Balance Sheet

Jul-01
Asset Liabilities + Joel Palk's Equity
Cash 45,000 Accounts Payable 40,000
Account Receivable 93,000 Joel Palk's Equity 180,000
Supplies 7,000
Land 75,000

Total Asset 220,000 Total Liablities + Joel Palk's Equity 220,000

 Balance Sheet

Asset Liabilities + Joel Palk's Equity

Cash 45,000 Accounts Payable
a. Deposit 35,000 f. Paid Creditors
b. Paid for the purchase of land - 50,000 h. Invoice
c. Received cash 32,125
d. Paid rent - 6,000
e. Purchased supplies - 2,500
f. Paid Creditors - 22,800
i. Wages Expense - 7,500
i. Truck expense - 2,500
i. Utilities expense - 1,300
i. Misc. Expense - 2,700
j. Received Cash 88,000
l. withdraw - 12,000
Account Receivable 93,000 Joel Palk's Equity
j. Receive cash - 88,000 a. Additional Capital
g. Revenue Dry cleaning 84,750 l. withdraw
Net Income
Supplies
Supplies 7,000
e. Purchased Supplies 2,500
k. Supplies Used - 3,600 5,900
Land 75,000
Purchase land 50,000

Total Asset 313,475 Total Liablities + Joel Palk's Equity

 Income Statement
c. Dry Cleaning Revenue 32,125
g. Dry Cleaning Revenue 84,750
40,000
- 22,800 k. Supplies Expense - 3,600
29,500

d. Rent Expense - 6,000

h. Dry Cleaning Expense - 29,500
i. Wages Expense - 7,500
i. Truck expense - 2,500
i. Utilities expense - 1,300
I. Misc. Expense - 2,700

63,775

180,000
35,000
- 12,000
63,775

313,475
Cash Flow

Cash 45,000
Deposit 35,000
Paid for the purchase of land - 50,000
Received cash 32,125
Paid rent - 6,000
Purchased supplies - 2,500
Paid Creditors - 22,800
Wages Expense - 7,500
Truck expense - 2,500
Utilities expense - 1,300
Misc. Expense - 2,700
Received Cash 88,000
withdraw - 12,000
Cash per July 31 92,825
Owner Equity

Joel Palk's Equity 180,000

Additional Capital 35,000
withdraw - 12,000
Net Income 63,775

Total Equity 266,775