514_633897400140736325_FluffYear3

514_633897400140736325_FluffYear3 - FL3 1 Accounts Payable...

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Unformatted text preview: FL3 1 Accounts Payable 31,500 Cash 31,500 To record payment of accounts payable 2 Cash 33,600 Accounts Receivable 33,600 To record collection of accounts receivable 3 Inventory 48,000 Cash 12,000 Accounts Payable 36,000 To record purchase of 12 Fluffs @ $4,000 each (25%down) 4 Cash 52,800 Accounts Receivable 35,200 Sales 88,000 To record sale of 11 Fluffs @ $8,000 each (60% down) 5 Cost of Goods Sold 39,000 Inventory 39,000 To record cost of inventory sold (5 @ 3,000) + (6 @ 4,000) 6 Furniture & Fixtures 2,000 Cash 2,000 To record purchase of computer 7 Insurance Expense 1,250 Prepaid Insurance 3,750 Cash 5,000 To record purchase of 2-year insurance policy on 6/30/x3 8 Wages Payable 1,000 Wage Expense 9,000 Cash 8,000 Wages Payable 2,000 To record payment of wages 9 Rent Expense 12,000 Prepaid Rent 1,000 Cash 13,000 To record payment of rent 10 Retained Earnings 5,000 Cash 5,000 To record dividend paid to shareholders. 11 Cash 3,000 Common Stock 3,000 To record issuance of 10 shares of common stock on October 1 12 Interest Expense 1,000 Cash 1,000 To record payment of interest to Uncle Mike 13 Depreciation Expense 400 Accumulated Depreciation-Furniture & Fixtures 400 To record depreciation expense for year...
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514_633897400140736325_FluffYear3 - FL3 1 Accounts Payable...

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