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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Can you help me fill out the chart
Transcribed Image Text:66 Retained Earnings
67 Total Liabilities and Shareholders' Equity
e/u
n/a
68
69
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
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