Week 8-1 - Econ/Mgmt4 Spring2010Week81 UglyPuppyperiod#3...

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Econ/Mgmt 4 Spring 2010 Week 8-1 Ugly Puppy period #3
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3 rd  Period Events    Take the Puppy to the birthday party.  The woman  pays you $50 balance due. Consult  40 clients and all pay $1 each.  Sell  10 T-shirts at $5 each in cash. Purchase  10 T-shirts at $4 each “on account”. Don’t forget to  pay  the bank  $10  in accrued interest. Complete  the 3 rd  Period Income Statement & Balance  Sheet.  
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First thing ! Make a Ca$h Journal
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3 rd  Period Events – Cash Journal    Starting Cash. Receive $50 balance due on party. 40 clients pay $40 cash. Sell 10 T-shirts $5 each cash. Purchase 10 T-shirts at $4 each on  account. Pay the Bank the $10 accrued interest  from the 2 nd  period.  250  50  40  50  0 (10) 380
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Second - inventory. Do you notice something potentially systemic?
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Next – revenue recognition. Cons $100  Agg $50 What if the public appearance “party” were: a)Postponed?
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