3. Ex 2

5. Inventory? Inventory 10,000 Cash 10,000
What type of account is it? On what financial statement will it show up?

6. Spreadsheet Adding two cells (multiplying, dividing) Sum function
Create a spreadsheet in google docs and share it with
Rename it ‘yourName Physical Inventory’

7. Physical Inventory
Recreate your physical inventory sheet & total the value of your ending inventory.
Each:
Textbook is worth $1.25
Random books are worth $0.25
Magazines are worth $0.75
If your beginning inventory was worth $3500.
What was your Cost of Goods Sold?

8. Bookstore Using the following information: Sales 100,000
Purchases 20,000
Bank 9,000
Supplies 3,200
Equipment 40,000
Misc Expenses 1,850
Wages Expense 9,000
Prepare the ‘Assets’ section of the balance sheet, and make an income
statement! (Share these with as well.)