Prepare Journal Enries March 1, 2018 Today is the day I start my business. Opened a company bank account for Mad Mad World Taxidermy, and deposited $500 cash, I also provided my $15,520 car (2016 Volkswagen Jetta), and $800 worth sewing equipment for the company. Exchanged all of these assets for shares in my new company, Mad Mad World Taxidermy. March 1 My friend (a lawyer) helped me set up the company. He billed me $200 for legal fees – which I think is a phenomenal deal. I haven’t paid the bill yet. March 1 Purchased supplies on account - $50. March 2 Borrowed $3,000 cash from my brother. I signed a note promising to pay him back the full amount PLUS 5% annual interest on or before his birthday – (October 4) March 2 Purchased a one-year insurance policy on the assets of the business - $520. March 3 Purchased 3 rats from Petland*1 – these rats will be used in my first 3 taxidermy pieces – paid $27 cash. Made Rat #1 into Santa Claus, Rat #2 became a College student, and Rat #3 became a sports superfan. (Note rats are Madi’s inventory.) March 4 Went to my first artisan market. Sold the College student rat for $60, and the Sports fan rat for $50. Received cash for the College student rat, but the sports fan sale was to my friend Patrick, who promised to pay me later – he better not forget. Also, paid a $25 fee to have a table at the market. March 5 To celebrate my first sale, I treated one of my friends from the Artisan Market to dinner. $50. Used the company’s bank account to pay, we didn’t talk work at all, but I think I should include this in my business costs. March 8 When Madi purchases her rats, they are already dead. The rats are sold by pet stores to snake owners as snake food. Purchased three more rats from Petland - $30. Made the first into a Mermaid, the second into a ballerina and the third into a wizard. March 9 Ran out of supplies, purchased $100 more. Paid cash. March 12 Paid the legal bill. March 14 Hired a friend (very limited hours) to help me out. I’ll pay $12/hour to help with setup and selling at events. March 15 Attended another artisan market (cost to have a table: $25.) Sold the Mermaid for $100 and wizard rat for $60. Both were sold on account, with customers promising to pay within 30 days. 4 March 17 Purchased four more rats from Petland - $44 cash. Made a race car driver, a cowboy, a school teacher and a poker player. March 20 Sold three (!) rats on Etsy. Santa claus - $90, the ballerina - $60, and the cowboy - $40. Etsy takes a 10% of revenue, but the rest of the money has appeared in my account. March 23 Attended the artisan market and sold the poker player - $80, and the school teacher $100. Both were on account. I’d better start collecting some of this money soon!! Paid the exhibitor cost of $25 cash. March 24 Paid my friend four hours of wages from the March 23 market. March 25 Purchased 3 more rats from Petland - $36, cash. – An astronaut, a zombie and a zombie hunter. March 26 Ran out of supplies again, purchased more - $80 cash. March 27 The zombie and zombie hunter sold as a package deal on Etsy $220. Etsy took its 10% fee, but the rest of the money landed in my bank account. March 28 Received payment for a custom order for a very fancy Princess Rat. $250. Will begin making the rat in the next few days. March 29 Received but did not pay my telephone bill. $45. March 30 Received a bill for internet hosting for March $20 – paid. March 31 Celebrated my first month in business and I bought myself a new bracelet (with the company’s cash) -$100.
Prepare Journal Enries
March 1, 2018 Today is the day I start my business. Opened a company bank account for Mad Mad World Taxidermy, and deposited $500 cash, I also provided my $15,520 car (2016 Volkswagen Jetta), and $800 worth sewing equipment for the company. Exchanged all of these assets for shares in my new company, Mad Mad World Taxidermy.
March 1 My friend (a lawyer) helped me set up the company. He billed me $200 for legal fees – which I think is a phenomenal deal. I haven’t paid the bill yet.
March 1 Purchased supplies on account - $50.
March 2 Borrowed $3,000 cash from my brother. I signed a note promising to pay him back the full amount PLUS 5% annual interest on or before his birthday – (October 4)
March 2 Purchased a one-year insurance policy on the assets of the business - $520.
March 3 Purchased 3 rats from Petland*1 – these rats will be used in my first 3 taxidermy pieces – paid $27 cash. Made Rat #1 into Santa Claus, Rat #2 became a College student, and Rat #3 became a sports superfan. (Note rats are Madi’s inventory.)
March 4 Went to my first artisan market. Sold the College student rat for $60, and the Sports fan rat for $50. Received cash for the College student rat, but the sports fan sale was to my friend Patrick, who promised to pay me later – he better not forget. Also, paid a $25 fee to have a table at the market.
March 5 To celebrate my first sale, I treated one of my friends from the Artisan Market to dinner. $50. Used the company’s bank account to pay, we didn’t talk work at all, but I think I should include this in my business costs.
March 8 When Madi purchases her rats, they are already dead. The rats are sold by pet stores to snake owners as snake food. Purchased three more rats from Petland - $30. Made the first into a Mermaid, the second into a ballerina and the third into a wizard.
March 9 Ran out of supplies, purchased $100 more. Paid cash.
March 12 Paid the legal bill.
March 14 Hired a friend (very limited hours) to help me out. I’ll pay $12/hour to help with setup and selling at events.
March 15 Attended another artisan market (cost to have a table: $25.) Sold the Mermaid for $100 and wizard rat for $60. Both were sold on account, with customers promising to pay within 30 days. 4
March 17 Purchased four more rats from Petland - $44 cash. Made a race car driver, a cowboy, a school teacher and a poker player.
March 20 Sold three (!) rats on Etsy. Santa claus - $90, the ballerina - $60, and the cowboy - $40. Etsy takes a 10% of revenue, but the rest of the money has appeared in my account.
March 23 Attended the artisan market and sold the poker player - $80, and the school teacher $100. Both were on account. I’d better start collecting some of this money soon!! Paid the exhibitor cost of $25 cash.
March 24 Paid my friend four hours of wages from the March 23 market.
March 25 Purchased 3 more rats from Petland - $36, cash. – An astronaut, a zombie and a zombie hunter.
March 26 Ran out of supplies again, purchased more - $80 cash.
March 27 The zombie and zombie hunter sold as a package deal on Etsy $220. Etsy took its 10% fee, but the rest of the money landed in my bank account.
March 28 Received payment for a custom order for a very fancy Princess Rat. $250. Will begin making the rat in the next few days.
March 29 Received but did not pay my telephone bill. $45.
March 30 Received a bill for internet hosting for March $20 – paid.
March 31 Celebrated my first month in business and I bought myself a new bracelet (with the company’s cash) -$100.
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