20 !! Wiew Policies Current Attempt in Progress On December 1, 2022, Whispering Winds Corp. had the following account balances. Cash Accounts Receivable Inventory Supplies Equipment Debit $7,400 4,900 12,100 1,200 22,000 $47,600 Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Credit $2,200 4,500 1,000 29,000 10.900 $47,600 During December, the company completed the following summary transactions. Dec. 6 8 10 13 15 18 20 Paid $1,600 for salaries and wages due employees, of which $600 is for December and $1,000 is for November salaries and wages payable. Received $1,800 cash from customers in payment of account (no discount allowed). Sold merchandise for cash $6,200. The cost of the merchandise sold was $4,200. Purchased merchandise on account from Hecht Co. $9,100, terms 2/10,n/30. Purchased supplies for cash $2,000. Sold merchandise on account $12,300, terms 3/10,n/30. The cost of the merchandise sold was $8,100. Paid salaries wages $1,800. Paid Hecht Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18. 23 27 Adjustment data: 1. 2. 3. Accrued salaries and wages payable $800. Depreciation $200 per month Supplies on hand $1,500. Boost 30% B4 8:30 PM Date Accounts and explanations Debits Credits Dec 6 Salaries and Wages expenses 600 Salaries and wages payables 1.000 Cash 1.600 1 DO Dee Cash Account receivables 1,800 6.200 Dec 10 Cash Sales Revenge To record sales revenue Cost of good sold Inventory To record cost of good sold 4.200 4,200 Dec 13 9,100 Inventory Account payables-Hecht Co Dee 15 2.000 Supplies Cash 2.000 Dee 18 12.300 12.300 Account receivables Sales Revenue To record sales revenue Cost of good sold Inventory To record cost of good sold R.100 8,100 Dec 20 salaries and wages expenses 1,800 Cash 1,800 9,100 Dec Account Payables - Hecht 23 ca Inventory (89.100*2%) Cash 182 8,918 Dec 27 Cash 11931 Sales discount(512.300*3%) 369 Accounts receivable 12,300 Adjusting Entry Dee Salaries and wages expenses 300 31 Salaries and wages payables 800 Dec 200 31 Depreciation expenses Accumulated Depreciation Equipment 200 1.700 Dec Supplies expenses 31 ($1,200+2,000 - $1,500) Supplies 1.700 Question 1 of 1