514_633897398064870567_Beamer_2

514_633897398064870567_Beamer_2 - Beamer Yr. 2 1 Inventory...

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Unformatted text preview: Beamer Yr. 2 1 Inventory 396,000 Cash 158,400 Accounts Payable 237,600 To record purchase of 9 Beamers@$44,000 each with 40% down 2 Cash 316,800 Accounts Receivable 211,200 Sales 528,000 To record sale of 8 Beamers @ $66,000 each with 60% down 3 Cost of Sales 344,000 Inventory 344,000 To record cost of inventory sold 2@40,000 + 6@44,000 4 Wages Payable 1,000 Wage Expense 23,000 Cash 24,000 To record payment of wages 5 Utilities Expense 3,000 Cash 3,000 To record payment of utilites 6 Rent Expense 12,000 Cash 8,000 Rent Payable 4,000 To record rent for yr. 2 7 Taxes Payable 29,400 Cash 29,400 to record payment of x1 taxes 8 Insurance Expense 1,800 Prepaid Insurance 3,000 Cash 4,800 To record two-year insurance policypurchased April 1 9 Cash 25,000 Common Stock 25,000 To record issuance of 200 shares of common stock on May 1 10 Furniture & Fixtures 45,000 Cash 15,000 Contract Payable-Furniture & Fixtures 30,000 To record purchase of office equipment 11 Interest Expense 3,600 Contract Payable-Furniture & Fixtures 10,000 Cash 13,600 To record principal & interest payment on contract payable 12 Depreciation Expense 8,000 Accumulated Depreciation-Furniture & Fixtures 8,000 To record depreciation expense for 20x2 ($40,000-$5,000)/5 13 Wage Expense 2,000 Wages Payable 2,000 To record unpaid wages at 12/31 14 Retained Earnings 5,000 Cash 5,000 To record payment of dividend 15 Interest Expense 8,000 Note Payable - Uncle Phil 50,000 Cash 58,000 to record payment on Note...
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514_633897398064870567_Beamer_2 - Beamer Yr. 2 1 Inventory...

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