Chapter 4

Page 1
Sarah's Kitchen Stores, Jamal Kessab
Chart of Accounts

No. Description Type Account Class

Chart of Accounts - Current Year (2026)

ASSET

1000 Current Assets H

1005 Petty Cash A Asset
1010 Bank Account Chequing A Bank
1011 Bank Account Credit Card Receivable A Credit Card Receivable
1080 Cash Total S
1200 Accounts Receivable A Asset
1210 Allowance for Bad Debts A Allowance for Bad Debts
1219 Net Accounts Receivable S
1240 Inventory of Goods G Inventory
1260 Store/Office Supplies/Prepaid G Current Asset
1299 Total Current Assets T

1400 Capital Assets H

1410 Display Equipment A Capital Asset
1415 Accumulated Deprec. Display Eq A Accum. Amort. & Depreciation
1419 Display Equipment: Net Value S
1420 Office Furniture/Equipment A Capital Asset
1425 Accumulated Deprec. Office Fur/Eq A Accum. Amort. & Depreciation
1429 Office Furniture/Equipment Net Val S
1499 Net Capital Assets T

LIABILITY

2000 Current Liabilities H

2010 Accounts Payable G Accounts Payable
2030 Credit Card Payable G Credit Card Payable
2210 HST Charged on Sales A Sales Tax Payable
2220 HST Paid on Purchases A Sales Tax Payable
2230 Net HST Owing/Receivable S
2299 Total Current Liabilities T

2300 Long Term Liabilities H

2310 Bank Loan Payable G Long Term Debt
2399 Total Long Term Liabilities T

EQUITY

3000 Owner’s Equity H

3020 Capital Beginning Sarah Kafa A Retained Earnings
3030 Capital Additional Investments A Equity
3040 Drawings Sarah Kafa A Equity
3050 Net Capital before Current Earnings S
3600 Current Earnings X Current Earnings
3699 Total Owner’s Equity T

REVENUE

4000 Sales Revenue H

4010 Sales Kitchen Cabinets A Revenue
4020 Sales Kitchen Sinks A Revenue
4030 Sales Kitchen Accessories A Revenue
4099 Sales Total S
4210 Sales Returns A Revenue
4220 Sales Discounts A Revenue
4229 Sales Deductions Total S
4399 Sales Net T

4500 Other Revenue H

4510 Handling Fee G Revenue
4520 Total Other Revenue T

EXPENSE

5000 Cost of Goods Sold H

5020 Cost of Goods Sold G Cost of Goods Sold
5050 Purchase Discounts G Cost of Goods Sold

Printed On: Dec 16, 2022

 Page 2
Sarah's Kitchen Stores, Jamal Kessab
Chart of Accounts

No. Description Type Account Class

5060 Inventory Adjustments G Cost of Goods Sold
5099 Total Cost of Goods Sold T

5300 Store Expenses H

5310 Rent Expense G Expense
5320 Store Salaries Expense G Expense
5330 Telephone Expense G Expense
5340 Advertising Expense G Expense
5350 Depreciation Expense-All G Expense
5360 Delivery Costs to Customers G Expense
5370 Bad Debts Expense G Expense
5380 Utilities (Hydro/Water) Expense G Expense
5399 Total Store Expense T

5500 Other Expenses H

5510 Bank Charges Expense G Expense
5520 Credit Card Charges G Expense
5530 Bank Interest on Loan G Expense
5599 Total Other Expenses T

