514_633891550621071115_FluffYear2

514_633891550621071115_FluffYear2 - Fl 2 1Inventory 42,000...

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Unformatted text preview: Fl 2 1Inventory 42,000 Cash 10,500 Accounts Payable 31,500 To record purchase of 14 Fluffs @ $3,000 each with 25% down 2Cash 50,400 Accounts Receivable 33,600 Sales 84,000 To record sale of 12 Fluffs @ $7,000 each with 60% down 3Cost of Goods Sold 36,000 Inventory 36,000 To record cost of inventory sold (12@$3,000) 4Rent Expense 12,000 Cash 12,000 To record payment of rent 5Wage Expense 11,000 Cash 11,000 To record payment of wages 6Taxes Payable 600 Cash 600 Paid last years' taxes owed at beginning of year 7Interest Expense 1,000 Cash 1,000 To record payment of interest expense 8Office Expense 12,000 Cash 12,000 To record payment of office expenses 9Retained Earnings 1,000 Cash 1,000 To record payment of dividend 10Advertising Expense 4,000 Cash 4,000 To record payment to The Post 11Cash 12,000 Common Stock 12,000 To record sale of 50 shares of common stock 12Wage Expense 1,000 Wages Payable 1,000 To record wages owed at the end of the year 13Tax Expense 2,100 Taxes Payable 2,100 To record 20x2 taxes 14Sales 84,000...
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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_633891550621071115_FluffYear2 - Fl 2 1Inventory 42,000...

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