How to do Verona springs mineral water income statement?
| Journal Entries | Dr. | Cr. | |
| Cash | $500,000 | ||
| Common Stock | $ 500,000 | ||
| Principle Payments | $ 60,000 | ||
| Principle Payments Payable | $ 60,000 | ||
| Interest | $ 18,000 | ||
| Interest Payable | $ 18,000 | ||
| Land | $ 525,000 | ||
| Cash | $ 525,000 | ||
| Drilling | $ 1,000 | ||
| Cash | $ 1,000 | ||
| Bldg and equipment | $ 240,000 | ||
| Cash | $ 240,000 | ||
| Inventory | $ 6,300 | ||
| Accounts Payable | $ 6,300 | ||
| Inventory | $500 | ||
| Accounts Payable | $500 | ||
| Accounts Receivable | $5,000 | ||
| Cash | $5,000 | ||
| Accounts Receivable | $10,000 | ||
| Sales Revenue | $10,000 | ||
| Wages | $1,500 | ||
| Wages Payable | $1,500 | ||
| Delivery Service | $900 | ||
| Services Payable | $900 | ||
| Principle Loan | $300,000 | ||
| Loan payable | $300,000 |
Attachments:
Verona-Spring….xls