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514_633891550621071115_FluffYear2

514_633891550621071115_FluffYear2 - Fl 2 1 Inventory Cash...

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Fl 2 1 Inventory 42,000 Cash 10,500 Accounts Payable 31,500 To record purchase of 14 Fluffs @ $3,000 each with 25% down 2 Cash 50,400 Accounts Receivable 33,600 Sales 84,000 To record sale of 12 Fluffs @ $7,000 each with 60% down 3 Cost of Goods Sold 36,000 Inventory 36,000 To record cost of inventory sold ([email protected]$3,000) 4 Rent Expense 12,000 Cash 12,000 To record payment of rent 5 Wage Expense 11,000 Cash 11,000 To record payment of wages 6 Taxes Payable 600 Cash 600 Paid last years' taxes owed at beginning of year 7 Interest Expense 1,000 Cash 1,000 To record payment of interest expense 8 Office Expense 12,000 Cash 12,000 To record payment of office expenses 9 Retained Earnings 1,000 Cash 1,000 To record payment of dividend 10 Advertising Expense 4,000 Cash 4,000 To record payment to The Post 11 Cash 12,000 Common Stock 12,000 To record sale of 50 shares of common stock 12 Wage Expense 1,000 Wages Payable 1,000 To record wages owed at the end of the year 13 Tax Expense 2,100 Taxes Payable 2,100 To record 20x2 taxes 14 Sales 84,000 Cost of Goods Sold 36,000 Rent Expense 12,000 Wage Expense 12,000 Interest Expense 1,000 Office Expense 12,000 Advertising Expense 4,000 Tax Expense 2,100 Retained Earnings 4,900 To close books
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