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Lemonade Stand Account Summary Report

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Lemonade Stand Account Summary Report
Olivia Amosun
BUS 599 Introduction to Quantitative Principles
October 13, 2014
Instructor Kurt Diesch

The following report states the operating activities of the Lemonade Stand during season one. The journal, income statement and balance sheet will express the flow of funds in expenses and income including any gains or loss during the accounting period. Exhibit 1.1 Journal First Season
|Date |Description |Debit | |Credits |
| | |Account |Amount | |Account |Amount |
|1 |Partnership |Cash | 40.00 | |Equity | 40.00 |
|1 |2 pitchers, 2 spoons |Equipment | 11.50 | |Acct. Payable | 11.50 |
|1 |Purchase supplies |Inventory | 7.50 | |Acct. Payable | 7.50 |
|1 |Sold 23 @ 0.5 |Cash | 11.50 | |Revenue | 11.50 |
|1 |Supplies used |Expenses | 6.96 | |Inventory | 6.96 |
|2 |Purchase supplies |Inventory | 11.50 | |Acct. Payable | 11.50 |
|2 |Supplies used |Expenses | 5.21 | |Inventory | 5.21 |
|2 |Sold 29 @0.50 |Cash | 66.00 | |Revenue | 66.00 |
|3 |Purchase supplies |Inventory | 21.50 | |Acct. Payable | 21.50 |
|3 |Sold58 @ 0.50 |Cash | 95.00 | |Revenue | 95.00 |
|3

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