Printed On: Dec 16, 2022

 Page 1
Sarah's Kitchen Stores, Jamal Kessab
Trial Balance As at Aug 31, 2026

Ac... Account Description Debits Credits

1005 Petty Cash 100,00 -
1010 Bank Account Chequing 17 106,00 -
1011 Bank Account Credit Card Recei... 0,00 -
1200 Accounts Receivable 12 848,10 -
1210 Allowance for Bad Debts - 550,00
1240 Inventory of Goods 102 500,00 -
1260 Store/Office Supplies/Prepaid 400,00 -
1410 Display Equipment 30 700,00 -
1415 Accumulated Deprec. Display Eq - 11 000,00
1420 Office Furniture/Equipment 8 125,00 -
1425 Accumulated Deprec. Office Fur/... - 3 450,00
2010 Accounts Payable - 12 134,25
2030 Credit Card Payable - 0,00
2210 HST Charged on Sales - 3 517,50
2220 HST Paid on Purchases 1 410,00 -
2310 Bank Loan Payable - 51 256,00
3020 Capital Beginning Sarah Kafa - 83 496,35
3030 Capital Additional Investments - 0,00
3040 Drawings Sarah Kafa 16 900,00 -
4010 Sales Kitchen Cabinets - 338 165,00
4020 Sales Kitchen Sinks - 22 560,00
4030 Sales Kitchen Accessories - 53 289,00
4210 Sales Returns 6 200,00 -
4220 Sales Discounts 5 731,00 -
4510 Handling Fee - 0,00
5020 Cost of Goods Sold 285 386,00 -
5050 Purchase Discounts - 7 212,00
5060 Inventory Adjustments 0,00 -
5310 Rent Expense 16 800,00 -
5320 Store Salaries Expense 46 980,00 -
5330 Telephone Expense 3 216,00 -
5340 Advertising Expense 7 468,00 -
5350 Depreciation Expense-All 0,00 -
5360 Delivery Costs to Customers 9 645,00 -
5370 Bad Debts Expense 0,00 -
5380 Utilities (Hydro/Water) Expense 1 796,00 -
5510 Bank Charges Expense 743,00 -
5520 Credit Card Charges 9 842,00 -
5530 Bank Interest on Loan 2 734,00 -

586 630,10 586 630,10

Printed On: Dec 16, 2022

 Page 1
Sarah's Kitchen Stores, Jamal Kessab
Vendor Aged Detail As at Aug 31, 2026

Source Date Terms Transaction Type Total Current 31 to 60 61 to 90

Custom Cabinets Ltd
3620 Aug 16, 2026 2%/10, Net 30 Invoice 8 825,30 8 825,30 - -

Total outstanding: 8 825,30 8 825,30 - -

Kitchen Gadgets Inc

2650 Aug 20, 2026 2%/10, Net 30 Invoice 2 994,50 2 994,50 - -

Total outstanding: 2 994,50 2 994,50 - -

Office Stationery Plus.

5628 Aug 25, 2026 2%/10, Net 30 Invoice 314,45 314,45 - -

Total outstanding: 314,45 314,45 - -

Total unpaid invoices: 12 134,25 12 134,25 - -

Total prepayments/prepaid orders: - - - -

Total outstanding: 12 134,25 12 134,25 - -

Printed On: Dec 16, 2022

 Page 2
Sarah's Kitchen Stores, Jamal Kessab
Vendor Aged Detail As at Aug 31, 2026

91+

-
-

Printed On: Dec 16, 2022

 Page 1
Sarah's Kitchen Stores, Jamal Kessab
Customer Aged Detail As at Aug 31, 2026

Source Date Terms Transaction Type Total Current 31 to 60 61 to 90

Chaiken’s Home Depot
598 Aug 23, 2026 2%/10, Net 30 Invoice 5 378,80 5 378,80 - -

Total outstanding: 5 378,80 5 378,80 - -

Lee’s Department Store

613 Aug 28, 2026 2%/10, Net 30 Invoice 7 356,30 7 356,30 - -

Total outstanding: 7 356,30 7 356,30 - -

Total unpaid invoices: 12 735,10 12 735,10 - -

Total deposits/prepaid orders: - - - -

Total outstanding: 12 735,10 12 735,10 - -

Printed On: Dec 16, 2022

 Page 2
Sarah's Kitchen Stores, Jamal Kessab
Customer Aged Detail As at Aug 31, 2026

91+

-
-

Printed On: Dec 16, 2022

 Page 1
Sarah's Kitchen Stores, Jamal Kessab
Customer Aged Detail As at Aug 31, 2026

