Francesca Betti began business on December 1. On that day, she opened a printing company in the small (100,000 inhabitants) Italian town of Forli’. Although the town had seen many companies come and go during the previous ten years, Francesca reasoned that the one constant source of business was printing. On any given day, one could find a massive number of printed announcements in the local bars and restaurants, ranging from advertising an exhibition at the local museum to hosting a party for students. She knew her company would be successful!
Record the transactions using proper form and prepare a balance sheet as of 31 December and an income statement for the month of December.