M2 Project wVU MIX Username: Do you intend to major in one of the College of Business and Economic's majors Shareholders' Equity Liabilities Account Yes Assets Amount $ 111,000 Stock 2,406 Retained Earnings Amount Account Amount Account Balance Sheet at April 30 5 $ 106.000 Notes Payable 83,536 Cash 5,500 inventory 132,000 Equipment (1.100) Accumulated Depreciation 33,000 Imventory 3300 Prepaid Insurance (3300) Cash 530 interest Payable Amounts in US $ During May, its second month of business, Karry no Key, Inc. Total 33,000 Per Unit 5/1 Purchased 300 karaoke machines on account 110.00 S 33,000 Accounts Payable 5/1 Paid for si months of insurance in advance, coverage that begins May1 3300 During Seld 120 karaoke machines on account May Record the sale 154.00 49,280 Accounts Receivable 49.280 Sales Revenue 04 (35,200) Cost of Goods Sold Record the cost of the sale Collected cash from customers from sales made on account 110.00 (35,200) ventary 44.352 Cash During 16 44352 (44,352) Accounts Receivable (19.00) Cash (1.080) Cah (Ss0) Prepaid insurance (1.100) Accumulated Depreciation May Paid for inventory purchased on account Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equpment (hint refer to P1 for estmated ife of eggment) Adjusted for wages owed thhat will be paid in the first week of lune Adjusted for interest owed on the 6%, 3 month bank loan, interest and principal due on June 30 19.800 (19,800) Accounts Payable (1,080) Dividends (550) insurance Expense (1.100) Depreciation Eapense (1,484) Wages Expense (S30) interest Espense 18 5/31 1080 19 20 A1 21 1484 22 1,484 Wages Payable 530 Interest Payable 530 Column Tetal 244,486 121,744 122,742 Chart of Accounts Accounts Payatle Accounts Receivable Accumulated Depreciation Cash Cest of Goods Sold Depreciation Expense Dividends Instructions Joernal Statements
M2 Project wVU MIX Username: Do you intend to major in one of the College of Business and Economic's majors Shareholders' Equity Liabilities Account Yes Assets Amount $ 111,000 Stock 2,406 Retained Earnings Amount Account Amount Account Balance Sheet at April 30 5 $ 106.000 Notes Payable 83,536 Cash 5,500 inventory 132,000 Equipment (1.100) Accumulated Depreciation 33,000 Imventory 3300 Prepaid Insurance (3300) Cash 530 interest Payable Amounts in US $ During May, its second month of business, Karry no Key, Inc. Total 33,000 Per Unit 5/1 Purchased 300 karaoke machines on account 110.00 S 33,000 Accounts Payable 5/1 Paid for si months of insurance in advance, coverage that begins May1 3300 During Seld 120 karaoke machines on account May Record the sale 154.00 49,280 Accounts Receivable 49.280 Sales Revenue 04 (35,200) Cost of Goods Sold Record the cost of the sale Collected cash from customers from sales made on account 110.00 (35,200) ventary 44.352 Cash During 16 44352 (44,352) Accounts Receivable (19.00) Cash (1.080) Cah (Ss0) Prepaid insurance (1.100) Accumulated Depreciation May Paid for inventory purchased on account Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equpment (hint refer to P1 for estmated ife of eggment) Adjusted for wages owed thhat will be paid in the first week of lune Adjusted for interest owed on the 6%, 3 month bank loan, interest and principal due on June 30 19.800 (19,800) Accounts Payable (1,080) Dividends (550) insurance Expense (1.100) Depreciation Eapense (1,484) Wages Expense (S30) interest Espense 18 5/31 1080 19 20 A1 21 1484 22 1,484 Wages Payable 530 Interest Payable 530 Column Tetal 244,486 121,744 122,742 Chart of Accounts Accounts Payatle Accounts Receivable Accumulated Depreciation Cash Cest of Goods Sold Depreciation Expense Dividends Instructions Joernal Statements
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Help fill out the yellow cells
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 3 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