please help with journal entries and financial statements

All I want to see are the two financial statements: a balance sheet and a income statement buy you will need to do the journal entries and the trial balance for your process. Journal Entries - Spring 2019 Financial Accounting For Chris's Aardvark Collars Always assume cash is involved unless told otherwise With this data you will be able to make journal entries, then a trial balance and then your 3 financial reports for the period of Jan 1 through March 31" Start sole prop with $10,000 cash Borrow $50,000 from bank-first payment due in 90 days Rent manufacturing space $1000 Buy machinery $20,000 Buy raw material needed to make 1000 collars -- $5,000 (what is your COGS?-you will need to know in order to figure profit on future sales) Buy more raw materials to make 2000 collars -$10,000 will pay for it in 30 days Hire an employee who will be paid $1,000 once a month on the first of the month starting on 2/1/19 (Fortunately in the wonderful country of ChrisLandia there are no payroll taxes) Prepay a year's cell phone service $1200 (actual costs is $100 per month which will be due the 1 of each month) (do you expense it or set up as a prepaid expense) Buy a desk and office equipment for $3000 - pay down and balance due in 30 days (2/10 net 30) My first sale - sell 500 collars for $5000 Sell 300 collars for $4000 -- client will pay in 30 days Buy an Aardvark to be my model for making collars. Named her Mother Theresa. Paid $1000 Pay balance due on office equipment (from 1/11) Pay a web designer $1000 Set up Google Ads - Pay $100 today and will pay $100 per month for balance of the year (future payments due the 15 of each month) Idiot employee must have put the collar on too tight - Mother Theresa dies Buy packaging material for shipping collars $2000 due 30 days Pay Employee $1000 Pay rent Pay invoice from Jan 5 Receive A/R from Jan. 16th sale Sell 500 collars for $6,000 Receive special order for 500 collars with company's logo. Receive $10,000. Order to be completed and shipped on 6/1 Replace Mother Theresa with new aardvark. Not naming it until I see if idiot employee can put right sized collars on this one. Paid $1500 Buy more raw material - enough for 2000 collars-cost is $10,000. Pay now and balance 2/10 Net 30 Pay Google ad Buy cheap delivery truck from Chris's Cheap Used Trucks $3000 Insurance on truck - 3 months is $800 (do you expense it or set up as a prepaid expense) Pald all utilities $400 Sold 1000 collars for $9000 to Bob's Aardvark-arama. Received % down, balance due in 30 days Buy aardvark chow from Chris's Aardvark Chow $200 Buy stationary and office supplies from Chris's Office Supplies $300 Pay invoice from 2/14 Pay invoice from 1/28 Pay toxic waste company to come clean up the aardvark's potty area $200 Named aardvark Aaron - hope it's a boy but idiot employee refuses to investigate Just received notice that Bob's Aardvark-arama declared bankruptcy. They have zero assets. March 3 Pay idiot employee --- not sure why I keep him around Pay rent Place an ad in the Aardvark times- pay $500 Finally make another sale. 500 collars for $5000 What do you know, 2 sales in two days? Sell 1000 collars for $8000. Buy another piece of machinery for the art of collar making. $5000. Will pay in 30 days Finally take a draw for the owner's benefit (salary) $3,000 Pay google Shipping calls and advised that I have not been paying them shipping costs. I claim I never received a bill, they say 'sure." So I pay them $1000 Another toxic waste cleanup $200 Take potential client to the Aardvark Steak House. $200 Buy more aardvark chow $300 Paid all utilities $500 Aaron needs shots and checkup. Take him to Chris's Aardvark Vets -- $300 18 I have an uninsured damage to inventory when either Aaron or idiot employee chews up $1000 worth of inventory Sell 500 collars for $6000 on A/R 2/10 net 30 Fire idiot employee and give him $1000 severance Hire experienced Aardvark Wrangler. Salary will be $2000 per month. Confirms Aaron is a she but we decide not to change her name as she is just now responding to her name. Pay wrangler a $500 sign on bonus. First paycheck is due 4/15 Pay gasoline bill for month's truck expense $200 Buy new tires for truck from Chris's Truck Tires $800 Hired world renowned aardvark artist to paint our logo on the truck and front door of office. $1000 ($600 for truck, $400 for office door) Hire accountant to complete my financial reports Pay $500 down and $1000 due when reports are completed. 