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Assets Shareholders' Equity Liabilities Amounts in US$ Cash Other Assets Stock Retained Earnings Account Title During April, its first month of business, Karry no Key, Inc. 1 Issued stock to its owners, Louden Clear and Justin Tune, in exchange for cash 2 Issued a 3-month, 6% promissory note to the bank due on June 30 Purchased 200 karaoke machines it plans to sell paying cash 4 Purchased a display stand on April 1 with a 10-year useful life paying cash Sold 150 karaoke machines for cash: Record the sale Record the cost of the sale Per Unit Total Amount Account Title Amount Account Title Amount 111,000 106,000 22,000 132,000 154.00 Paid its employee cash for services performed in April 7 Declared and paid a cash dividend to its shareholders A1 Adjusted for depreciation on its equipment with a 10-year useful life and no salvage value A2 Adjusted for interest owed on loan with 6% interest and principal due on June 30 1,484 1,080 1,100 530 Column Totals

Assets Shareholders' Equity Liabilities Amounts in US$ Cash Other Assets Stock Retained Earnings Account Title During April, its first month of business, Karry no Key, Inc. 1 Issued stock to its owners, Louden Clear and Justin Tune, in exchange for cash 2 Issued a 3-month, 6% promissory note to the bank due on June 30 Purchased 200 karaoke machines it plans to sell paying cash 4 Purchased a display stand on April 1 with a 10-year useful life paying cash Sold 150 karaoke machines for cash: Record the sale Record the cost of the sale Per Unit Total Amount Account Title Amount Account Title Amount 111,000 106,000 22,000 132,000 154.00 Paid its employee cash for services performed in April 7 Declared and paid a cash dividend to its shareholders A1 Adjusted for depreciation on its equipment with a 10-year useful life and no salvage value A2 Adjusted for interest owed on loan with 6% interest and principal due on June 30 1,484 1,080 1,100 530 Column Totals

FINANCIAL ACCOUNTING
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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66 Retained Earnings 67 Total Liabilities and Shareholders' Equity e/u n/a 68 69
Transcribed Image Text:66 Retained Earnings 67 Total Liabilities and Shareholders' Equity e/u n/a 68 69
Assets Shareholders' Equity 4 Liabilities Amounts in US $ Cash Other Assets Retained Earnings Stock 5 During April, its first month of business, Karry no Key, Inc. Per Unit Total Account Title Amount Account Title Amount Amount Account Title 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 3 Purchased 200 karaoke machines it plans to sell paying cash 4 Purchaseda display stand on April 1 with a 10-year useful life paying cash 5 Sold 150 karaoke machines for cash: Record the sale Record the cost of the sale 6 Paid its employee cash for services performed in April 7 Declared and paid a cash dividend to its shareholders A1 Adjusted for depreciation on its equipment with a 10-year useful life and no salvage value A2 Adjusted for interest owed on loan with 6% interest and principal due on June 30 6. 111,000 7 106,000 8 3. 22,000 9 132,000 10 11 154.00 12 13 1,484 14 7. 1.080 15 1,100 16 530 17 Column Totals 18 19 Chart of Accounts: 20 21 Accumulated Depreciation Cash 22 Cost of Goods Sold 23 Depreciation Expense 24 25 26 Dividends Equipment Inventory Interest Expense 27 28 Interest Payable Notes Payable 29 30 Sales Revenue 31 Stock 32 33 Wages Expense Instructions Journal Statements Ready 画回 100% 4:03 PM 令 D 1/19/2022 BANG & OL ho delete end an Bd 144
Transcribed Image Text:Assets Shareholders' Equity 4 Liabilities Amounts in US $ Cash Other Assets Retained Earnings Stock 5 During April, its first month of business, Karry no Key, Inc. Per Unit Total Account Title Amount Account Title Amount Amount Account Title 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 3 Purchased 200 karaoke machines it plans to sell paying cash 4 Purchaseda display stand on April 1 with a 10-year useful life paying cash 5 Sold 150 karaoke machines for cash: Record the sale Record the cost of the sale 6 Paid its employee cash for services performed in April 7 Declared and paid a cash dividend to its shareholders A1 Adjusted for depreciation on its equipment with a 10-year useful life and no salvage value A2 Adjusted for interest owed on loan with 6% interest and principal due on June 30 6. 111,000 7 106,000 8 3. 22,000 9 132,000 10 11 154.00 12 13 1,484 14 7. 1.080 15 1,100 16 530 17 Column Totals 18 19 Chart of Accounts: 20 21 Accumulated Depreciation Cash 22 Cost of Goods Sold 23 Depreciation Expense 24 25 26 Dividends Equipment Inventory Interest Expense 27 28 Interest Payable Notes Payable 29 30 Sales Revenue 31 Stock 32 33 Wages Expense Instructions Journal Statements Ready 画回 100% 4:03 PM 令 D 1/19/2022 BANG & OL ho delete end an Bd 144
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