Assets Shareholders' Equity 4 Liabilities Amounts in US $ Total Cash Other Assets Stock Retained Earnings 5 During April, its first month of business, Karry no Key, Inc.: 1 Issued stock to its owners, Louden Clear and Justin Tune, in exchange for cash 2 Issued a 3-month, 6% promissory note to the bank due on June 30 3 Purchased 200 karaoke machines it plans to sell paying cash Per Unit Amount Account Title Amount Account Title Amount Account Title 24 111,000 7 106,000 22,000 4 Purchased a display stand on April 1 with a 10-year useful life paying cash 5 Sold 150 karaoke machines for cash: Record the sale 132,000 10 11 154.00 12 Record the cost of the sale 13 6 Paid its employee cash for services performed in April 14 7 Declared and paid a cash dividend to its shareholders 15 1,484 1,080 A1 Adjusted for depreciation on its equipment with a 10-year useful life and no salvage value 16 A2 Adjusted for interest owed on loan with 6% interest and principal due on June 30 17 18 1,100 530 Column Totals 19 Chart of Accounts: 20 21 22 23 24 25 26 27 28 29 30 31 32 Accumulated Depreciation Cash Cost of Goods Sold Depreciation Expense Dividends Equipment Inventory Interest Expense Interest Payable Notes Payable Sales Revenue Stock Wages Expense Instructions Journal Statements 画 回 四 100% Ready 4:03 PM
Assets Shareholders' Equity 4 Liabilities Amounts in US $ Total Cash Other Assets Stock Retained Earnings 5 During April, its first month of business, Karry no Key, Inc.: 1 Issued stock to its owners, Louden Clear and Justin Tune, in exchange for cash 2 Issued a 3-month, 6% promissory note to the bank due on June 30 3 Purchased 200 karaoke machines it plans to sell paying cash Per Unit Amount Account Title Amount Account Title Amount Account Title 24 111,000 7 106,000 22,000 4 Purchased a display stand on April 1 with a 10-year useful life paying cash 5 Sold 150 karaoke machines for cash: Record the sale 132,000 10 11 154.00 12 Record the cost of the sale 13 6 Paid its employee cash for services performed in April 14 7 Declared and paid a cash dividend to its shareholders 15 1,484 1,080 A1 Adjusted for depreciation on its equipment with a 10-year useful life and no salvage value 16 A2 Adjusted for interest owed on loan with 6% interest and principal due on June 30 17 18 1,100 530 Column Totals 19 Chart of Accounts: 20 21 22 23 24 25 26 27 28 29 30 31 32 Accumulated Depreciation Cash Cost of Goods Sold Depreciation Expense Dividends Equipment Inventory Interest Expense Interest Payable Notes Payable Sales Revenue Stock Wages Expense Instructions Journal Statements 画 回 四 100% Ready 4:03 PM
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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