References 5 example - Word Mailings Review View Help Tell me what you want to do Accumulated Depreciation Common Stock (90,000 shares issued & outstanding) Retained Earnings 10,000 90,000 35,000 Information for 2018 (ignore income taxes in this example) 1) Purchased $100,000 of inventory on account during the year 2) Sold inventory to customers on account for $200,000; cost of goods sold of $110,000 3) Received $190,000 from customers on account 4) Paid $30,000 for inventory purchased on account during the year 5) Declared and pay cash dividends of $10,000 6) Pay expenses of $90,000 (debit expenses even though individual expense accounts would be debited) 7) Record depreciation of $5,000