Event

Date

Description

I

1/2/2017

Stockholders invest $10,000 cash in a brand new company to be known as Laurens Corporation.

II

1/3/2017

Laurens borrows cash of $5000 by signing a 3-month, 12%, $5000 note payable.

III

1/4/2017

Laurens uses $1000 cash to purchase equipment.

IV

1/5/2017

Laurens uses $2000 cash to purchase inventory.

V

1/5/2017

Laurens purchases $1000 inventory on credit.

VI

1/15/2017

Laurens makes a sale of $3000 on credit.

VII

1/25/2017

Laurens makes another sales of $5000 on credit.

VIII

1/27/2017

Laurens pays $900 for office rental in cash.

IX

1/30/2017

Laurens receives $3000 cash for the sale on Jan 15.

X

1/30/2017

Laurens pays employee salaries of $4000 in cash.

XI

1/30/2017

Laurens finds out that inventory is reduced by $2500.

XII

1/31/2017

Laurens pays the $1000 to vendor for inventory purchased on Jan 5

XIII

1/31/2017

Laurens accrues $50 interest expense for the notes payable