Lemonade

This report provides finical information for the Lemonade Stand, the data comes from financial statements, and the cosmopolitan ledger collected during appease one, season two and seasons collar. The foursome financial statements that business use is income statement, statement of owners equity, balance poll and statement of cash flows. The Income state describes the Lemonade Stand revenues and expenses over a period of time. For this mold season three consists of six eld selling Lemonade, I was responsible for inventory, supplies, and pricing. From my journal the price did commute to see what worked better on different days. In some(prenominal) business its very classic to record all transactions. The accounting process identifies business transactions and events, analyzes and records their efforts and summarizes and presents information in reports and financial statements. Documenting each business transaction correctly is important for any business to know if the business is growing and expiry in the right direction. The trey season of the Lemonade Stand exercise started off with paying $44.25 to store charge account the scratch line inventory cash was $256.65, Inventory $5.75 and supplies (cups and mix) = $6.18. When going to one season to the next season is to have closing recordings.

Closing recordings be necessary after each finical statement is watchful because revenue, expense and withdrawals must begin each period with a zero balance. The owners capital must conjecture revenue, expenses and withdrawals. There are four measuring sticks to make undisputable closing entries are correctly recorded. The first step is to tightly fitting credit balance in revenue accounts to income summary. The second step is close debit balance in expense accounts to income summary. The third step is to close income summary to owners capital. abuse four is to close withdrawals account to owners capital. The journal for season three shows that the weather was normal for two days, three days the weather was sunny... If you want to get a honest essay, order it on our website: Orderessay

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