Source Date Terms Transaction Type Total Current 31 to 60 61 to 90

Chaiken’s Home Depot
598 Aug 23, 2026 2%/10, Net 30 Invoice 5 378,80 5 378,80 - -

Total outstanding: 5 378,80 5 378,80 - -

Lee’s Department Store

613 Aug 28, 2026 2%/10, Net 30 Invoice 7 356,30 7 356,30 - -

Total outstanding: 7 356,30 7 356,30 - -

Unknown Customer
Unknown Aug 28, 2026 2%/10, Net 30 Invoice 113,00 113,00 - -

Total outstanding: 113,00 113,00 - -

Total unpaid invoices: 12 848,10 12 848,10 - -

Total deposits/prepaid orders: - - - -

Total outstanding: 12 848,10 12 848,10 - -

Printed On: Dec 16, 2022

 Page 2
Sarah's Kitchen Stores, Jamal Kessab
Customer Aged Detail As at Aug 31, 2026

91+

-
-

Printed On: Dec 16, 2022

 Page 1
Sarah's Kitchen Stores, Jamal Kessab
Vendor Aged Detail As at Aug 31, 2026

Source Date Terms Transaction Type Total Current 31 to 60 61 to 90

Custom Cabinets Ltd
3620 Aug 16, 2026 2%/10, Net 30 Invoice 8 825,30 8 825,30 - -

Total outstanding: 8 825,30 8 825,30 - -

Kitchen Gadgets Inc

2650 Aug 20, 2026 2%/10, Net 30 Invoice 2 994,50 2 994,50 - -

Total outstanding: 2 994,50 2 994,50 - -

Office Stationery Plus.

5628 Aug 25, 2026 2%/10, Net 30 Invoice 314,45 314,45 - -

Total outstanding: 314,45 314,45 - -

UNKNOWN VENDOR
Unknow Aug 31, 2026 2%/10, Net 30 Invoice 1,00 1,00 - -

Total outstanding: 1,00 1,00 - -

Total unpaid invoices: 12 135,25 12 135,25 - -

Total prepayments/prepaid orders: - - - -

Total outstanding: 12 135,25 12 135,25 - -

Printed On: Dec 16, 2022

 Page 2
Sarah's Kitchen Stores, Jamal Kessab
Vendor Aged Detail As at Aug 31, 2026

91+

-
-

Printed On: Dec 16, 2022

 Page 1
Sarah's Kitchen Stores, Jamal Kessab
Balance Sheet As at Aug 31, 2026

ASSET

Current Assets
Petty Cash 100,00
Bank Account Chequing 17 106,00
Bank Account Credit Card Rece... 0,00
Cash Total 17 206,00
Accounts Receivable 12 848,10
Allowance for Bad Debts -550,00
Net Accounts Receivable 12 298,10
Inventory of Goods 102 500,00
Store/Office Supplies/Prepaid 400,00
Total Current Assets 132 404,10

Capital Assets
Display Equipment 30 700,00
Accumulated Deprec. Display Eq -11 000,00
Display Equipment: Net Value 19 700,00
Office Furniture/Equipment 8 125,00
Accumulated Deprec. Office Fur... -3 450,00
Office Furniture/Equipment Net Val 4 675,00
Net Capital Assets 24 375,00

TOTAL ASSET 156 779,10

LIABILITY

Current Liabilities
Accounts Payable 12 134,25
Credit Card Payable 0,00
HST Charged on Sales 3 517,50
HST Paid on Purchases -1 410,00
Net HST Owing/Receivable 2 107,50
Total Current Liabilities 14 241,75

Long Term Liabilities

Bank Loan Payable 51 256,00
Total Long Term Liabilities 51 256,00

TOTAL LIABILITY 65 497,75

EQUITY

Owner’s Equity
Capital Beginning Sarah Kafa 83 496,35
Capital Additional Investments 0,00
Drawings Sarah Kafa -16 900,00
Net Capital before Current Earni... 66 596,35
Current Earnings 24 685,00
Total Owner’s Equity 91 281,35

