110 College Coasters is a San Diego-based merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1 Cash $ 8,000 Accounts Receivable 1,860 Inventory 480 Prepaid Rent 660 Equipment 750 Accumulated Depreciation Accounts Payable 1,340 Salaries and Wages Payable 300 Income Taxes Payable Common Stock 6,000 Retained Earnings 2,500 Sales Revenue 12,650 Cost of Goods Sold 7,210 Rent Expense 1,21e Salaries and Wages Expense 1,600 Depreciation Expense 110 Income Tax Expense Office Expense 1,100 The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The Inventory on December 1 consisted of 1,000 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.40. College Coasters records its inventory using perpetual Inventory accounts and the FIFO cost flow method. During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below e a. Purchased 500 coasters on account from the regular supplier on 12/1 at a Jnit cost of $0.42 with terms of n/60 b. Purchased 900 coasters on account from the regular supplier on 12/2 at a unit cost of $0.45, with terms of n/60 c. Sold 1,800 coasters on account on 12/3 at a unit price of $1.00 d. Collected $840 from customers on account on 12/4. e Paid the supplier $1.490 cash on account on 12/18. Pald employees $480 on 12/23, of which $260 related to work done in November and $220 was for wages up to December 22 9. Loaded 100 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona, Hawall. The sale was made FOB destination with terms of n/60. Other relevant information includes the following at 12/31 n College Coasters has not yet recorded $180 of office expenses incurred in December on account. 2. The company estimates that the equipment depreciates at a rate of $9 per month. One month of depreciation needs to be recorded J. Wages for the period from December 23-31 are $100 and will be paid on January 15. * The $660 of Prepaid Rent relates to a six-month period ending on May 31 of next year a View transaction list Journal entry worksheet ..... Record the cost of goods sold. Note: Enter debits before credits. General Journal Debit Credit Date December 03 1,015 Cost of Goods Sold Inventory 1,015: Record entry Clear entry View general journal