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Part 1. Happy Trails Bike Company began operations in May 2015 and had the following transactions.

May 1   Issued common stock and received cash of $100,000.
       2   Paid $24,000 cash for six months’ rent on department store space.
       2   Borrowed $20,000 cash from the bank and signed a note payable agreeing to repay it in one year plus 6% interest.
       3   Purchased a vehicle and other equipment for $35,600 in cash.
       4   Purchased $200,000 of bicycle inventory on credit.
       5   Paid $400 for advertisements to run in the area newspaper during June.
       6   Paid $16,000 in cash for supplies to do bike repairs.
      15   Sold bicycles for cash of $338,000. The cost of the bikes sold was $120,000.
      18   Paid for bikes purchased on credit (on May 4).
            20   Received $10,000 in advance from a customer for bikes to be built and delivered.
      21   Sold bicycles on account to a customer for $63,600. The cost of the bikes sold was $32,000.
            25   Collected $40,000 from accounts receivable.
            29   Paid general and administrative expenses of $6,000 for the month.
            30   Paid cash dividends of $1,000.
Balance Sheet Income Statement Trans-action Cash + Noncash Assets = Liabilities + Cont. capital + Retained Earnings Revenues – Expenses = Net Income
Balance Sheet Income Statement Trans-action Cash + Noncash Assets = Liabilities + Cont. capital + Retained Earnings Revenues – Expenses = Net Income
Balance Sheet Income Statement

Balance Sheet
Balance Sheet
Income Statement
Income Statement
Trans-action Cash + Noncash Assets = Liabilities + Cont. capital + Retained Earnings Revenues – Expenses = Net Income
Trans-action
Trans-action
Cash
Cash
+
+
Noncash Assets
Noncash Assets
=
=
Liabilities
Liabilities
+
+
Cont. capital
Cont. capital
+
+
Retained Earnings
Retained Earnings
Revenues
Revenues


Expenses
Expenses
=
=
Net Income
Net Income

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