TOTAL EQUITY 91 281,35

LIABILITIES AND EQUITY 156 779,10

Printed On: Dec 16, 2022

 Page 1
Sarah's Kitchen Stores, Jamal Kessab
Income Statement Jan 01, 2026 to Aug 31, 2026

REVENUE

Sales Revenue
Sales Kitchen Cabinets 338 165,00
Sales Kitchen Sinks 22 560,00
Sales Kitchen Accessories 53 289,00
Sales Total 414 014,00
Sales Returns -6 200,00
Sales Discounts -5 731,00
Sales Deductions Total -11 931,00
Sales Net 402 083,00

Other Revenue
Handling Fee 0,00
Total Other Revenue 0,00

TOTAL REVENUE 402 083,00

EXPENSE

Cost of Goods Sold

Cost of Goods Sold 285 386,00
Purchase Discounts -7 212,00
Inventory Adjustments 0,00
Total Cost of Goods Sold 278 174,00

Store Expenses
Rent Expense 16 800,00
Store Salaries Expense 46 980,00
Telephone Expense 3 216,00
Advertising Expense 7 468,00
Depreciation Expense-All 0,00
Delivery Costs to Customers 9 645,00
Bad Debts Expense 0,00
Utilities (Hydro/Water) Expense 1 796,00
Total Store Expense 85 905,00

Other Expenses
Bank Charges Expense 743,00
Credit Card Charges 9 842,00
Bank Interest on Loan 2 734,00
Total Other Expenses 13 319,00

TOTAL EXPENSE 377 398,00

NET INCOME 24 685,00

Printed On: Dec 16, 2022

 Page 1
Sarah's Kitchen Stores, Jamal Kessab
Trial Balance As at Aug 31, 2026

Ac... Account Description Debits Credits

1005 Petty Cash 100,00 -
1010 Bank Account Chequing 17 106,00 -
1011 Bank Account Credit Card Recei... 0,00 -
1200 Accounts Receivable 12 848,10 -
1210 Allowance for Bad Debts - 550,00
1240 Inventory of Goods 102 500,00 -
1260 Store/Office Supplies/Prepaid 400,00 -
1410 Display Equipment 30 700,00 -
1415 Accumulated Deprec. Display Eq - 11 000,00
1420 Office Furniture/Equipment 8 125,00 -
1425 Accumulated Deprec. Office Fur/... - 3 450,00
2010 Accounts Payable - 12 134,25
2030 Credit Card Payable - 0,00
2210 HST Charged on Sales - 3 517,50
2220 HST Paid on Purchases 1 410,00 -
2310 Bank Loan Payable - 51 256,00
3020 Capital Beginning Sarah Kafa - 83 496,35
3030 Capital Additional Investments - 0,00
3040 Drawings Sarah Kafa 16 900,00 -
4010 Sales Kitchen Cabinets - 338 165,00
4020 Sales Kitchen Sinks - 22 560,00
4030 Sales Kitchen Accessories - 53 289,00
4210 Sales Returns 6 200,00 -
4220 Sales Discounts 5 731,00 -
4510 Handling Fee - 0,00
5020 Cost of Goods Sold 285 386,00 -
5050 Purchase Discounts - 7 212,00
5060 Inventory Adjustments 0,00 -
5310 Rent Expense 16 800,00 -
5320 Store Salaries Expense 46 980,00 -
5330 Telephone Expense 3 216,00 -
5340 Advertising Expense 7 468,00 -
5350 Depreciation Expense-All 0,00 -
5360 Delivery Costs to Customers 9 645,00 -
5370 Bad Debts Expense 0,00 -
5380 Utilities (Hydro/Water) Expense 1 796,00 -
5510 Bank Charges Expense 743,00 -
5520 Credit Card Charges 9 842,00 -
5530 Bank Interest on Loan 2 734,00 -

586 630,10 586 630,10

Printed On: Dec 16, 2022

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