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Lecture Notes CK Inc Oct 0509

Lecture Notes CK Inc Oct 0509 - Difficulties 1 Accounts...

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Difficulties 1 Accounts Payable 13,000 11 Rent Payable 4,000 Cash 13,000 Rent Expense 48,000 Paid suppliers Prepaid Rent 4,000 Cash 56,000 2 Cash 50,000 Paid rent Accounts Receivable 50,000 Collected cash from customers 12 Interest Expense 10,000 Note Payable 20,000 3 Inventory 270,000 Cash 30,000 Cash 67,500 Paid on note Accounts Payable 202,500 Purchased 600 difficulties @ 13 Advertising Expense 12,000 $450 each, 25% down Cash 10,000 Advertising Payable 2,000 4 Cash 200,000 Advertising exp for the year Accounts Receivable 200,000 Sales 400,000 14 Land 15,000 Sold 500 difficulties @ $800 Cash 5,000 each, 50% down Common Stock 10,000 Purchased land in exchange for 5 Cost of Goods Sold 221,000 10,000 shares of common Inventory 221,000 stock plus $5,000 Record cost of difficulties sold ( 80 x 400)+ (420 X 450) 15 Retained Earnings 25,000 Cash 25,000 6 Wages Payable 6,000 Paid dividend Wage Expense 34,000 Cash 40,000 16 Tax Expense 18,240 Paid worker Taxes Payable 18,240 Record 2009 taxes 7 Wage Expense 5,000 Wages Payable 5,000 17 Sales 400,000 Owed to worker at end of year Cost of Goods Sold 221,000 Rent Expense 48,000 8 Taxes Payable 5,000 Wages Expense 39,000 Cash 5,000 Insurance Expense 1,200 Paid year 2008 taxes Depreciation Expense 8,000
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