User:Gwimpey/Sandbox
General Ledger
| Transaction | Debit | Credit | Balance
|
| Expenses
|
| Opening balance | | | -0-
|
| 1 Raw materials | $ 500 | | $ 500
|
| 2 Labor | $ 1500 | | $ 2000
|
| 3 Sales costs | $ 1000 | | $ 3000
|
| 5 Income summary | | ($ 3000) | -0-
|
| Total | $ 3000 | $ 3000 |
|
| Revenue
|
| Opening balance | | | -0-
|
| 4 Revenue from sales | | $ 3500 | $ 3500
|
| 6 Income summary | ($ 3500) | | -0-
|
| Total | $ 3500 | $ 3500
|
| Cash
|
| Opening balance | | | $11000
|
| 2 Labor | | $ 1500 | $ 9500
|
| 3 Sales costs | | $ 1000 | $ 8500
|
| 4 Revenue from sales | $ 3500 | | $12000
|
| Total | $ 3500 | $ 2500
|
| Accounts Payable
|
| Opening balance | | | $ 1000
|
| 1 Raw materials | | $ 500 | $ 1500
|
| Total | -0- | $ 500
|
| Income summary
|
| Opening balance | | | -0-
|
| 5 Expense | $ 3000 | | -$ 3000
|
| 6 Revenue | | $ 3500 | $ 500
|
| 7 Retained earnings | $ 500 | | -0-
|
| Total | $ 3500 | $ 3500
|
| Retained earnings
|
| Opening balance | | | $10000
|
| 7 Income summary | | $ 500 | $10500
|
| Total | -0- | $ 500
|
| Total all accounts: | $13500 | $13500 |
|
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