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Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007.

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Presentation on theme: "Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007."— Presentation transcript:

1 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007

2 ASSETS = ASSETS =

3 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES ASSETS = LIABILITIES

4 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY

5 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Entry Cash

6 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Entry Cash Receivable Accounts Entry Cash Receivable

7 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Entry Cash Receivable Supplies Accounts Entry Cash Receivable Supplies

8 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Entry Cash Receivable Supplies Payable Accounts Accounts Entry Cash Receivable Supplies Payable

9 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Entry Cash Receivable Supplies Payable Stock Accounts Accounts Capital Entry Cash Receivable Supplies Payable Stock

10 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings

11 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances

12 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000

13 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000

14 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000 $2,000

15 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000 $2,000 $3,500

16 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500

17 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000

18 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000 1. May 1

19 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000 1. May 1 -5,000

20 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000 1. May 1 -5,000 -5,000 paid rent for month Rent Expense 2. May 8

21 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000 1. May 1 -5,000 -5,000 paid rent for month Rent Expense 2. May 8 +1,000

22 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000 1. May 1 -5,000 -5,000 paid rent for month Rent Expense 2. May 8 +1,000 -1,000 collected amount due from sale of portrait on Aug. 10 on account

23 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000 1. May 1 -5,000 -5,000 paid rent for month Rent Expense 2. May 8 +1,000 -1,000 collected amount due from sale of portrait on Aug. 10 on account 3. May 12

24 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000 1. May 1 -5,000 -5,000 paid rent for month Rent Expense 2. May 8 +1,000 -1,000 collected amount due from sale of portrait on Aug. 10 on account 3. May 12 -3,500

25 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000 1. May 1 -5,000 -5,000 paid rent for month Rent Expense 2. May 8 +1,000 -1,000 collected amount due from sale of portrait on March 10 on account 3. May 12 -3,500 -3,500 payment to painting supplies vendor for previous purchase on credit

26 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000 1. May 1 -5,000 -5,000 paid rent for month Rent Expense 2. May 8 +1,000 -1,000 collected amount due from sale of portrait on March 10 on account 3. May 12 -3,500 -3,500 payment to painting supplies vendor for previous purchase on credit 4. May 20

27 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000 1. May 1 -5,000 -5,000 paid rent for month Rent Expense 2. May 8 +1,000 -1,000 collected amount due from sale of portrait on March 10 on account 3. May 12 -3,500 -3,500 payment to painting supplies vendor for previous purchase on credit 4. May 20 +6,000

28 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000 1. May 1 -5,000 -5,000 paid rent for month Rent Expense 2. May 8 +1,000 -1,000 collected amount due from sale of portrait on March 10 on account 3. May 12 -3,500 -3,500 payment to painting supplies vendor for previous purchase on credit 4. May 20 +6,000 +6,000 purchase of painting supplies on credit

29 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000 1. May 1 -5,000 -5,000 paid rent for month Rent Expense 2. May 8 +1,000 -1,000 collected amount due from sale of portrait on March 10 on account 3. May 12 -3,500 -3,500 payment to painting supplies vendor for previous purchase on credit 4. May 20 +6,000 +6,000 purchase of painting supplies on credit 5. May 31

30 Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007 ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY ASSETS = LIABILITIES + STOCKHOLDERS’ EQUITY Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Accounts Accounts Capital Retained Entry Cash Receivable Supplies Payable Stock Earnings Beginning Balances $11,000 $7,000 $2,000 $3,500 $7,500 $9,000 1. May 1 -5,000 -5,000 paid rent for month Rent Expense 2. May 8 +1,000 -1,000 collected amount due from sale of portrait on March 10 on account 3. May 12 -3,500 -3,500 payment to painting supplies vendor for previous purchase on credit 4. May 20 +6,000 +6,000 purchase of painting supplies on credit 5. May 31 +18,000

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

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

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

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

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

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

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

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

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