13-7 - MRyan Co 20x9 1 Cash Accounts Receivable To record...

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MRyan Co. 20x9 1 Cash 60,000 13 Land 40,000 Accounts Receivable 60,000 Common Stock 40,000 To record payments on Accounts Receivable. To record exchange of 40,000 shares of common stock for piece of land 2 Accounts Payable 50,000 Cash 50,000 14 Retained Earnings 13,000 To record payments on Accounts Payable. Cash 13,000 To record declaration and payment of dividend. 3 Inventory 120,000 Cash 30,000 15 Rent Payable 2,000 Accounts Payable 90,000 Rent Expense 12,000 To record purchase of 2 things. Prepaid Rent 1,000 Cash 15,000 4 Interest Expense 9,600 To record payments for rent. Long-Term Debt 20,000 Cash 29,600 16 Salary Payable 8,200 To record annual payment on long-term debt. Salary Expense 6,800 Cash 12,000 Salary Payable 3,000 5 Taxes Payable 3,000 To record salary expense. Cash 3,000 To record payment of 20x4 taxes. 17 Depreciation Expense 10,000 Accumulated Depreciation-Equipment 10,000 6 Cash 90,000 To record depreciation expense. Accounts Receivable 30,000 Sales 120,000 18 Bad Debt Expense 890 To record sale of 1 thing. Allowance for Doubtful Accounts 890 To adjust ADA to 2% of ending Accts. Receivable. 7 Cost of Goods Sold 60,000 Inventory 60,000 19 Tax Expense 30,213 To record cost of 1 thing. Cash 15,107 Taxes Payable 15,107 8 Inventory 80,000 To record 20x5 taxes. Cash 20,000 Accounts Payable 60,000 20 Sales 280,000 To record purchase of 1 thing. Cost of Goods Sold 140,000 Salary Expense 6,800 9 Allowance for Doubrful Accounts 500 Rent Expense 12,000 Accounts Receivable 500 Interest Expense 9,600 To record write off of bad debts. Depreciation Expense 10,000 Bad Debt Expense 890 10 Cash 120,000 Tax Expense 30,213 Accounts Receivable 40,000 Retained Earnings 70,497 Sales 160,000 To close books for 20x5. To record sale of 1 thing.
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