Q1. Prepare general journal entries for the following transactions.

Q2. The general ledger reported $10,000 as the August 1 balance for cash. On August 31, the general ledger would report cash of _________.
Q3. The August Income Statement would report Sales Revenue of $(4,000 / 5,000 / _________), Cost of Goods Sold of $(2,000 / 3,000 / _________), and Operating Expenses totaling $(_________ / 3,500 / 6,500).
Q4. The August income statement would report gross profit of _________ and net income of _________.

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Scott King's Sporting Goods Retailer GENERAL JOURNAL AUGUST Date TIE #1 Aug 1 Sold 2,000 shares of no-par common stock for cash of $12,000 Aug1 Cash Accounts Debit Credit Common stock 12,000 TIE #2 Aug 3 Purchased store equipment for $3,000 cash. TIE #3 Aug 3 Purchased merchandise inventory on account for S9.000 TIE #4 Aug 10 Sold merchandise that cost $3,000 for S5.000 in cash TIE #5 Aug 30 Sold merchandise that cost $2,000 for $4,000 on account. TTE #6 Aug 30 Paid August salaries of $1500