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Sunny Day Lemon-Aid Stand Season One Accounting Summary

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Sunny Day Lemon-Aid Stand Season One Accounting Summary
Ronda Clark
BUS 599 – Quantitative Principles
Instructor Gualco

Sunny Day Lemon-Aid Stand Season One Accounting Summary
Sunny Day Lemon-Aid Stand is a charitable organization designed to assist various local charities who support families of children with special needs.   It is a partnership established by this writer and one other equal investor, each investing $20.00 in initial capital.   Sunny Day Lemon-Aid Stand is a seasonal business that realizes a decent profit margin respective of its low initial investment and operating expenses; as such it uses accrual basis accounting due to variations and inconsistencies in income (Brownfield, 2007).   The following is an examination of Sunny Day Lemon-Aid Stand’s first season of operation, including a look at its detailed general journal (See Appendix 1, p. 3) – which, according to Brownfield (2007) records chronological transaction dates, provides descriptions of transactions, highlights accounts that are affected, and records dollar amounts in debits and credits – as well a look at Sunny Day’s season one income statement (See Appendix 2, p. 4) and balance sheet (See Appendix 3, p.).  
Sunny Day’s accounting reports begin with a general journal, which Brownfield (2007), appropriately identifies as a “book of original entry” (p. 56), as it is the starting point for all other financial statements.   The first entry of day one identified the partnership and its beginning capital of $40.00.   The journal then showed subsequent transactions such as the purchase of equipment which consisted of one pitcher and one spoon for a nominal $5.75, as well as supplies, which varied in cost and are considered inventory on the debit side and accounts payable on the credit side (2007).   The journal recorded all sales of lemonade, including how many cups and at what price for the entire season, consisting of days one through six.   Sunny Days Lemon-Aid Stand general...

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