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 Name	Account Type	Normal Balance
101	Cash	Asset	Debit
110	Supplies (Inventory)	Asset	Debit
120	Prepaid Advertising	Asset	Debit
201	Accounts Payable	Liability	Credit
202	Wages Payable	Liability	Credit
203	Leo, Loan Payable	Liability	Credit
204	Mia, Loan Payable	Liability	Credit
301	Leo, Capital	Equity	Credit
302	Mia, Capital	Equity	Credit
311	Leo, Drawing	Equity (Contra)	Debit
312	Mia, Drawing	Equity (Contra)	Debit
401	Sales Revenue	Revenue	Credit
501	Cost of Goods Sold (COGS)	Expense	Debit
502	Advertising Expense	Expense	Debit
503	Wage Expense	Expense	Debit

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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)

Debit:

Credit:

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

Debit:

Credit:

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

Debit:

Credit:

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

Debit:

Credit:

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

Debit:

Credit: