O Search (Alt+Q) AutoSave On O M2 P. Saved - Page Layout Formulas Data Review View Help File Home Insert Draw X Cut 11 A A = = 22 Wrap Text Accounting Calibri B Copy v BIU B - O v A v E E E Merge & Center $ - % Paste S Format Painter Font Alignment Numbe Undo Clipboard v: X V fx B66 A B D n/a n/a n/a n/a 66 Interest Payable 67 Diagnostic Check: A = L+ SE 68 Stock 69 70 n/a False 71 72 73 Link to the line item amount in the financial statement above: 74 Amount 75 Amount charged customers from selling inventory 76 Cash collected from customers n/a n/a n/a n/a n/a n/a 77 Earned but not yet collected from customers 78 Cash paid for insurance 79 Insurance paid for in advance but not yet used 80 Insurance used 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 For the Month Ended May 31 97 May 31 98 For the Year Ended May 31 Instructions Journal Statements Ready Accessibility: Investigate esc 米 1O 10 %23 24 0% & 2 3 4. Nathan Jackson P Search (Alt Q) 105ave On M2 P. Last Modied 30m ago O Comments Home Insert Draw Page Layout Formulas Data Review View Help E AutoSum v X Cut B Copy Calibri - 11 - A A == = - 2 Wrap Text General E Fill Jasperactive for Office Cell Insert Delete Format Sort & Find & Analyze EE Merge & Center $- % 9 8 Conditional Format as Table Styles BIUE- - A O Clear Fiter Select . Data Paste Formatting- S Format Painter Editing Analysis CCI Leaming Number Styles Cels Cipboard Font Aligment G D B A. 12 Project WVU MIX Username: a Liabilities Shareholders' Equity Assets Do you intend to major in one of the College of Business and Economic's majors? Yes Amount Account Amount Account Amount Account 83,536 Cash 5.500 Inventory $ 106,000 Notes Payable 530 Interest Payable $ 111,000 Stock 2,406 Retained Earnings Balance Sheet at April 30: $ 132,000 Equipment (1,100) Accumulated Depreciation 33,000 Inventory 3,300 Prepaid Insurance (3,300) Cash Amounts in US $ Total During May, its second month of business, Karry no Key, Inc. 5/1 Per Unit 33,000 Accounts Payable 110.00 $ 33,000 3,300 Purchased 300 karaoke machines on account 5/1 Paid for six months of insurance in advance; coverage that begins May 1 During Sold 320 karaoke machines on account: 49,280 Sales Revenue 154.00 49.280 Accounts Receivable May Record the sale (35,200) Cost of Goods Sold Record the cost of the sale 110.00 (35,200) Inventory 4 During 16 44,352 Cash (44,352) Accounts Receivable Collected cash from customers from sales made on account 44,352 May (19,800) Accounts Payable (19,800) Cash (1,080) Cash (550) Prepaid Insurance (1.100) Accumulated Depreciation 17 5/31 Paid for inventory purchased on account 19,800 18 5/31 1,080 (1,080) Dividends Declared and paid cash dividend to its shareholders Adiusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) (S50) Insurance Expense 19 A1 20 21 22 (1.100) Depreciation Expense (1,484) Wages Expense (530) Interest Expense A2 1,484 Wages Payable 530 Interest Payable 1,484 Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%, 3-month bank loanç interest and principal due on June 30 A3 530 A4 Column Totals 244,486 121,744 122,742 23 24 25 Chart of Accounts: Accounts Payable 26 27 Accounts Receivable 26 Accumulated Depreciation Cash Cost of Goods Sold Depreciation Expense 32 Dividends Instructions Journal Statements 画回回 100 Ready Accesblitty Investigate 12:53 PM 2/3/2022 BANG LC delete e home end pg up 144 %23 2$ 2 "3 6. & L. 5 8 9 num backspace lock Q W E R T Y P 7. home S D F G 4. enter prt sc ↑ shift 1 end alt ctri