Glorian Portraits Studios, Incorporated Transaction Worksheet For May 2007

ASSETS = ASSETS =

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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, May 1

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, May 1 -5,000

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, May 1 -5,000 -5,000 paid rent for month Rent Expense 2. May 8

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, May 1 -5,000 -5,000 paid rent for month Rent Expense 2. May 8 +1,000

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, 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

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, 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

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, 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

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, 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

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, 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

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, 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

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, 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

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, 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

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, 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 ,000

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, 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 ,000 +6,000

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, 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 ,000 +6, ,000 recorded revenue earned for May Revenue Earned

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, 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 ,000 +6, ,000 recorded revenue earned for May Revenue Earned 6. May 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, 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 ,000 +6, ,000 recorded revenue earned for May Revenue Earned 6. May 31 -1,200

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, 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 ,000 +6, ,000 recorded revenue earned for May Revenue Earned 6. May 31 -1,200 -1,200 recorded painting supplies used in May Painting Supplies Expense

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, 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 ,000 +6, ,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 ______ ______ ______ ______ ______ _____

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, 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 ,000 +6, ,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

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, 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 ,000 +6, ,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