Instead of just whipping up a quick Balance Sheet like you did last month, this month you’ll work through the steps of the accounting cycle. This is because we will need to know how we got there and how profitable the month was. The first step is to create journal entries for the transactions from this month. Take a look at each receipt or note and figure out how to journalize it. Please select a hyphen (-) if a transaction amount was not incurred. Elena contributed $500 of cash to the business.

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