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all jounrnal entries and t accounts Problem Sheet Listed below...

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Accounting

all jounrnal entries and t accounts
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Problem Sheet Listed below are the accounts and their respective balances for Carl's Stuff, Inc (CS, Inc.) at December 31, 2018: Cash $ 90,000 Accounts Receivable 30,000 Inventory (5 stuffs @ $ 14,000 each) 70,000 Land 20,000 Building 220,000 Accumulated Depreciation 40,000 Security Deposit 5,000 Accounts Payable 18,000 Taxes Payable 11,000 Note Payable 175,000 Common Stock (2,000 shares) 55,000 Retained Earnings 136,000 During 2019 the following transactions occurred: Collected last year's accounts receivable. Paid last year's accounts payable. Purchased 8 stuffs at $14,000 each. Paid 60% down and will pay the rest later. Sold 10 stuffs for $30,000 each with 70% down (cash) and the other 30% will get later. Paid 2018 taxes payable. Paid cash for wages of $40,000. Paid 12 months of rent $24,000. Paid the annual principal payment on the Note of $25,000, plus interest of 10%. Sold 500 shares of stock for $50,000 on June 30, 2019. Paid a $5,000 dividend to shareholders on December 31, 2019. Also, during the year the company paid 50% of the 2019 taxes. The tax rate is 30%. The building originally cost $220,000, had a twenty year life and was expected to be worth $20,000 at the end

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