Liabilities Amounts in US $ Cash Other Assets Retained Earnings Account Title Stock 5 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 3 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: Per Unit Total Amount Account Title Amount Account Title Amount 1. 111,000 2 106,000 3 22,000 132,000 Record the sale Record the cost of the sale Paid its employee cash for services performed in April 154.00 6. 1,484 4 7 Declared and paid a cash dividend to its shareholders 1,080 5 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 1,100 530 Column Totals Chart of Accounts: Accumulated Depreciation Cash Cost of Goods Sold Depreciation Expense Dividends Equipment Inventory Interest Expense Interest Payable Notes Payable Sales Revenue Stock Wages Expense Instructions Journal Statements 100% ady 4:03 PM ON 1/19/2022
Liabilities Amounts in US $ Cash Other Assets Retained Earnings Account Title Stock 5 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 3 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: Per Unit Total Amount Account Title Amount Account Title Amount 1. 111,000 2 106,000 3 22,000 132,000 Record the sale Record the cost of the sale Paid its employee cash for services performed in April 154.00 6. 1,484 4 7 Declared and paid a cash dividend to its shareholders 1,080 5 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 1,100 530 Column Totals Chart of Accounts: Accumulated Depreciation Cash Cost of Goods Sold Depreciation Expense Dividends Equipment Inventory Interest Expense Interest Payable Notes Payable Sales Revenue Stock Wages Expense Instructions Journal Statements 100% ady 4:03 PM ON 1/19/2022
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Can you fill out every yellow cell? The WHOLE CHART.
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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