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Account Summary Report

In: Business and Management

Submitted By registe6
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Accounting Summary Report

Curline Registe
BUS 599
Instructor Roberts
July 14, 2015

Accounting Summary Report
Write a three- to four-page accounting summary report (not including the title page) that presents the financial reports for the Lemonade Stand Business. As part of your report include a journal, Income statement, and Balance Sheet.

In the business world, Accounting Summary has proven to be a big part of the daily activities of a company. An Accounting Summary can consists of a Journal, Income statement or Profit and loss, Company Snapshot, Statement of Cash Flows, Balance Sheet, Scorecard and an Audit log. Basically these statements are designed to give a breakdown of the different aspects of the organizations daily financial activities. This essay will focus mainly on the journal, Income statement, and Balance Sheet for the Lemonade Stand Business. It will summarize the accounting activities and briefly present the Lemonade Stand Financial reports for four different seasons.
The journal gives details regarding the organizations financial transactions for four seasons. In general the journal is designed to show the entire record of every transaction on a daily basis including debits and credits (Wild, Shaw & Chaippetta, 2010). The transactions will go as far back as the when the owner started out with only $40 and the debits and credits that added up to $406.60. The journal is written in chronological order by dates. The journal shows revenues that came by way of cash sales and debits that were used to pay for equipment and supplies. There are also credits that will eventually come due for payment on the accounts payable side. This information is usually moved to the income statement and the balance sheet.
The Income statement, which is also called the profit and loss statement, shows income earned, company expenses and the profit the business made...

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