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M2 Project wVU MIX Username: o0003 Do you intend to major in one of the College of Business and Economic's majors? Yes Assets Liabilities Shareholders' Equity Amount Account Amount Account Amount Account $ 106,000 Notes Payable 530 Interest Payable $ 111,000 Stock 2,406 Retained Earnings Balance Sheet at April 30: $ 83,536 Cash 6. 5,500 Inventory. Amounts in US $ 132,000 Equipment (1,100) Accumulated Depreciationı 8 During May, its second month of business, Karry no Key, Inc.: 5/1 Total 33,000 Per Unit Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 9. 10 5/1 3,300 11 Sold 320 karaoke machines on account: 12 13 During May Record the sale 154.00 14 Record the cost of the sale 15 During Collected cash from customers from sales made on account 44,352 16 May 19,800 1,080 Paid for inventory purchased on account Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30 17 5/31 5/31 18 19 20 21 22 A1 A2 1,484 530 A3 A4 Column Totals 219,936 106,530 113,406 23 24 25 26 27 28 29 30 31 32 Chart of Accounts: Accounts Payable Accounts Receivable Accumulated Depreciation Cash Cost of Goods Sold Depreciation Expense Dividends Instructions Journal Statements Ready Accessibility Investigate 1246 PM 2/2/2022 + dx D

M2 Project wVU MIX Username: o0003 Do you intend to major in one of the College of Business and Economic's majors? Yes Assets Liabilities Shareholders' Equity Amount Account Amount Account Amount Account $ 106,000 Notes Payable 530 Interest Payable $ 111,000 Stock 2,406 Retained Earnings Balance Sheet at April 30: $ 83,536 Cash 6. 5,500 Inventory. Amounts in US $ 132,000 Equipment (1,100) Accumulated Depreciationı 8 During May, its second month of business, Karry no Key, Inc.: 5/1 Total 33,000 Per Unit Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 9. 10 5/1 3,300 11 Sold 320 karaoke machines on account: 12 13 During May Record the sale 154.00 14 Record the cost of the sale 15 During Collected cash from customers from sales made on account 44,352 16 May 19,800 1,080 Paid for inventory purchased on account Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30 17 5/31 5/31 18 19 20 21 22 A1 A2 1,484 530 A3 A4 Column Totals 219,936 106,530 113,406 23 24 25 26 27 28 29 30 31 32 Chart of Accounts: Accounts Payable Accounts Receivable Accumulated Depreciation Cash Cost of Goods Sold Depreciation Expense Dividends Instructions Journal Statements Ready Accessibility Investigate 1246 PM 2/2/2022 + dx D

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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ile Home Insert Draw Page Layout Formulas Data Review View Help 2. X Cut S E AutoSum Calibri 11 A A 2 Wrap Text General LB Copy Paste E Fill v Sort & Find & BIU H - a A . Analyze Data Jasperactive for Office E Merge & Genter $ • % 9 8 8 Conditional Format as Cell Insert Delete Format В S Format Painter Formatting Table Styles O Clear Filter Select Clipboard Editing CCI Learming Undo Font Alignment Number Styles Cells Analysis C2 v: X V fx ndj00003 A B D E F G H 1 M2 Project 2. WVU MIX Username: ndj00003 Do you intend to major in one of the College of Business and Economic's majors? Assets Liabilities Shareholders' Equity 3 Yes Amount Account Amount Account Amount Account 4. $ 106,000 Notes Payable 530 Interest Payable $ 111,000 Stock 2,406 Retained Earnings 83,536 Cash 5,500 Inventory 132,000 Equipment (1,100) Accumulated Depreciation Balance Sheet at April 30: $ 6. Amounts in US $ Per Unit 8 During May, its second month of business, Karry no Key, Inc.: Total Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 33,000 3,300 2$ 5/1 5/1 9 10 11 Sold 320 karaoke machines on account: Record the sale 12 During 13 May 154.00 14 Record the cost of the sale 15 During Collected cash from customers from sales made on account 44,352 16 Мay 19,800 1,080 Paid for inventory purchased on account Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30 17 5/31 18 5/31 19 A1 20 A2 1,484 21 A3 530 22 A4 Column Totals 219,936 106,530 113,406 23 24 25 Chart of Accounts: 26 Accounts Payable Accounts Receivable Accumulated Depreciation Cash 27 28 29 30 Cost of Goods Sold Depreciation Expense Dividends 31 32 Eauinmn.nt Instructions Journal Statements 100% Ready * Accessibility Investigate 12:46 PM * dx 0 2/2/2022 0 BANG ho 112 delete home end fg 144 トト is $4 & #3 % backspace num lock
Transcribed Image Text:ile Home Insert Draw Page Layout Formulas Data Review View Help 2. X Cut S E AutoSum Calibri 11 A A 2 Wrap Text General LB Copy Paste E Fill v Sort & Find & BIU H - a A . Analyze Data Jasperactive for Office E Merge & Genter $ • % 9 8 8 Conditional Format as Cell Insert Delete Format В S Format Painter Formatting Table Styles O Clear Filter Select Clipboard Editing CCI Learming Undo Font Alignment Number Styles Cells Analysis C2 v: X V fx ndj00003 A B D E F G H 1 M2 Project 2. WVU MIX Username: ndj00003 Do you intend to major in one of the College of Business and Economic's majors? Assets Liabilities Shareholders' Equity 3 Yes Amount Account Amount Account Amount Account 4. $ 106,000 Notes Payable 530 Interest Payable $ 111,000 Stock 2,406 Retained Earnings 83,536 Cash 5,500 Inventory 132,000 Equipment (1,100) Accumulated Depreciation Balance Sheet at April 30: $ 6. Amounts in US $ Per Unit 8 During May, its second month of business, Karry no Key, Inc.: Total Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 33,000 3,300 2$ 5/1 5/1 9 10 11 Sold 320 karaoke machines on account: Record the sale 12 During 13 May 154.00 14 Record the cost of the sale 15 During Collected cash from customers from sales made on account 44,352 16 Мay 19,800 1,080 Paid for inventory purchased on account Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30 17 5/31 18 5/31 19 A1 20 A2 1,484 21 A3 530 22 A4 Column Totals 219,936 106,530 113,406 23 24 25 Chart of Accounts: 26 Accounts Payable Accounts Receivable Accumulated Depreciation Cash 27 28 29 30 Cost of Goods Sold Depreciation Expense Dividends 31 32 Eauinmn.nt Instructions Journal Statements 100% Ready * Accessibility Investigate 12:46 PM * dx 0 2/2/2022 0 BANG ho 112 delete home end fg 144 トト is $4 & #3 % backspace num lock
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