Nathan Jackson P Search (Alt Q) 105ave On M2 P. Last Modied 30m ago O Comments Home Insert Draw Page Layout Formulas Data Review View Help E AutoSum v X Cut B Copy Calibri - 11 - A A == = - 2 Wrap Text General E Fill Jasperactive for Office Cell Insert Delete Format Sort & Find & Analyze EE Merge & Center $- % 9 8 Conditional Format as Table Styles BIUE- - A O Clear Fiter Select . Data Paste Formatting- S Format Painter Editing Analysis CCI Leaming Number Styles Cels Cipboard Font Aligment G D B A. 12 Project WVU MIX Username: a Liabilities Shareholders' Equity Assets Do you intend to major in one of the College of Business and Economic's majors? Yes Amount Account Amount Account Amount Account 83,536 Cash 5.500 Inventory $ 106,000 Notes Payable 530 Interest Payable $ 111,000 Stock 2,406 Retained Earnings Balance Sheet at April 30: $ 132,000 Equipment (1,100) Accumulated Depreciation 33,000 Inventory 3,300 Prepaid Insurance (3,300) Cash Amounts in US $ Total During May, its second month of business, Karry no Key, Inc. 5/1 Per Unit 33,000 Accounts Payable 110.00 $ 33,000 3,300 Purchased 300 karaoke machines on account 5/1 Paid for six months of insurance in advance; coverage that begins May 1 During Sold 320 karaoke machines on account: 49,280 Sales Revenue 154.00 49.280 Accounts Receivable May Record the sale (35,200) Cost of Goods Sold Record the cost of the sale 110.00 (35,200) Inventory 4 During 16 44,352 Cash (44,352) Accounts Receivable Collected cash from customers from sales made on account 44,352 May (19,800) Accounts Payable (19,800) Cash (1,080) Cash (550) Prepaid Insurance (1.100) Accumulated Depreciation 17 5/31 Paid for inventory purchased on account 19,800 18 5/31 1,080 (1,080) Dividends Declared and paid cash dividend to its shareholders Adiusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) (S50) Insurance Expense 19 A1 20 21 22 (1.100) Depreciation Expense (1,484) Wages Expense (530) Interest Expense A2 1,484 Wages Payable 530 Interest Payable 1,484 Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%, 3-month bank loanç interest and principal due on June 30 A3 530 A4 Column Totals 244,486 121,744 122,742 23 24 25 Chart of Accounts: Accounts Payable 26 27 Accounts Receivable 26 Accumulated Depreciation Cash Cost of Goods Sold Depreciation Expense 32 Dividends Instructions Journal Statements 画回回 100 Ready Accesblitty Investigate 12:53 PM 2/3/2022 BANG LC delete e home end pg up 144 %23 2$ 2 "3 6. & L. 5 8 9 num backspace lock Q W E R T Y P 7. home S D F G 4. enter prt sc ↑ shift 1 end alt ctri 34 35 Cash from Operating Activities: n/a n/a n/a n/a 36 37 Cash Paid for Inventory 38 Cash Paid for Insurance 39 Total Cash from Operating Activities 40 41 Cash from Investing Activities n/a 42 43 Cash from Financing Activities 44 Cash Paid for Dividends (1,080) -Journal!E18 (1,080) =SUM(B44) 45 Net Cash from Financing Activities 46 47 48 Plus Beginning Cash Balance 49 Ending Cash Balance n/a n/a n/a 50 51 52 ***When preparing your Balance Sheet, do not forget your beginning balances! 53 Karry no Key, Inc. 54 55 56 n/a n/a n/a n/a n/a n/a n/a 57 Accounts Receivable 58 Inventory 59 Prepaid Insurance 60 61 Equipment, Net of Accumulated Depreciation 62 63 Accounts Payable n/a n/a n/a 64 65 Notes Payable Instructions Journal Statements Ready Accessibility: Investigate esc 44 4 7 80 tab R T CAOS lock F K C Σ の

