Page 78 Bobcat Inc - Fluff Yr 5 1Inventory 60,000...

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Unformatted text preview: Fluff Yr 5 1Inventory 60,000 9Furniture & Fixtures 25,000 Cash 15,000 Common Stock 25,000 Accounts Payable 45,000 To record exchange of Furniture & Fixtures To record purchase of 10 Fluffs @ 6,000 each for 100 shares of Common Stock 2Cash 78,000 10Taxes Payable 5,730 Accounts Receivable 52,000 Cash 5,730 Sales 130,000 To record payment of Yr. 4 taxes To record sale of 13 Fluffs @ $10,000 11Retained Earnings 10,000 3Cost of Goods Sold 73,000 Cash 10,000 Inventory 73,000 To record payment of dividend To record cost of inventory sold (5 @ $5,000) + (8 @ $6,000) 12Depreciation Expense 6,600 Accumulated Depreciation-Vehicles 4,000 4Accounts Payable 41,250 Accumulated Depreciation-Furniture & Fixtures 2,600 Cash 41,250 To record depreciation expense for the year To record payment of A/P Vehicle (30,000-6,000)/6 Furn & Fixt [((2,000 - 0)/5) + (25,000 - 3,000)/10)] 5Cash 43,200 Accounts Receivable 43,200 13Insurance Expense 1,250 To record receipt of A/R Prepaid Insurance 1,250 To record insurance expense 1/1-6/30/x5 6Wages Payable 3,000 Wage Expense 16,000 14Tax Expense 5,745 Cash 15,000 Taxes Payable 5,745 Wages Payable 4,000 To record Yr. 5 taxes To record wages for year 15Sales 130,000 7Rent Expense 12,000 Cost of Goods Sold 73,000 Cash 12,000 Wage Expense 16,000 To record payment of rent...
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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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Page 78 Bobcat Inc - Fluff Yr 5 1Inventory 60,000...

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