Cash..................................... DR $6
To Common Stock.................................. $6
(Being Shares issued for cash)
Equipment............................DR $6320
To Cash.......................................................... $4893
To Accounts Payable................................ $1427
(Being Equipment Purchased partly for cash and partly on credit)
Long Term Debt...................................... $513
Interest Expense........................................$91
To Cash ............................................................... $604
(Being Loan Installment repaid)
Cash....................................DR $87949
Accounts Receivable......DR $1039
To Sales..................................................$ 88988
(Being sales made partly in cash and partly on credit)
Shipping Expense.......................... DR $10766
To Accounts Payable..................................$10766
(Being Shipping Expenses Incurred)
Accounts Payable.............................DR $28241
to Cash............................................................... $28241
(Being Accounts Payables Paid off)
Marketing Expenses........................DR $4332
To Cash......................................................... $4332
(Being Marketing Expenses incurred)
Cash...............................DR $620
To Accounts Receivable......................$620
(Being Accounts Receivables Paid off)
Cash...............................DR $6359
To Long term Debt............................... $6359
(Being Long Term Debt Borrowed)
Cost of Goods Sold................DR $62752
To Merchandise Inventory..........................$62752
(Being Cost of Goods sold Recorded)
Income tax Payable.....................DR $177
To Cash........................................................................$177
(Being Tax Payable Paid off)