27 28 29 W7: Case Study Assignment Due December 15 at 11:59 PM All I want to see are the two financial statements: a balance sheet and a income statement buy you will need to do the journal entries and the trial balance for your process. Journal Entries - Spring 2019 Financial Accounting For Chris's Aardvark Collars Always assume cash is involved unless told otherwise With this data you will be able to make journal entries, then a trial balance and then your 3 financial reports for the period of Jan 1 through March 31" Start sole prop with $10,000 cash Borrow $50,000 from bank-first payment due in 90 days Rent manufacturing space $1000 Buy machinery $20,000 Buy raw material needed to make 1000 collars -- $5,000 (what is your COGS?-you will need to know in order to figure profit on future sales) Buy more raw materials to make 2000 collars -$10,000 will pay for it in 30 days Hire an employee who will be paid $1,000 once a month on the first of the month starting on 2/1/19 (Fortunately in the wonderful country of ChrisLandia there are no payroll taxes) Prepay a year's cell phone service $1200 (actual costs is $100 per month which will be due the 1 of each month) (do you expense it or set up as a prepaid expense) Buy a desk and office equipment for $3000 - pay down and balance due in 30 days (2/10 net 30) My first sale - sell 500 collars for $5000 Sell 300 collars for $4000 -- client will pay in 30 days Buy an Aardvark to be my model for making collars. Named her Mother Theresa. Paid $1000 Pay balance due on office equipment (from 1/11) Pay a web designer $1000 Set up Google Ads - Pay $100 today and will pay $100 per month for balance of the year (future payments due the 15 of each month) Idiot employee must have put the collar on too tight - Mother Theresa dies Buy packaging material for shipping collars $2000 due 30 days Pay Employee $1000 Pay rent Pay invoice from Jan 5 Receive A/R from Jan. 16th sale Sell 500 collars for $6,000 Receive special order for 500 collars with company's logo. Receive $10,000. Order to be completed and shipped on 6/1 Replace Mother Theresa with new aardvark. Not naming it until I see if idiot employee can put right sized collars on this one. Paid $1500 Buy more raw material - enough for 2000 collars-cost is $10,000. Pay now and balance 2/10 Net 30 Pay Google ad Buy cheap delivery truck from Chris's Cheap Used Trucks $3000 Insurance on truck - 3 months is $800 (do you expense it or set up as a prepaid expense) Pald all utilities $400 Sold 1000 collars for $9000 to Bob's Aardvark-arama. Received % down, balance due in 30 days Buy aardvark chow from Chris's Aardvark Chow $200 Buy stationary and office supplies from Chris's Office Supplies $300 Pay invoice from 2/14 Pay invoice from 1/28 Pay toxic waste company to come clean up the aardvark's potty area $200 Named aardvark Aaron - hope it's a boy but idiot employee refuses to investigate Just received notice that Bob's Aardvark-arama declared bankruptcy. They have zero assets. March 3 Pay idiot employee --- not sure why I keep him around Pay rent Place an ad in the Aardvark times- pay $500 Finally make another sale. 500 collars for $5000 What do you know, 2 sales in two days? Sell 1000 collars for $8000. Buy another piece of machinery for the art of collar making. $5000. Will pay in 30 days Finally take a draw for the owner's benefit (salary) $3,000 Pay google Shipping calls and advised that I have not been paying them shipping costs. I claim I never received a bill, they say 'sure." So I pay them $1000 Another toxic waste cleanup $200 Take potential client to the Aardvark Steak House. $200 Buy more aardvark chow $300 Paid all utilities $500 Aaron needs shots and checkup. Take him to Chris's Aardvark Vets -- $300 18 I have an uninsured damage to inventory when either Aaron or idiot employee chews up $1000 worth of inventory Sell 500 collars for $6000 on A/R 2/10 net 30 Fire idiot employee and give him $1000 severance Hire experienced Aardvark Wrangler. Salary will be $2000 per month. Confirms Aaron is a she but we decide not to change her name as she is just now responding to her name. Pay wrangler a $500 sign on bonus. First paycheck is due 4/15 Pay gasoline bill for month's truck expense $200 Buy new tires for truck from Chris's Truck Tires $800 Hired world renowned aardvark artist to paint our logo on the truck and front door of office. $1000 ($600 for truck, $400 for office door) Hire accountant to complete my financial reports Pay $500 down and $1000 due when reports are completed. 27 28 29 W7: Case Study Assignment Due December 15 at 11:59 PM