to

Profit & Loss for the period of ----


Account Debit (Dr) Credit (Cr)
Incomes
Sales -- 1000
Shipping and delivery income -- 1000
Expenses
commission and fees 100 --
advertisinng 100 --
Net Operating Income 1800 --
Transferred to Balance sheet 2000 2000
to

Balance sheet As On ----


Assets
Cash 2000
Petty Cash 100
Temporary investments 10000
Accounts receivable - net 40,500
Inventory 31000
Supplies 3800
Prepaid insurance 1500
-- --
-- 88400
LIABILITIES
Notes payable 5000
Accounts payable 35000
Wages payable 8500
Interest payable 2900
Taxes payable 6100
Warranty liability 1100
Unearned revenues 1500
Net Income 28300
---- 88400