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M2 Project wVU MIX Username: sv Liabilities Shareholders' Equity Assets Yes Do you intend to major in one of the College of Business and Economic's majors? Account Account Amount Account Amount Amount $ 111,000 Stock 2,406 Retained Earnings 83,536 Cash $ 106,000 Notes Payable Balance Sheet at April 30: $ 530 Interest Payable 5,500 Inventory. 132,000 Equipment (1,100) Accumulated Depreciation 33,000 Inventory 3,300 Prepaid Insurance Amounts in US $ Total Per Unit During May, its second month of business, Karry no Key, Inc.: 5/1 5/1 110.00 S 33,000 3,300 33,000 Accounts Payable Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 (3,300) Cash 49,280 Sales Revenue (35,200) Cost of Goods Sold During Sold 320 karaoke machines on account: 49,280 Accounts Receivable 154.00 May Record the sale (35,200) Inventory 44,352 Cash 110.00 Record the cost of the sale 44,352 Collected cash from customers from sales made on account (44,352) Accounts Receivable (19,800) Cash During (19,800) Accounts Payable May 5/31 19,800 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 (1,080) Dividends (550) Insurance Expense (1.100) Depreciation Expense (1,484) Wages Expense (530) Interest Expense 122,742 (1,080) Cash (550) Prepaid Insurance (1,100) Accumulated Depreciation 1,080 5/31 A1 1,484 Wages Payable 530 Interest Payable A2 1,484 A3 530 A4 Column Totals 244,486 121,744 Chart of Accounts: Accounts Payable Accounts Receivable

M2 Project wVU MIX Username: sv Liabilities Shareholders' Equity Assets Yes Do you intend to major in one of the College of Business and Economic's majors? Account Account Amount Account Amount Amount $ 111,000 Stock 2,406 Retained Earnings 83,536 Cash $ 106,000 Notes Payable Balance Sheet at April 30: $ 530 Interest Payable 5,500 Inventory. 132,000 Equipment (1,100) Accumulated Depreciation 33,000 Inventory 3,300 Prepaid Insurance Amounts in US $ Total Per Unit During May, its second month of business, Karry no Key, Inc.: 5/1 5/1 110.00 S 33,000 3,300 33,000 Accounts Payable Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 (3,300) Cash 49,280 Sales Revenue (35,200) Cost of Goods Sold During Sold 320 karaoke machines on account: 49,280 Accounts Receivable 154.00 May Record the sale (35,200) Inventory 44,352 Cash 110.00 Record the cost of the sale 44,352 Collected cash from customers from sales made on account (44,352) Accounts Receivable (19,800) Cash During (19,800) Accounts Payable May 5/31 19,800 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 (1,080) Dividends (550) Insurance Expense (1.100) Depreciation Expense (1,484) Wages Expense (530) Interest Expense 122,742 (1,080) Cash (550) Prepaid Insurance (1,100) Accumulated Depreciation 1,080 5/31 A1 1,484 Wages Payable 530 Interest Payable A2 1,484 A3 530 A4 Column Totals 244,486 121,744 Chart of Accounts: Accounts Payable Accounts Receivable

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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A 1 M2 Project WVU MIX Username: diE 2. Liabilities Shareholders' Equity Yes Assets Do you intend to major in one of the College of Business and Economic's majors? Account 3. Amount Account Amount Account Amount $ 106,000 Notes Payable 530 Interest Payable $ 111,000 Stock 2,406 Retained Earnings 4. 83,536 Cash 5,500 Inventory 132,000 Equipment (1,100) Accumulated Depreciation 33,000 Inventory Balance Sheet at April 30: $ 6. Amounts in US $ 7 Per Unit Total 8 During May, its second month of business, Karry no Key, Inc.: 5/1 5/1 33,000 Accounts Payable 110.00 $ 33,000 Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 9 3,300 Prepaid Insurance (3,300) Cash 3,300 10 11 Sold 320 karaoke machines on account: Record the sale During 49,280 Sales Revenue 12 154.00 49,280 Accounts Receivable 13 May (35,200) Cost of Goods Sold (35,200) Inventory 44,352 Cash (44,352) Accounts Receivable (19,800) Cash (1,080) Cash (550) Prepaid Insurance (1,100) Accumulated