Homework Help is Here – Start Your Trial Now!
Business
Accounting
Amoun buring May, its second month of business, Karry no Key, Inc.: Per Unit 5/1 5/1 Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 115.00 During Sold 320 karaoke machines on account: May Record the sale 161.00 Record the cost of the sale 115.00 During Collected cash from customers from sales made on account 6 May Paid for inventory purchased on account Declared and paid cash dividend to its shareholders 17 5/31 18 5/31 Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to PI for estimated life ol 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 19 A1 20 A2 21 A3 22 23 Colu 24 25 Chart of Accounts: 26 Accounts Payable 27 Accounts Receivable 28 Accumulated Depreciation 29 Cash Cost of Goods Sold Depreciation Expense 30 31 Dividends 33 Equipment Insurance Expense Interest Expense 34 35

Amoun buring May, its second month of business, Karry no Key, Inc.: Per Unit 5/1 5/1 Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 115.00 During Sold 320 karaoke machines on account: May Record the sale 161.00 Record the cost of the sale 115.00 During Collected cash from customers from sales made on account 6 May Paid for inventory purchased on account Declared and paid cash dividend to its shareholders 17 5/31 18 5/31 Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to PI for estimated life ol 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 19 A1 20 A2 21 A3 22 23 Colu 24 25 Chart of Accounts: 26 Accounts Payable 27 Accounts Receivable 28 Accumulated Depreciation 29 Cash Cost of Goods Sold Depreciation Expense 30 31 Dividends 33 Equipment Insurance Expense Interest Expense 34 35

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.4E: Transaction Analysis Pollys Cards $ Gifts Shop had the following transactions during the year:...
See similar textbooks
icon
Related questions
Question
can you help fill this out please
Balanc Amoun buring May, its second month of business, Karry no Key, Inc.: Purchased 300 karaoke machines on account Per Unit 5/1 115.00 5/1 Paid for six months of insurance in advance; coverage that begins May 1 Sold 320 karaoke machines on account: Record the sale During May 161.00 Record the cost of the sale Collected cash from customers from sales made on account 115.00 5 During 6 May 17 5/31 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 18 5/31 19 A1 20 A2 21 A3 22 A 23 Colu 24 Chart of Accounts Accounts Payable Accounts Recelvable Accumulated Depreciation 25 26 27 28 29 Cash Cost of Goods Sold Depreciation Expense 30 31 32 Dividends 33 Equipment 34 Insurance Expense 35 Interest Expense
Transcribed Image Text:Balanc Amoun buring May, its second month of business, Karry no Key, Inc.: Purchased 300 karaoke machines on account Per Unit 5/1 115.00 5/1 Paid for six months of insurance in advance; coverage that begins May 1 Sold 320 karaoke machines on account: Record the sale During May 161.00 Record the cost of the sale Collected cash from customers from sales made on account 115.00 5 During 6 May 17 5/31 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 18 5/31 19 A1 20 A2 21 A3 22 A 23 Colu 24 Chart of Accounts Accounts Payable Accounts Recelvable Accumulated Depreciation 25 26 27 28 29 Cash Cost of Goods Sold Depreciation Expense 30 31 32 Dividends 33 Equipment 34 Insurance Expense 35 Interest Expense
najors? Yes Amount Account Amount Account Amount Account $ 111,000 Notes Payable 555 Interest Payable 87,466 Cash 5,750 Inventory 138,000 Equipment (1,150)|Accumulated Depreciation $ 116,000 Stock 2,511 Retained Earnings Balance Sheet at April 30: $ Amounts in US $ Per Unit Total 34,500 3,450 161.00 46,368 20,700 1,130 1,554 555 111,555 118,511 Column Totals 230,066
Transcribed Image Text:najors? Yes Amount Account Amount Account Amount Account $ 111,000 Notes Payable 555 Interest Payable 87,466 Cash 5,750 Inventory 138,000 Equipment (1,150)|Accumulated Depreciation $ 116,000 Stock 2,511 Retained Earnings Balance Sheet at April 30: $ Amounts in US $ Per Unit Total 34,500 3,450 161.00 46,368 20,700 1,130 1,554 555 111,555 118,511 Column Totals 230,066
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Basic Accounting Terms
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
Finance
ISBN:
9781285595047
Author:
Weil
Publisher:
Cengage
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS