Project 1 in cCampus requires you to record transactions, prepare the financial statements, and answer...
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Accounting
Project 1 in cCampus requires you to record transactions, prepare the financial statements, and answer questions based on these transactions. You should record the transactions in the accounting equation below before inputting your answers into cCamnus. Be sure to use the Chart of Accounts below so as not to lose points for using the wrong account titles Accumulated Depreciation Cash Common Stock Cost of Goods Sold Depreciation Expensc Chart af Acconnts Dividends Equipmeat Inventory Interest Expensr Interest Payablo Note Pavable Sales Revenuc Wages Expensc Assets Liabilities Shareholder's Equity During April, its first month of business, Vicious Cycle, Inc.: CashOther Assets Common Retained Earnings Stock 1Issued 39,000 of stock to its owners, Sid Vicious and Alarn Rench, in exchange for cash. 2 | Received a S7.000, 6% cash loan from the bank on April 1. The interest and princinal are due June 30 3Paid S3,000 for 50 bicycles it plans to sell. 4Purchascd a display stand by paying $12,000 on April 1. 5 Sold 40 bicycles at a sales pricc of S100 cach for cash. Record the sale and the cost of the sale 6Paid S800 at the end of the month to its employce for services performed in April
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