Quick Practice Challenge
Financial Statements Challenge: Summit Home Services
You are keeping the books for Summit Home Services for one period. Record the final transactions and adjustments, then build a Profit & Loss and Balance Sheet from your completed balances.
Starting Trial Balance
Checking
$12,000
Accounts Receivable
$4,500
Equipment
$18,000
Accumulated Depreciation
$3,000
Transaction 1 of 7
1
Summit completes $3,000 of plumbing work and invoices the customer. Payment due later.
Record the journal entry:
$
Live Account Balances
Updated after each correct entry.
Checking$12,000
Accounts Receivable$4,500
Equipment$18,000
Accumulated Depreciation$3,000
Accounts Payable$3,200
Loan Payable$10,000
Owner Equity$18,300
How This Challenge Works
- Record each transaction by selecting the debit account, credit account, and typing the amount.
- The Live Account Balances on the right update after each correct entry.
- After all transactions, the challenge builds a P&L and Balance Sheet from your balances.