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157_634718044028356491_Sam_s_Town_2011

157_634718044028356491_Sam_s_Town_2011 - Sam's Town 2011 1...

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Sam's Town 2011 1 Cash 40,000 11 Land 75,000 Accounts Receivable 40,000 Mortgage Note Payable-Land 75,000 To record collection of Accts Rec. To record purchase of land. Gotcha! 2 Accounts Payable 80,000 12 Retained Earnings 5,000 Cash 80,000 Cash 5,000 To record payment of Accts. Pay. To record declaration & payment of dividend. 3 Inventory 125,000 Cash 25,000 13 Rent Expense 12,000 Accounts Payable 100,000 Prepaid Rent 3,000 To record purchase of [email protected],000. Cash 8,000 Rent Payable 1,000 4 Cash 180,000 To record 20x5 rent. Accounts Receivable 120,000 Sales 300,000 14 Depreciation Expense 30,000 To record sales of 6 junkets. Accumulated Depreciation 30,000 To record 2011 depreciation. 5 Cost of Sales 135,000 Inventory 135,000 15 Taxes Payable 8,000 To record cost of 4 junkets. Cash 8,000 [email protected]$20,000 + [email protected]$25,000 To record payment of 2010 taxes. 6 Wages Payable 5,000 16 Allowance for Doubtful Accounts 1,500 Wage Expense 37,000 Accounts Receivable 1,500 Cash 40,000 To record write off of bad accoutns Wages Payable 2,000 To record wages paid & owed. 17 Bad Debt Expense 5,425 Allowance for Doubtful Accounts 5,425 7 Utilities Expense 12,000 To adjust ADA to 5% of Accts. Rec. Advertising Expense 10,000 Cash 22,000 18 Tax Expense 14,723 To record payments for utilities & Cash 7,361.25 advertising expenses. Taxes Payable 7,361.25 To record 20x8 taxes. 8 Interest Payable 5,000 Interest Expense (1/1/11-6/30/11) 5,000 19 Sales 300,000 Note Payable 10,000 Cost of Goods Sold 135,000 Cash 20,000 Wage Expense 37,000 To record payment on Note Rent Expense 12,000 Payable. Utilities Expense 12,000 Advertising Expense 10,000 9 Interest Expense (6/30/x8-12/31/x8) 4,500 Interest Expense 9,500 Interest Payable 4,500 Depreciation Expense 30,000 To record interest expense on Tax Expense 14,723 Note Payable. Bad Debt Expense 5,425 (100,000-10,000)*.10/2 Retained Earnings 34,353 To close books. 10 Vehicles 20,000 Cash 20,000 To record purchase of wagon.
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Sam's Town 2009 Assets = Liabilities + Owners' Equity + ( Revenues - Expenses ) Cash Accounts Payable Common Stock Sales Cost of Goods Sold
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