Mia and Leo's Lemonade Stand-Sample Screen

This simulation tracks the financials for **Mia and Leo's Lemonade Stand**.

Accounting Equation: Assets = Liabilities + (Leo, Capital + Mia, Capital)

Chart of Accounts

Account #Account NameAccount TypeNormal Balance
101CashAssetDebit
110Supplies (Inventory)AssetDebit
120Prepaid AdvertisingAssetDebit
201Accounts PayableLiabilityCredit
202Wages PayableLiabilityCredit
203Leo, Loan PayableLiabilityCredit
204Mia, Loan PayableLiabilityCredit
301Leo, CapitalEquityCredit
302Mia, CapitalEquityCredit
311Leo, DrawingEquity (Contra)Debit
312Mia, DrawingEquity (Contra)Debit
401Sales RevenueRevenueCredit
501Cost of Goods Sold (COGS)ExpenseDebit
502Advertising ExpenseExpenseDebit
503Wage ExpenseExpenseDebit
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Day 1: Initial Setup (Five Entries)

Initial Investment (\$50.00 total), Purchase Supplies (Credit, \$20.00), Prepaid Ads (Cash, \$14.00), Record Wage Liability (\$70.00). Partner Loans (\$40.00 total).

Entry 1a: Owner Investment (\$50.00 total)

Entry 1b: Buy Supplies for Day 2 Sales (Credit, $20.00)

Entry 1c: Buy Prepaid Advertising (Cash, $14.00)

Entry 1d: Record Weekly Wage Liability (Owed, $70.00)

Entry 1e: Partner Loans (\$40.00 total)