Shar Kunba Retained Earnings Liabilities Amounts in USs $ Cash Other Assets Stock 5 During April, its first month of business, Karry no Key, Inc.: Per Unit Total Amount Account Title Amount Account Title Amount Account Title 6 1. Issued stock to its owners, Louden Clear and Justin Tune, in exchange for cash 111,000 7 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 5 Sold 150 karaoke machines for cash: 2 106,000 22,000 9. 132,000 10 1 Record the sale 154.00 12 13 14 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 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 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 6. 1,484 7. 1,080 15 1,100 16 530 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 Ready 4:03 PM
Shar Kunba Retained Earnings Liabilities Amounts in USs $ Cash Other Assets Stock 5 During April, its first month of business, Karry no Key, Inc.: Per Unit Total Amount Account Title Amount Account Title Amount Account Title 6 1. Issued stock to its owners, Louden Clear and Justin Tune, in exchange for cash 111,000 7 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 5 Sold 150 karaoke machines for cash: 2 106,000 22,000 9. 132,000 10 1 Record the sale 154.00 12 13 14 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 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 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 6. 1,484 7. 1,080 15 1,100 16 530 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 Ready 4:03 PM
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter14: Long-term Liabilities: Bonds And Notes
Section: Chapter Questions
Problem 6PA: Saverin, Inc. produces and sells outdoor equipment. On July 1, 2016, Saverin, Inc. issued 62,500,000...
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Can you help me fill out the 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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Transcribed Image Text:3.
Karry no Key, Inc.
Cell Links/Formulas:
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6.
8
10 Depreciation Expense
11
12
13
14
15
16
17
Karry no Key, Inc.
18
19
20 Beginning Stock
$
n/a
n/a
21 Stock Issued
22 Ending Stock
23
24 Beginning Retained Earnings
25 Net Income
n/a
n/a
n/a
26
27 Ending Retained Earnings
28
29 Total Shareholders' Equity
n/a
30
31
32
33
Karry no Key, Inc.
Journal Statements
Instructions
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