Balance Sheet at April 30: $ $ $ 99,000 Notes Payable 495 Interest Payable 109,000 Stock 2,454 Retained Earnings 77,029 Cash 5,400 Inventory 129,600 Equipment (1,080) Accumulated Depreciation uring May, its second month of business, Car Tunes, Inc.: 1 Purchased 300 car stereo speakers on account 2 Paid for six months of insurance in advance; coverage begins May 1 Amounts in US $ Per Unit Total 108$ 32,400 3,240 $ 3 Sold 320 car stereo speakers on account: Record the sale Record the cost of the sale Collected its accounts receivable 151 16,308 4 43,488 19,440 1,035 5 6 A1 AZ Paid its accounts payable Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equipment with a 10-year useful life and no salvage value Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30 A3 A4 1,386 495 Chart of Accounts: Accounts Payable Accounts Receivable Accumulated Depreciation Cash Cost of Goods Sold Depreciation Expense Dividends Equipment Insurance Expense Interest Expense Interest Payable Inventory Notes Payable Prepaid Insurance Sales Revenue Stock Wages Expense Wages Payable Balance Sheet at April 30: $ $ $ 99,000 Notes Payable 495 Interest Payable 109,000 Stock 2,454 Retained Earnings 77,029 Cash 5,400 Inventory 129,600 Equipment (1,080) Accumulated Depreciation uring May, its second month of business, Car Tunes, Inc.: 1 Purchased 300 car stereo speakers on account 2 Paid for six months of insurance in advance; coverage begins May 1 Amounts in US $ Per Unit Total 108$ 32,400 3,240 $ 3 Sold 320 car stereo speakers on account: Record the sale Record the cost of the sale Collected its accounts receivable 151 16,308 4 43,488 19,440 1,035 5 6 A1 AZ Paid its accounts payable Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equipment with a 10-year useful life and no salvage value Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30 A3 A4 1,386 495 Chart of Accounts: Accounts Payable Accounts Receivable Accumulated Depreciation Cash Cost of Goods Sold Depreciation Expense Dividends Equipment Insurance Expense Interest Expense Interest Payable Inventory Notes Payable Prepaid Insurance Sales Revenue Stock Wages Expense Wages Payable