Craig Cornwell decided to set up a business selling bicycles in his hometown Craig named the business Cornwell Bikes The transactions for the first month of trading of Cornwell Bikes April 2022 are se

Cornwell Bikes Accounting Equation Format Worksheet For the Month of April 2022

Assets = Liabilities + Owners Equity

Transaction 1: Cash +30,000 = +30,000

Transaction 2: Van +40,000 = Loan +20,000 + Owners Equity +20,000

Transaction 3: Van -2,000 = Cash -2,000

Transaction 4: Insurance Expense -1,800 = Cash -1,800

Transaction 5: Inventory +14,000 = Accounts Payable +14,000

Transaction 6: Wages Expense -1,500 = Cash -1,500

Transaction 7: Accounts Receivable +3,000 = Sales Revenue +3,000

Transaction 8: Depreciation Expense -600 = Accumulated Depreciation -600

Transaction 9: Insurance Expense -1,800 = Prepaid Insurance -1,800

Transaction 10: Utilities Expense -220 = Cash -220

Transaction 11: Interest Expense -100 = Interest Payable -100

Total: Assets +80,880 = Liabilities +20,100 + Owners Equity +60,78