Homework Help is Here – Start Your Trial Now!
Business
Accounting
3 5 7 8 During Mar, its second month of business, Karry no Key, Inc.: Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 9 10 11 12 During Sold 320 karaoke machines on account: 13 May Record the sale 17 18 19 5/1 5/1 14 Record the cost of the sale 15 During Collected cash from customers from sales made on account 16 20 21 22 23 24 Do you intend to major in one of the College of Business and Economics' majors? May 5/31 5/31 A1 A2 A3 A4 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 Yes Do not leave blank! Balance Sheet at April 30: $ Amounts in US $ Per Unit 106.00 S 148.00 106.00 Total 31,800 3,180 42,624 19,080 1,100 1,596 570 Column Totals Assets Amount 92,104 Cash 5,300 Inventory 127,200 Equipment Account (1,060) Accumulated Depreciation 31,800 Inventory 3,180 Prepaid Insurance (3,180) Cash 47,360 Accounts Receivable (33,920) Inventory 42,624 Cash 248,074 (42,624) Accounts Receivable (19.080) Cash (1,100) Cash (530) Prepaid Insurance Liabilities Amount Account $ 114,000 Notes Payable 570 Interest Payable 31,800 Accounts Payable (19,080) Accounts Payable 1,596 Wages Payable 570 Interest Payable 129,456 Shareholders' Equity Account Amount $107,000 Stock 1,974 Retained Earnings 47.360 Sales Revenue (33,920) Cost of Goods Sold (1,100) Dividends (530) Insurance Expense (1,596) Wages Expense (570) Interest Expense 118,618 Diagnostic Check: A=L+SE True True True True True True True True True True True

3 5 7 8 During Mar, its second month of business, Karry no Key, Inc.: Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 9 10 11 12 During Sold 320 karaoke machines on account: 13 May Record the sale 17 18 19 5/1 5/1 14 Record the cost of the sale 15 During Collected cash from customers from sales made on account 16 20 21 22 23 24 Do you intend to major in one of the College of Business and Economics' majors? May 5/31 5/31 A1 A2 A3 A4 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 Yes Do not leave blank! Balance Sheet at April 30: $ Amounts in US $ Per Unit 106.00 S 148.00 106.00 Total 31,800 3,180 42,624 19,080 1,100 1,596 570 Column Totals Assets Amount 92,104 Cash 5,300 Inventory 127,200 Equipment Account (1,060) Accumulated Depreciation 31,800 Inventory 3,180 Prepaid Insurance (3,180) Cash 47,360 Accounts Receivable (33,920) Inventory 42,624 Cash 248,074 (42,624) Accounts Receivable (19.080) Cash (1,100) Cash (530) Prepaid Insurance Liabilities Amount Account $ 114,000 Notes Payable 570 Interest Payable 31,800 Accounts Payable (19,080) Accounts Payable 1,596 Wages Payable 570 Interest Payable 129,456 Shareholders' Equity Account Amount $107,000 Stock 1,974 Retained Earnings 47.360 Sales Revenue (33,920) Cost of Goods Sold (1,100) Dividends (530) Insurance Expense (1,596) Wages Expense (570) Interest Expense 118,618 Diagnostic Check: A=L+SE True True True True True True True True True True True

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 9C: Ethics and Sales Returns At the end of 2019, the accounting firm for which you work is auditing the...
See similar textbooks
icon
Related questions
Question

What are the steps for A2 (Depreciation on equipment)

345 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 During May, its second month of business, Karry no Key, Inc.: Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 5/1 5/1 During May During May 5/31 5/31 A1 A2 Do you intend to major in one of the College of Business and Economics' majors? A3 A4 Sold 320 karaoke machines on account: Record the sale Record the cost of the sale Collected cash from customers from sales made on account 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 Yes Do not leave blank! $ Balance Sheet at April 30: $ Amounts in US $ Per Unit 106.00 $ 148.00 106.00 Total 31,800 3,180 42,624 19,080 1,100 1,596 570 Column Totals Assets Amount 92,104 Cash 5,300 Inventory 127,200 Equipment Account (1,060) Accumulated Depreciation 31,800 Inventory 3,180 Prepaid Insurance (3,180) Cash 248,074 47,360 Accounts Receivable (33,920) Inventory 42,624 Cash (42,624) Accounts Receivable (19,080)| Cash (1,100)| Cash (530) Prepaid Insurance Liabilities Amount Account $ 114,000 Notes Payable 570 Interest Payable 31,800 Accounts Payable (19,080) Accounts Payable 1,596 Wages Payable 570 Interest Payable 129,456 Shareholders' Equity Account Amount $107,000 Stock 1,974 Retained Earnings 47,360 Sales Revenue (33,920) Cost of Goods Sold (1,100)| Dividends (530) Insurance Expense (1,596) Wages Expense (570) Interest Expense 118,618 Diagnostic Check: A = L + SE True True True True True True True True True True True
Transcribed Image Text:345 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 During May, its second month of business, Karry no Key, Inc.: Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1 5/1 5/1 During May During May 5/31 5/31 A1 A2 Do you intend to major in one of the College of Business and Economics' majors? A3 A4 Sold 320 karaoke machines on account: Record the sale Record the cost of the sale Collected cash from customers from sales made on account 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 Yes Do not leave blank! $ Balance Sheet at April 30: $ Amounts in US $ Per Unit 106.00 $ 148.00 106.00 Total 31,800 3,180 42,624 19,080 1,100 1,596 570 Column Totals Assets Amount 92,104 Cash 5,300 Inventory 127,200 Equipment Account (1,060) Accumulated Depreciation 31,800 Inventory 3,180 Prepaid Insurance (3,180) Cash 248,074 47,360 Accounts Receivable (33,920) Inventory 42,624 Cash (42,624) Accounts Receivable (19,080)| Cash (1,100)| Cash (530) Prepaid Insurance Liabilities Amount Account $ 114,000 Notes Payable 570 Interest Payable 31,800 Accounts Payable (19,080) Accounts Payable 1,596 Wages Payable 570 Interest Payable 129,456 Shareholders' Equity Account Amount $107,000 Stock 1,974 Retained Earnings 47,360 Sales Revenue (33,920) Cost of Goods Sold (1,100)| Dividends (530) Insurance Expense (1,596) Wages Expense (570) Interest Expense 118,618 Diagnostic Check: A = L + SE True True True True True True True True True True True
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS