5/31/13 5/31/14 Debits: Cash20,000 28,250 Accounts receivable 58,000 75,000 Inventory 250,000 220,000 Prepaid expenses 7,000 9,000 Plant assets 502,000.

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5/31/13 5/31/14 Debits: Cash20,000 28,250 Accounts receivable 58,000 75,000 Inventory 250, ,000 Prepaid expenses 7,000 9,000 Plant assets 502, , , ,250 Credits: Accum. depreciation 125, ,000 Accounts payable 115, ,000 Salaries payable 72,000 47,250 Interest payable 25,000 27,000 Bonds payable 100,000 70,000 Common stock 280, ,000 Retained earnings 120, , , ,250 OPERATING: INVESTING: FINANCING:

5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000 75,000 Inventory 250, ,000 Prepaid expenses 7,000 9,000 Plant assets 502, , , ,250 Credits: Accum. depreciation 125, ,000 Accounts payable 115, ,000 Salaries payable 72,000 47,250 Interest payable 25,000 27,000 Bonds payable 100,000 70,000 Common stock 280, ,000 Retained earnings 120,000 (1)130, , , ,250 OPERATING: Net income(1)130,000 INVESTING: FINANCING:

5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000 75,000 Inventory 250, ,000 Prepaid expenses 7,000 9,000 Plant assets 502, , , ,250 Credits: Accum. depreciation 125,000 (2)25, ,000 Accounts payable 115, ,000 Salaries payable 72,000 47,250 Interest payable 25,000 27,000 Bonds payable 100,000 70,000 Common stock 280, ,000 Retained earnings 120,000 (1)130, , , ,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 INVESTING: FINANCING:

5/31/119 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250, ,000 Prepaid expenses 7,000 9,000 Plant assets 502, , , ,250 Credits: Accum. depreciation 125,000 (2)25, ,000 Accounts payable 115, ,000 Salaries payable 72,000 47,250 Interest payable 25,000 27,000 Bonds payable 100,000 70,000 Common stock 280, ,000 Retained earnings 120,000 (1)130, , , ,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 INVESTING: FINANCING:

5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30, ,000 Prepaid expenses 7,000 9,000 Plant assets 502, , , ,250 Credits: Accum. depreciation 125,000 (2)25, ,000 Accounts payable 115, ,000 Salaries payable 72,000 47,250 Interest payable 25,000 27,000 Bonds payable 100,000 70,000 Common stock 280, ,000 Retained earnings 120,000 (1)130, , , ,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 INVESTING: FINANCING:

5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30, ,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502, , , ,250 Credits: Accum. depreciation 125,000 (2)25, ,000 Accounts payable 115, ,000 Salaries payable 72,000 47,250 Interest payable 25,000 27,000 Bonds payable 100,000 70,000 Common stock 280, ,000 Retained earnings 120,000 (1)130, , , ,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 INVESTING: FINANCING:

5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30, ,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502, , , ,250 Credits: Accum. depreciation 125,000 (2)25, ,000 Accounts payable 115,000(6)8, ,000 Salaries payable 72,000 47,250 Interest payable 25,000 27,000 Bonds payable 100,000 70,000 Common stock 280, ,000 Retained earnings 120,000 (1)130, , , ,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 Adj. – increase in accounts payable(6)8,000 INVESTING: FINANCING:

5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30, ,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502, , , ,250 Credits: Accum. depreciation 125,000 (2)25, ,000 Accounts payable 115,000(6)8, ,000 Salaries payable 72,000(7)24,750 47,250 Interest payable 25,000 27,000 Bonds payable 100,000 70,000 Common stock 280, ,000 Retained earnings 120,000 (1)130, , , ,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 Adj. – increase in accounts payable(6)8,000 Adj. – decrease in salaries payable(7)24,750 INVESTING: FINANCING:

5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30, ,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502, , , ,250 Credits: Accum. depreciation 125,000 (2)25, ,000 Accounts payable 115,000(6)8, ,000 Salaries payable 72,000(7)24,750 47,250 Interest payable 25,000(8)2,000 27,000 Bonds payable 100,000 70,000 Common stock 280, ,000 Retained earnings 120,000 (1)130, , , ,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 Adj. – increase in accounts payable(6)8,000 Adj. – decrease in salaries payable(7)24,750 Adj. – increase in interest payable(8)2,000 INVESTING: FINANCING:

