Tribe_Time_20x9-1

Tribe_Time_20x9-1 - Tribe Time 20x9 1 Cash Accounts...

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Tribe Time 20x9 1 Cash 300,000 13 Depreciation Expense 22,000 Accounts Receivable 300,000 Accumulated Depreciation 22,000 Sales 600,000 To record depreciation expense To record 20x6 sales @ $1 each 14 Utilities Expense 5,000 2 Cost of Goods Sold 250,000 Advertising Expense 3,000 Inventory 250,000 Miscellaneous Expenses 6,000 To record cost of sales Cash 14,000 To record cash payments for expenses 3 Inventory 400,000 Cash 100,000 15 Insurance Expense 2,400 Accounts Payable (75%) 300,000 Prepaid Insurance 2,400 To record purchases To record 12 months insurance expense 4 Interest Expense 15,000 16 Cash 10,000 Note Payable-Bank 20,000 Common Stock 10,000 Cash 35,000 To record issuance of common stock To record payment on long-term debt 17 Taxes Payable 3,800 5 Cash 260,000 Cash 3,800 Accounts Receivable 260,000 To record payment of 20x8 taxes payable To record payments on accounts receivable 18 Land 20,000 6 Rent Payable 3,000 Cash 2,000 Rent Expense 36,000 Mortgage Payable 18,000 Prepaid Rent 3,000 To record purchase of land Cash 42,000 To record payment of rent 19 Loan Payable-Uncle 7,500 (42,000/14=3,000/month) Cash 7,500 To record payment of loan from uncle 7 Retained Earnings 5,000 Dividends Payable 5,000 20 Income Tax Expense 61,980 To record declaration of dividend Cash 30,990 Taxes Payable 30,990 8 Dividends Payable 5000 To record 20x6 income tax expense Cash 5,000 To record payment of dividends 21 Sales 600,000 Cost of Goods Sold 250,000 9 Wages Payable 4,000 Wage Expense 54,000 Wage Expense 48,000 Rent Expense 36,000 Cash 52,000 Utilities Expense 5,000 To record payment for wages Advertising Expense 3,000 Miscellaneous Expenses
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Tribe_Time_20x9-1 - Tribe Time 20x9 1 Cash Accounts...

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