M2 Project wVU MIX Username: sv Liabilities Shareholders' Equity Assets Yes Do you intend to major in one of the College of Business and Economic's majors? Account Account Amount Account Amount Amount $ 111,000 Stock 2,406 Retained Earnings 83,536 Cash $ 106,000 Notes Payable Balance Sheet at April 30: $ 530 Interest Payable 5,500 Inventory. 132,000 Equipment (1,100) Accumulated Depreciation 33,000 Inventory 3,300 Prepaid Insurance Amounts in US $ Total Per Unit During May, its second month of business, Karry no Key, Inc.: 5/1 5/1 110.00 S 33,000 3,300 33,000 Accounts Payable Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 (3,300) Cash 49,280 Sales Revenue (35,200) Cost of Goods Sold During Sold 320 karaoke machines on account: 49,280 Accounts Receivable 154.00 May Record the sale (35,200) Inventory 44,352 Cash 110.00 Record the cost of the sale 44,352 Collected cash from customers from sales made on account (44,352) Accounts Receivable (19,800) Cash During (19,800) Accounts Payable May 5/31 19,800 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 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 (1,080) Dividends (550) Insurance Expense (1.100) Depreciation Expense (1,484) Wages Expense (530) Interest Expense 122,742 (1,080) Cash (550) Prepaid Insurance (1,100) Accumulated Depreciation 1,080 5/31 A1 1,484 Wages Payable 530 Interest Payable A2 1,484 A3 530 A4 Column Totals 244,486 121,744 Chart of Accounts: Accounts Payable Accounts Receivable
M2 Project wVU MIX Username: sv Liabilities Shareholders' Equity Assets Yes Do you intend to major in one of the College of Business and Economic's majors? Account Account Amount Account Amount Amount $ 111,000 Stock 2,406 Retained Earnings 83,536 Cash $ 106,000 Notes Payable Balance Sheet at April 30: $ 530 Interest Payable 5,500 Inventory. 132,000 Equipment (1,100) Accumulated Depreciation 33,000 Inventory 3,300 Prepaid Insurance Amounts in US $ Total Per Unit During May, its second month of business, Karry no Key, Inc.: 5/1 5/1 110.00 S 33,000 3,300 33,000 Accounts Payable Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 (3,300) Cash 49,280 Sales Revenue (35,200) Cost of Goods Sold During Sold 320 karaoke machines on account: 49,280 Accounts Receivable 154.00 May Record the sale (35,200) Inventory 44,352 Cash 110.00 Record the cost of the sale 44,352 Collected cash from customers from sales made on account (44,352) Accounts Receivable (19,800) Cash During (19,800) Accounts Payable May 5/31 19,800 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 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 (1,080) Dividends (550) Insurance Expense (1.100) Depreciation Expense (1,484) Wages Expense (530) Interest Expense 122,742 (1,080) Cash (550) Prepaid Insurance (1,100) Accumulated Depreciation 1,080 5/31 A1 1,484 Wages Payable 530 Interest Payable A2 1,484 A3 530 A4 Column Totals 244,486 121,744 Chart of Accounts: Accounts Payable Accounts Receivable
Accounting
27th Edition
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 15.2CP
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