M1 Project G H Projects are your own work. It is academik dishonesty to work with others on this project. Enter WVU eCampus Username beso0011 ABSOLUTELY DO NOT INSERT/DELETE ANY CELLS, ROWS OR COLUMNS IN THIS WORKBOOK DOING SO WILL RESULT IN A SCORE OF O. Assets Amounts in US $ During April, its first month of business, Kamy 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 Shareholders' Equity Retained Eamings Cash Other Assets Liabilities 1 Per Unit Total Stock Amount Account Title Amount Account Title 99,000 Amount Account Title 115,000 19,600 Purchased a display stand on April 1 with a 10 -year useful life paying cash 5 Sold 150 karaoke machines for cash: 117,600 Record the sale Record the cost of the sale 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 30 137.00 1,610 1,065 7 980 575 Column Totah Chart of Accounts:
M1 Project G H Projects are your own work. It is academik dishonesty to work with others on this project. Enter WVU eCampus Username beso0011 ABSOLUTELY DO NOT INSERT/DELETE ANY CELLS, ROWS OR COLUMNS IN THIS WORKBOOK DOING SO WILL RESULT IN A SCORE OF O. Assets Amounts in US $ During April, its first month of business, Kamy 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 Shareholders' Equity Retained Eamings Cash Other Assets Liabilities 1 Per Unit Total Stock Amount Account Title Amount Account Title 99,000 Amount Account Title 115,000 19,600 Purchased a display stand on April 1 with a 10 -year useful life paying cash 5 Sold 150 karaoke machines for cash: 117,600 Record the sale Record the cost of the sale 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 30 137.00 1,610 1,065 7 980 575 Column Totah Chart of Accounts:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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