Amounts in US $ ng Apr ts first month of business, Kary no Key, Inc.: Issued stock to its owners, Louden dear and Justin Tune, in exchange for cash Issued a 3-month, 6% promissory note to the bank due on June 30 Purchased 200 karaoke machines it plans to sell paying cash Purchased a display stand on April 1 with a 10-year useful life paying cash Sold 150 karaoke machines for cash: Per Unit Total 116,000 111,000 23,000 138,000 Record the sale 161.00 Record the cost of the sale 35 Paid its employee cash for services performed in April Declared and paid a cash dividend to its shareholders 51 Adjusted for depreciation on its equipment with a 10-year useful life and no salvage value 16 2 Adjusted for interest owed on loan with 6% interest and principal due on June 30 17 1,554 1,130 1.150 55 Column Totols 18

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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E Format as Table v
Delere v
BIU
田、
$ v % 9
he
E Cell Styles v
E Format v
O v Filter
Find &
Select
Analyze
: X v fx
D
E
F
G
H
Project
Projects are your own work. It is acodemic dishonesty to work with others on this project.
Enter WVU eCampus Username sbo00003
3 Br
ABSOLUTELY DO NOT INSERT/DELETE ANY CELLS, ROWS OR COLUMNS IN THIS WORKBOOK; DOING SO WILL RESULT IN A SCORE OF O.
Assets
Shareholders' Equity
Liabilities
Amounts in US $
Cash
Other Assets
Stock
Retained Eamings
e April, Its first month of business, Karry no Key, Inc.:
Issued stock to its owners, Louden Clear and Justin Tune, in exchange for cash
Issued a 3-month, 6% promissory note to the bank due on June 30
Purchased 200 karaoke machines it plans to sell paying cash
Purchased a display stand on April 1 with a 10-year useful life paying cash
Sold 150 karaoke machines for cash:
Per Unit
Total
Amount
Account Title
Amount
Account Title
Amount
Account Title
116,000
116,000
116,000
111,000
1,000
111,000
(23,000)
(138,000)
notes payable
23,000
23,000
Inventory
Equipment
138,000
138,000
Record the sale
161.00
24,150
24,150
Sales Revenue
Record the cost of the sale
(17,250)
Inventory
(17,250)
Cost of Goods Sold
Paid its employee cash for services performed in April
Declared and paid a cash dividend to its shareholders
1,554
(1,554)
(1,130)
(1,554)
(1,130)
Wages Expense
14
15 1 Adjusted for depreciation on its equipment with a 10-year useful life and no salvage value
16 2 Adjusted for interest owed on loan with 6% interest and principal due on June 30
1,130
Dividends
1,150
(1,150)
Accumulated Depreciation
(1,150)
Depreciation Expense
555
555
Interest Payable
(555)
Interest Expense
17
Column Totals
87466
142,600
111,555
116,000
2,511
18
19
Chart of Accounts:
20
Accumulated Depreciation
21
Cash
22
Cost of Goods Sold
23
Depreciation Expense
24
Dividends
25
Equipment
26
Inventory
27
Interest Expense
Interest Payable
28
29
Notes Payable
Instructions
A Journal
A Statements
+
Ready
91%
(GEF 4):
SOC 101
PSYC 101
UPG
JAN
étv
w
12
MacBook Air
80
888
14.
DII
DD
O00
F12
F1
F2
F3
F4
F5
F6
F7
F8
F9
F10
F11
Transcribed Image Text:E Format as Table v Delere v BIU 田、 $ v % 9 he E Cell Styles v E Format v O v Filter Find & Select Analyze : X v fx D E F G H Project Projects are your own work. It is acodemic dishonesty to work with others on this project. Enter WVU eCampus Username sbo00003 3 Br ABSOLUTELY DO NOT INSERT/DELETE ANY CELLS, ROWS OR COLUMNS IN THIS WORKBOOK; DOING SO WILL RESULT IN A SCORE OF O. Assets Shareholders' Equity Liabilities Amounts in US $ Cash Other Assets Stock Retained Eamings e April, Its first month of business, Karry no Key, Inc.: Issued stock to its owners, Louden Clear and Justin Tune, in exchange for cash Issued a 3-month, 6% promissory note to the bank due on June 30 Purchased 200 karaoke machines it plans to sell paying cash Purchased a display stand on April 1 with a 10-year useful life paying cash Sold 150 karaoke machines for cash: Per Unit Total Amount Account Title Amount Account Title Amount Account Title 116,000 116,000 116,000 111,000 1,000 111,000 (23,000) (138,000) notes payable 23,000 23,000 Inventory Equipment 138,000 138,000 Record the sale 161.00 24,150 24,150 Sales Revenue Record the cost of the sale (17,250) Inventory (17,250) Cost of Goods Sold Paid its employee cash for services performed in April Declared and paid a cash dividend to its shareholders 1,554 (1,554) (1,130) (1,554) (1,130) Wages Expense 14 15 1 Adjusted for depreciation on its equipment with a 10-year useful life and no salvage value 16 2 Adjusted for interest owed on loan with 6% interest and principal due on June 30 1,130 Dividends 1,150 (1,150) Accumulated Depreciation (1,150) Depreciation Expense 555 555 Interest Payable (555) Interest Expense 17 Column Totals 87466 142,600 111,555 116,000 2,511 18 19 Chart of Accounts: 20 Accumulated Depreciation 21 Cash 22 Cost of Goods Sold 23 Depreciation Expense 24 Dividends 25 Equipment 26 Inventory 27 Interest Expense Interest Payable 28 29 Notes Payable Instructions A Journal A Statements + Ready 91% (GEF 4): SOC 101 PSYC 101 UPG JAN étv w 12 MacBook Air 80 888 14. DII DD O00 F12 F1 F2 F3 F4 F5 F6 F7 F8 F9 F10 F11
B
Karry no Key, Inc.
4
5
Cell Links/Formulas:
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
7
9
10 Depreciation Expense
11
12
13
14
15
16
17
Karry no Key, Inc.
18
19
20 Beginning Stock
21 Stock Issued
22 Ending Stock
$
n/a
n/a
23
24 Beginning Retained Earnings
25 Net Income
n/a
n/a
26
27 Ending Retained Earnings
n/a
28
29 Total Shareholders' Equity
n/a
30
Instructions
A Journal
A Statements
+
Ready
View My Grades
How are economics a fa
The invisible hand of economics
If you were to bring up any major
unity Links
several if not all of the given field':
12
МacBос
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Transcribed Image Text:B Karry no Key, Inc. 4 5 Cell Links/Formulas: n/a n/a n/a n/a n/a n/a n/a n/a 7 9 10 Depreciation Expense 11 12 13 14 15 16 17 Karry no Key, Inc. 18 19 20 Beginning Stock 21 Stock Issued 22 Ending Stock $ n/a n/a 23 24 Beginning Retained Earnings 25 Net Income n/a n/a 26 27 Ending Retained Earnings n/a 28 29 Total Shareholders' Equity n/a 30 Instructions A Journal A Statements + Ready View My Grades How are economics a fa The invisible hand of economics If you were to bring up any major unity Links several if not all of the given field': 12 МacBос esc 80 000 F1 F2 F3
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