514_633887387589273260_BBBB_Inc._Yr_2

514_633887387589273260_BBBB_Inc._Yr_2 - BBBB, Inc. Year 2 1...

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BBBB, Inc. Year 2 1 Inventory 120,000 Cash 100,000 Accounts Payable 20,000 To record purchases of 15,000 biffs @ $8 each. 2 Cash 220,000 Sales 220,000 To record sale of 11,000 biffs @ $20 each. 3 Cost of Goods Sold 88,000 Inventory 88,000 To record cost of 11,000 biffs sold (11,000*$8) 4 Interest Expense 2,000 Land Payable 28,000 Cash 30,000 To record payment and interest on land note. 5 Rent Expense 12,000 Cash 12,000 To record payment of rent. 6 Salaries Expense 36,000 Cash 36,000 To record payment of salaries. 7 Cash 10,000 Common Stock 10,000 To record issuance of 100 shares of stock on June 1. 8 Vehicles 40,000 Cash 40,000 To record purchase of truck. 9 Interest Expense 10,000 Note Payable-Bank 50,000 Cash 60,000 To record payment and interest on Note owed bank. 10 Taxes Payable 9,300 Cash 9,300 Paid LAST year's taxes 11 Tax Expense 21,600 Taxes Payable 21,600 To record year 2 taxes. 12 Sales
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This note was uploaded on 09/12/2010 for the course ACCT 101 taught by Professor Drkirch during the Spring '10 term at Ohio University- Athens.

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514_633887387589273260_BBBB_Inc._Yr_2 - BBBB, Inc. Year 2 1...

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