Business start up accounting transactions: Jane Whitfield, a sole proprietor, es
ID: 2507997 • Letter: B
Question
Business start up accounting transactions:
Jane Whitfield, a sole proprietor, established the JW Flower Shop on January 2, 2010. The following transactions have occurred during the month of January:
Jan. 5. Jane deposited $ 15,000 in her business checking account. This is her
initial investment in the business.
Jan. 7. Jane purchased flower grooming equipment for $4,500. She paid $2,000 as a down payment and signed a note to pay the balance in two payments.
Jan. 10. Jane purchased a computer system for $2,500, cash.
Jan. 12. She sold flowers to a wedding ceremony in the amount of $4,500, but she
had to bill them. The invoice was to be paid by February, 2010.
Jan. 15. Jane purchased office supplies in the amount of $1,500.
Jan. 20. She received
Explanation / Answer
Prepare an income statement for the period January, 2010.
Jane
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