Nathan Jackson P Search (Alt Q) 105ave On M2 P. Last Modied 30m ago O Comments Home Insert Draw Page Layout Formulas Data Review View Help E AutoSum v X Cut B Copy Calibri - 11 - A A == = - 2 Wrap Text General E Fill Jasperactive for Office Cell Insert Delete Format Sort & Find & Analyze EE Merge & Center $- % 9 8 Conditional Format as Table Styles BIUE- - A O Clear Fiter Select . Data Paste Formatting- S Format Painter Editing Analysis CCI Leaming Number Styles Cels Cipboard Font Aligment G D B A. 12 Project WVU MIX Username: a Liabilities Shareholders' Equity Assets Do you intend to major in one of the College of Business and Economic's majors? Yes Amount Account Amount Account Amount Account 83,536 Cash 5.500 Inventory $ 106,000 Notes Payable 530 Interest Payable $ 111,000 Stock 2,406 Retained Earnings Balance Sheet at April 30: $ 132,000 Equipment (1,100) Accumulated Depreciation 33,000 Inventory 3,300 Prepaid Insurance (3,300) Cash Amounts in US $ Total During May, its second month of business, Karry no Key, Inc. 5/1 Per Unit 33,000 Accounts Payable 110.00 $ 33,000 3,300 Purchased 300 karaoke machines on account 5/1 Paid for six months of insurance in advance; coverage that begins May 1 During Sold 320 karaoke machines on account: 49,280 Sales Revenue 154.00 49.280 Accounts Receivable May Record the sale (35,200) Cost of Goods Sold Record the cost of the sale 110.00 (35,200) Inventory 4 During 16 44,352 Cash (44,352) Accounts Receivable Collected cash from customers from sales made on account 44,352 May (19,800) Accounts Payable (19,800) Cash (1,080) Cash (550) Prepaid Insurance (1.100) Accumulated Depreciation 17 5/31 Paid for inventory purchased on account 19,800 18 5/31 1,080 (1,080) Dividends Declared and paid cash dividend to its shareholders Adiusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) (S50) Insurance Expense 19 A1 20 21 22 (1.100) Depreciation Expense (1,484) Wages Expense (530) Interest Expense A2 1,484 Wages Payable 530 Interest Payable 1,484 Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%, 3-month bank loanç interest and principal due on June 30 A3 530 A4 Column Totals 244,486 121,744 122,742 23 24 25 Chart of Accounts: Accounts Payable 26 27 Accounts Receivable 26 Accumulated Depreciation Cash Cost of Goods Sold Depreciation Expense 32 Dividends Instructions Journal Statements 画回回 100 Ready Accesblitty Investigate 12:53 PM 2/3/2022 BANG LC delete e home end pg up 144 %23 2$ 2 "3 6. & L. 5 8 9 num backspace lock Q W E R T Y P 7. home S D F G 4. enter prt sc ↑ shift 1 end alt ctri 34 35 Cash from Operating Activities: n/a n/a n/a n/a 36 37 Cash Paid for Inventory 38 Cash Paid for Insurance 39 Total Cash from Operating Activities 40 41 Cash from Investing Activities n/a 42 43 Cash from Financing Activities 44 Cash Paid for Dividends (1,080) -Journal!E18 (1,080) =SUM(B44) 45 Net Cash from Financing Activities 46 47 48 Plus Beginning Cash Balance 49 Ending Cash Balance n/a n/a n/a 50 51 52 ***When preparing your Balance Sheet, do not forget your beginning balances! 53 Karry no Key, Inc. 54 55 56 n/a n/a n/a n/a n/a n/a n/a 57 Accounts Receivable 58 Inventory 59 Prepaid Insurance 60 61 Equipment, Net of Accumulated Depreciation 62 63 Accounts Payable n/a n/a n/a 64 65 Notes Payable Instructions Journal Statements Ready Accessibility: Investigate esc 44 4 7 80 tab R T CAOS lock F K C Σ の

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 2.1C

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