Accounting for ABC Retail Store

Booking Accounting Transactions for ABC Retail Store intermediate

With Antoniya Baltova

Project type: Course

Duration: 4 Hours

Case Description

Suppose you’re working as an accountant in a small retail business called ABC Retail Store. The financial transactions that took place during the first month of operations were as follows:

  1. ABC Retail Store invests \$10,000 cash to start the business.
  2. Purchased inventory on credit from a supplier for \$2,500
  3. Sold inventory costing \$1,000 for cash, receiving \$1,200
  4. Paid $800 for rent expenses
  5. Purchased office supplies for \$300 cash
  6. Received \$500 cash as a down payment from a customer for an upcoming order
  7. Paid \$600 cash for salary expenses
  8. Sold products for \$700 on credit
  9. Paid \$200 cash for utility expenses
  10. Withdrew \$300 cash for personal use

You must perform the following tasks:

Task 1: Book the transactions in the respective T-accounts using the correct debit/credit entries.

Task 2: Create ABC Store’s Trial Balance for the first month of operations.

Task 3: Create ABC Store’s Balance Sheet and Income Statement for the same period

Project requirements


Project files

You have a list of 10 accounting transactions in Excel.
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Project content
  • 1 Project file
  • Guided and unguided instructions
  • Part 1: Book ABC Store’s Transactions in T-accounts
  • Part 2: Create ABC Store’s Trial Balance
  • Part 3: Create ABC Store’s Balance Sheet and Income Statement
  • Quiz
Topics covered
Accounting Financial Analysis Finance Fundamentals