$ Amount 5,600 600 11,900 16,000) 1600) Assets Account Cash Inventory Equipment, et Inventory Prepaid Insurance Balance sheet at May Labilities Account Notes Payable Interest Payable Amount $ 8,000 40 Shareholders' Equity Amount Account $ 8,000 Stock 2.050 Rated Gaming 1 Purchased on account 200 karaoke machines for $6.000 Paid $600 cash for six months of trance coverage that begins May 1 6.000 Accounts Payable 2 9 10 11 12 13 1 Sold 150 machines on account for $70/machine that cost $10/machine Record the sale Record the cost of the sale Collected $2.500 of accounts receivables from the sales made on account 10,500 2.100) 2.500 Accounts Receivable Inventory 10,500 2,1001 Sales Revenue Cost of Goods Sold 15 16 17 1 5 Paid $4,000 for inventory purchased on account earlier Declared and paid 5100 cash dividend to its shareholders A Adjusted for insurance used during the month AS Adjusted for $100 of depreciation on equipment A3 Adjusted for $900 of wages owed that will be paid in the first week of June MAdjusted for $40 of interest owed on the bank loan; recall the interest and principal will be paid on June 30 20 21