5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30, ,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502,000 (9)98, , , ,250 Credits: Accum. depreciation 125,000 (2)25, ,000 Accounts payable 115,000(6)8, ,000 Salaries payable 72,000(7)24,750 47,250 Interest payable 25,000(8)2,000 27,000 Bonds payable 100,000 70,000 Common stock 280,000(9)70, ,000 Retained earnings 120,000 (1)130, , , ,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 Adj. – increase in accounts payable(6)8,000 Adj. – decrease in salaries payable(7)24,750 Adj. – increase in interest payable(8)2,000 INVESTING: Purchase of plant assets(9)28,000 FINANCING:

5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30, ,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502,000 (9)98, , , ,250 Credits: Accum. depreciation 125,000 (2)25, ,000 Accounts payable 115,000(6)8, ,000 Salaries payable 72,000(7)24,750 47,250 Interest payable 25,000(8)2,000 27,000 Bonds payable 100,000 70,000 Common stock 280,000(9)70, ,000 (10)20,000 Retained earnings 120,000 (1)130, , , ,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 Adj. – increase in accounts payable(6)8,000 Adj. – decrease in salaries payable(7)24,750 Adj. – increase in interest payable(8)2,000 INVESTING: Purchase of plant assets(9)28,000 FINANCING: Issuance of common stock for cash(10)20,000

5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30, ,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502,000 (9)98, , , ,250 Credits: Accum. depreciation 125,000 (2)25, ,000 Accounts payable 115,000(6)8, ,000 Salaries payable 72,000(7)24,750 47,250 Interest payable 25,000(8)2,000 27,000 Bonds payable 100,000 70,000 Common stock 280,000(9)70, ,000 (10)20,000 Retained earnings 120,000 (11)105,000(1)130, , , ,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 Adj. – increase in accounts payable(6)8,000 Adj. – decrease in salaries payable(7)24,750 Adj. – increase in interest payable(8)2,000 INVESTING: Purchase of plant assets(9)28,000 FINANCING: Issuance of common stock for cash(10)20,000 Payment of cash dividends(11)105,000

5/31/11 5/31/12 Debits: Cash20,000 28,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30, ,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502,000 (9)98, , , ,250 Credits: Accum. depreciation 125,000 (2)25, ,000 Accounts payable 115,000(6)8, ,000 Salaries payable 72,000(7)24,750 47,250 Interest payable 25,000(8)2,000 27,000 Bonds payable 100,000(12)30,000 70,000 Common stock 280,000(9)70, ,000 (10)20,000 Retained earnings 120,000 (11)105,000(1)130, , , ,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 Adj. – increase in accounts payable(6)8,000 Adj. – decrease in salaries payable(7)24,750 Adj. – increase in interest payable(8)2,000 INVESTING: Purchase of plant assets(9)28,000 FINANCING: Issuance of common stock for cash(10)20,000 Payment of cash dividends(11)105,000 Retirement of bonds payable(12)30,000

5/31/11 5/31/12 Debits: Cash20,000 (X)8,25028,250 Accounts receivable 58,000(3)17,000 75,000 Inventory 250,000(4)30, ,000 Prepaid expenses 7,000(5)2,000 9,000 Plant assets 502,000 (9)98, , , ,250 Credits: Accum. depreciation 125,000 (2)25, ,000 Accounts payable 115,000(6)8, ,000 Salaries payable 72,000(7)24,750 47,250 Interest payable 25,000(8)2,000 27,000 Bonds payable 100,000(12)30,000 70,000 Common stock 280,000(9)70, ,000 (10)20,000 Retained earnings 120,000 (11)105,000(1)130, , , ,250 OPERATING: Net income(1)130,000 Adj. – depreciation(2)25,000 Adj. – increase in receivables(3)17,000 Adj. – decrease in inventory(4)30,000 Adj. – increase in prep. expenses(5)2,000 Adj. – increase in accounts payable(6)8,000 Adj. – decrease in salaries payable(7)24,750 Adj. – increase in interest payable(8)2,000 INVESTING: Purchase of plant assets(9)28,000 FINANCING: Issuance of common stock for cash(10)20,000 Payment of cash dividends(11)105,000 Retirement of bonds payable (12) 30, ,000491,750 Increase in cash (X) 8,250500,000