Depreciation 110.00 14 Record the cost of the sale 44,352 15 During Collected cash from customers from sales made on account 16 (19,800) Accounts Payable May 5/31 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 (1,080) Dividends (550) Insurance Expense (1,100) Depreciation Expense (1,484) Wages Expense (530) Interest Expense 122,742 17 18 5/31 19 A1 1,484 Wages Payable 530 Interest Payable 20 A2 1,484 21 A3 530 22 23 24 25 26 27 A4 Column Totals 244,486 121,744 Chart of Accounts: Accounts Payable Accounts Receivable 28 Accumulated Depreciation 29 Cash 30 Cost of Goods Sold Depreciation Expense Dividends 31 32 Ensinmant Instructions Journal Statements 曲 回 כב 2:59 PM Ready Accessibility: Investigate 2/3/2022
Transcribed Image Text:A 1 M2 Project WVU MIX Username: diE 2. Liabilities Shareholders' Equity Yes Assets Do you intend to major in one of the College of Business and Economic's majors? Account 3. Amount Account Amount Account Amount $ 106,000 Notes Payable 530 Interest Payable $ 111,000 Stock 2,406 Retained Earnings 4. 83,536 Cash 5,500 Inventory 132,000 Equipment (1,100) Accumulated Depreciation 33,000 Inventory Balance Sheet at April 30: $ 6. Amounts in US $ 7 Per Unit Total 8 During May, its second month of business, Karry no Key, Inc.: 5/1 5/1 33,000 Accounts Payable 110.00 $ 33,000 Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 9 3,300 Prepaid Insurance (3,300) Cash 3,300 10 11 Sold 320 karaoke machines on account: Record the sale During 49,280 Sales Revenue 12 154.00 49,280 Accounts Receivable 13 May (35,200) Cost of Goods Sold (35,200) Inventory 44,352 Cash (44,352) Accounts Receivable (19,800) Cash (1,080) Cash (550) Prepaid Insurance (1,100) Accumulated Depreciation 110.00 14 Record the cost of the sale 44,352 15 During Collected cash from customers from sales made on account 16 (19,800) Accounts Payable May 5/31 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 (1,080) Dividends (550) Insurance Expense (1,100) Depreciation Expense (1,484) Wages Expense (530) Interest Expense 122,742 17 18 5/31 19 A1 1,484 Wages Payable 530 Interest Payable 20 A2 1,484 21 A3 530 22 23 24 25 26 27 A4 Column Totals 244,486 121,744 Chart of Accounts: Accounts Payable Accounts Receivable 28 Accumulated Depreciation 29 Cash 30 Cost of Goods Sold Depreciation Expense Dividends 31 32 Ensinmant Instructions Journal Statements 曲 回 כב 2:59 PM Ready Accessibility: Investigate 2/3/2022
On M2 P Saved - AutoSave Formulas Data Review View Не Insert Draw Page Layout File Home X Cut - A A Calibri v 11 A Copy В I U A Paste Format Painter Font Undo Clipboard A67 v: X v fx -1 2 ***When preparing your Balance Sheet, do not forget your beginning balances! 53 Karry no Key, Inc. 54 Income Statement For the Year Ended May 31 55 56 Accounts Receivable 4,928 n/a 4,928 n/a 3,300 n/a 2,750 n/a 2,200 n/a 129,800 n/a 13,200 n/a 13,200 n/a 111,000 n/a 111,000 n/a n/a n/a n/a n/a n/a 57 Accounts Receivable 58 Inventory 59 Prepaid Insurance 60 Accumulated Depreciation 61 Equipment, Net of Accumulated Depreciation 62 Accounts Payable 63 Accounts Payable 64 Notes Payable 65 Notes Payable 66 Interest Payable $4 67 68 Stock 69 70 71
Transcribed Image Text:On M2 P Saved - AutoSave Formulas Data Review View Не Insert Draw Page Layout File Home X Cut - A A Calibri v 11 A Copy В I U A Paste Format Painter Font Undo Clipboard A67 v: X v fx -1 2 ***When preparing your Balance Sheet, do not forget your beginning balances! 53 Karry no Key, Inc. 54 Income Statement For the Year Ended May 31 55 56 Accounts Receivable 4,928 n/a 4,928 n/a 3,300 n/a 2,750 n/a 2,200 n/a 129,800 n/a 13,200 n/a 13,200 n/a 111,000 n/a 111,000 n/a n/a n/a n/a n/a n/a 57 Accounts Receivable 58 Inventory 59 Prepaid Insurance 60 Accumulated Depreciation 61 Equipment, Net of Accumulated Depreciation 62 Accounts Payable 63 Accounts Payable 64 Notes Payable 65 Notes Payable 66 Interest Payable $4 67 68 Stock 69 70 71
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