Do you intend to major in one of the College of Business and Economic's majors? yes Assets Liabilities Shareholders' Equity Diogna Amount Account Amount $ 103,000 Notes Payable 515 Interest Payable Account Amount Account Balance Sheet at April 30: S 81,313 Cash $ 107,000 Stock 2,238 Retained Earnings 5,300 Inventory 127,200 Equipment (1,060) Accumulated Depreciation 31,800 Inventory 3,180 Prepaid Insurance 3,180) Cash During May, its second month of business, Karry no Key, Inc. 5/1 Amounts in US S Per Unit Total Purchased 300 karaoke machines on account 106.00 S 31,800 31,800 Accounts Payable 5/1 Paid for six months of insurance in advance; coverage that begins May 1 3.180 During Sold 320 karaoke machines on account: May Record the sale 148.00 47,360 Accounts Receivable (33,920) Inventory 47,360 Sales Revenue 33,920 Cost of Goods Sold Record the cost of the sale 106.00 Collected cash from customers from sales made on account During May 5/31 42,624 Paid for inventory purchased on account 19,080 1,045 5/31 Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%%,3-month bank loan; interest and principal due on June 30 A1 A2 A3 1442 515 A4 Column Totols 257,993 135,315 122,678
Do you intend to major in one of the College of Business and Economic's majors? yes Assets Liabilities Shareholders' Equity Diogna Amount Account Amount $ 103,000 Notes Payable 515 Interest Payable Account Amount Account Balance Sheet at April 30: S 81,313 Cash $ 107,000 Stock 2,238 Retained Earnings 5,300 Inventory 127,200 Equipment (1,060) Accumulated Depreciation 31,800 Inventory 3,180 Prepaid Insurance 3,180) Cash During May, its second month of business, Karry no Key, Inc. 5/1 Amounts in US S Per Unit Total Purchased 300 karaoke machines on account 106.00 S 31,800 31,800 Accounts Payable 5/1 Paid for six months of insurance in advance; coverage that begins May 1 3.180 During Sold 320 karaoke machines on account: May Record the sale 148.00 47,360 Accounts Receivable (33,920) Inventory 47,360 Sales Revenue 33,920 Cost of Goods Sold Record the cost of the sale 106.00 Collected cash from customers from sales made on account During May 5/31 42,624 Paid for inventory purchased on account 19,080 1,045 5/31 Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%%,3-month bank loan; interest and principal due on June 30 A1 A2 A3 1442 515 A4 Column Totols 257,993 135,315 122,678
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Fill in highlighted areas
Transcribed Image Text:WVU MIX Username: 00071
Do you intend to major in one of the College of Business and Economic's majors
yes
Assets
Liabilities
Shareholders' Equity
Diagnostie
Amount
Account
Amount
Account
$ 103,000 Notes Payable
515 Interest Payable
Amount
Account
Balance Sheet at April 30: $
A=L+
81,313 Cash
5,300 Inventory
127,200 Equipment
(1,060) Accumulated Depreciation
31,800 Inventory
3,180 Prepaid Insurance
(3,180) Cash
$ 107,000 Stock
2,238 Retained Earnings
Amounts in US S
B During May, its second month of business, Karry no Key, Inc.:
Per Unit
Total
5/1
Purchased 300 karaoke machines on account
Paid for six months of insurance in advance; coverage that begins May 1
106.00 $
31,800
3,180
31,800 Accounts Payable
10
5/1
True
11
12
During
True
Sold 320 karaoke machines on account:
Record the sale
13
May
148.00
47,360 Accounts Receivable
(33,920) Inventory
47,360 Sales Reuenue
(33,920 Cost of Goods Sold
14
Record the cost of the sale
106.00
True
15
Collected cash from customers from sales made on account
During
Мay
5/31
42,624
16
True
Paid for inventory purchased on account
Declared and paid cash dividernd to its shareholders
Adjusted for insurance used during the month
Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment)
Adjusted for wages owed that will be paid in the first week of June
Adjusted for interest owed on the 6%, 3 month bank loan; interest and principal due on June 30
17
19,080
1,045
True
18
5/31
True
19
A1
True
20
A2
Tru
21
A3
1,442
515
True
22
At
23
True
True
Column Totals
257,993
135,315
122,678
24
Expert Solution
Step 1
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education