This preview shows pages 1–3. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: 1-JanCash7,500 Accumulated Depreciation3,000 Loss on Sale of PPE1,500 Property, Plant & Equipment12,000 1-Jan Property, Plant & Equipment10,000 Cash10,000 1-Jan Cash20,000 Notes Payable20,000 not Bonds Payable2-Feb Inventory8,000 Accounts Payable8,000 3-Mar Cash3,000 Accounts Receivable3,000 Sales6,000 4-Apr Cash9,000 Property, Plant & Equipment2,000 or LandCommon Stock11,000 22-Apr Accounts Payable6,000 Cash6,000 11-May Cash1,000 Accounts Receivable1,000 1-Jun Prepaid Rent13,200 Cash13,200 18-Sep Wages Expense5,500 Cash5,500 31-Oct Retained Earnings1,000 may use DividendsCash10,000 cannot debit Divide31-Dec Depreciation Expense2,000 10,000/5Accumulated Depreciation2,000 Interest Expense2,000 20,000 X 10%Interest Payable2,000 Cost of Goods Sold3,500 Inventory3,500 Rent Expense12,700 current year is 7 X Prepaid Rent12,700 Wages Expense800 Wages Payable800 Utilities Expense500 Utilities Payable500 31-Dec Sales6,000 Income Summary6,000 Income Summary28,500 Loss on Sale of PPE1,500 Wages Expense...
View Full Document