 +6,000purchase of painting supplies on creditpurchase of painting supplies on credit
5. May 31 +18,000 +6,000 +24,0005. May 31 +18,000 +6,000 +24,000recorded revenue earned for May Revenue Earnedrecorded revenue earned for May Revenue Earned
6. May 31 -1,200 -1,2006. May 31 -1,200 -1,200recorded painting supplies used in May Painting Supplies Expenserecorded painting supplies used in May Painting Supplies Expense
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,000 -1,0002. May 8 +1,000 -1,000collected amount due from sale of collected amount due from sale of portrait on March 10 on accountportrait on March 10 on account
3. May 12 -3,500 -3,5003. May 12 -3,500 -3,500payment to painting supplies vendor payment to painting supplies vendor for previous purchase on creditfor previous purchase on credit
4. May 20 +6,000 +6,0004. May 20 +6,000 +6,000purchase of painting supplies on creditpurchase of painting supplies on credit
5. May 31 +18,000 +6,000 +24,0005. May 31 +18,000 +6,000 +24,000recorded revenue earned for May Revenue Earnedrecorded revenue earned for May Revenue Earned
6. May 31 -1,200 -1,2006. May 31 -1,200 -1,200recorded painting supplies used in May Painting Supplies Expenserecorded painting supplies used in May Painting Supplies Expense
7. May 31 -8,000 -8,0007. May 31 -8,000 -8,000paid artist’s salary for May Salaries Expensepaid artist’s salary for May Salaries Expense ______ ______ ______ ______ ______ _____ ______ ______ ______ ______ ______ _____
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,000 -1,0002. May 8 +1,000 -1,000collected amount due from sale of collected amount due from sale of portrait on March 10 on accountportrait on March 10 on account
3. May 12 -3,500 -3,5003. May 12 -3,500 -3,500payment to painting supplies vendor payment to painting supplies vendor for previous purchase on creditfor previous purchase on credit
4. May 20 +6,000 +6,0004. May 20 +6,000 +6,000purchase of painting supplies on creditpurchase of painting supplies on credit
5. May 31 +18,000 +6,000 +24,0005. May 31 +18,000 +6,000 +24,000recorded revenue earned for May Revenue Earnedrecorded revenue earned for May Revenue Earned
6. May 31 -1,200 -1,2006. May 31 -1,200 -1,200recorded painting supplies used in May Painting Supplies Expenserecorded painting supplies used in May Painting Supplies Expense
7. May 31 -8,000 -8,0007. May 31 -8,000 -8,000paid artist’s salary for May Salaries Expensepaid artist’s salary for May Salaries Expense ______ ______ ______ ______ ______ _____ ______ ______ ______ ______ ______ _____
May 31 Balances May 31 Balances $13,500$13,500
Glorian Portraits Studios, IncorporatedGlorian Portraits Studios, IncorporatedTransaction WorksheetTransaction WorksheetFor May 2007For May 2007
ASSETSASSETS = = LIABILITIES + STOCKHOLDERS’ EQUITYLIABILITIES + STOCKHOLDERS’ EQUITY
Accounts Accounts Capital RetainedAccounts Accounts Capital RetainedEntryEntry CashCash ReceivableReceivable SuppliesSupplies Payable Payable StockStock EarningsEarnings
Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000
1. May 1 -5,000 -5,0001. May 1 -5,000 -5,000paid rent for month Rent Expensepaid rent for month Rent Expense
2. May 8 +1,000 -1,0002. May 8 +1,000 -1,000collected amount due from sale of collected amount due from sale of portrait on March 10 on accountportrait on March 10 on account
3. May 12 -3,500 -3,5003. May 12 -3,500 -3,500payment to painting supplies vendor payment to painting supplies vendor for previous purchase on creditfor previous purchase on credit
4. May 20 +6,000 +6,0004. May 20 +6,000 +6,000purchase of painting supplies on creditpurchase of painting supplies on credit
5. May 31 +18,000 +6,000 +24,0005. May 31 +18,000 +6,000 +24,000recorded revenue earned for May Revenue Earnedrecorded revenue earned for May Revenue Earned
6. May 31 -1,200 -1,2006. May 31 -1,200 -1,200recorded painting supplies used in May Painting Supplies Expenserecorded painting supplies used in May Painting Supplies Expense
7. May 31 -8,000 -8,0007. May 31 -8,000 -8,000paid artist’s salary for May Salaries Expensepaid artist’s salary for May Salaries Expense ______ ______ ______ ______ ______ _____ ______ ______ ______ ______ ______ _____
May 31 Balances May 31 Balances $13,500$13,500 $12,000$12,000 $6,800$6,800 $6,000$6,000 $7,500$7,500 $18,800 $18,800
