M2 Project WVU MIX Username: keszentes Do you intend to major in one of the College of Business and Economic's majors?n in a different college Amount Balance Sheet at April 30: $ 92,980 Cash Assets Liabilities Shareholders' Equity Account Amount Account $115,000 Notes Payable 575 Interest Payable Amount Account $108,000 Stock 2,085 Retained Earnings 5,350 Inventory Amounts in US $ 128,400 Equipment During May, its second month of business, Karry no Key, Inc.: Per Unit Total (1,070) Accumulated Depreciation 5/1 Purchased 300 karaoke machines on account $ 107.00 $ 32,100 5/1 Paid for six months of insurance in advance; coverage that begins May 1 3,210 During Sold 320 karaoke machines on account: May Record the sale 150.00 Record the cost of the sale During Collected cash from customers from sales made on account May 5/31 Paid for inventory purchased on account 5/31 Declared and paid cash dividend to its shareholders 43,200 19,260 1,110 A1 Adjusted for insurance used during the month A2 Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) A3 Adjusted for wages owed that will be paid in the first week of June A4 Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30 1,610 Diagnostic Check: A=L+SE True True True True True True True True True 575 True Column Totals 225,660 115,575 110,085 True