ABC Carpet Template for Financial Acctg Step 2 Step 3 Step 4Report Step 5Report Comp NameNetflix B Posting to T Accounts"piggy bank" CSummarizing on Trial Balance as at Nov 30,2016 DIncome...
ABC Carpet Template for Financial AcctgStep 2Step 3Step 4ReportStep 5Report Comp NameNetflixBPosting to T Accounts"piggy bank"CSummarizing on Trial Balance as at Nov 30,2016DIncome Statement or Profit and Loss statementE. Preparing Financial Statements MonthMarch 31 2017Step 1Jan 1 "transaction" - John susbcribe to Netflix. 8.99T AccountsTrial BalanceDebitCreditFor the Period Ending March 31A. Balance Sheet as of March 31,2017 ARecording transactions/ Passing Journal EntriesCash/Bank8.99DateCash/BankDebitCreditNet BalanceStep 3SalesA23.98Assets=Liabilities Exchange?Subscription fee8.99DescriptionMonth Ended Jan 2022Less: Cost of SalesBxx DateJournal EntriesDebitCreditBusinessJan 1Subscription fee - Sales (JK)8.99Gross ProfitC = A-Bxx Saturday, January 01, 2022Cash/Bank$ 8.99TransactionJan 1Subscription renewal ( Sahil)14.99ExpensesDComputer10,000 LanguageSubscription fee (revenue)$ 8.992 accounts impactedRentxx $ 8.99$ 8.99Advertising etcxx Thursday, March 02, 2017Jan 2 - Mr Sahil renwed subscriotion for family plan 14.99Transaction Cash/Bank$ 14.99 Subscription fee (revenue)$ 14.99Shares Capital10,000 $ 14.99$ 14.99Add - Net profit Saturday, March 04, 2017Balance sheet balances$ 10,000$ 10,000 Total ExpensesD Net profitGross Profit - ExpensesXX Thursday, March 09, 2017total23.98- 023.98DRCash23.98EE= C-D Subscription fee (Revenue)DebitCreditNet Balance Jan 1Cash/Bank (JK)8.99 Jan-22Cash/Bank (Sahil)14.99 March 11,2017- 023.98- 23.98CRSubscription Sales Revenue23.98 A/PDebitCreditNet Balance Opening BalanceDRComputer at Netflix10,000.00 March 15,2017 CRShare capital (Sale of shares in stock exchange)10000 - 0- 05,500.00CRA/P March 16,2017A/RDebitCreditNet Balance Opening Balance300.00 March 19,2017 300.00- 0300.00DRA/R March 22,2017RevenueDebitCreditNet Balance March 24,2017- 04,000.00CRRevenue VacuumDebitCreditNet Balance March 28,2017 - 0- 0- 0DRVacuum- 0 SalariesDebitCreditNet Balance March 29,2017 - 0- 0- 0DRSalaries Vaccum RepairDebitCreditNet Balance March 31,2017 March 31,2017- 0- 0500.00DRVacuum Repair Heat BillDebitCreditNet Balance March 31,2017- 0- 0100.00DRHeat Bill Telephone BillDebitCreditNet Balance - 050.00DRTelephone Bill InterestDebitCreditNet Balance - 075.00DRInterest DividendsDebitCreditNet Balance - 0700.00DRDividends Bank LoanDebitCreditNet Balance Opening Bal2,000.00 2,000.00 SharesDebitCreditNet Balance Opening Bal100 - 0 Retained earningsDebitCredit Opening Balance5,700Balances!10,023.9810,023.98