40 1.400 300 e College Coasters is a San Diego-based merchandiser specializing in logo-adomed drink coasters. The company reported the following balances in its unadjusted trial balance at December 1 Cash $9.600 Accounts Receivable Inventory See Prepaid Rent Equipment Accumulated Depreciation 110 Accounts Payable Salaries and wages Payable Income Taxes Payable Common Stock 5.000 Retained Earnings 2,600 Sales Revenue 15,310 Cost of Goods Sold 8,200 Rent Expense Salaries and Wages Expense 2.000 Depreciation Expense 110 Income Tax Expense Office Expense 1,200 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 $0.50. 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 a. Purchased 400 coasters on account from the regular supplier on 1211 at a unit cost of $0.52, with terms of n/60 b. Purchased 900 coasters on account from the regular supplier on 12/2 at a unit cost of $055, with terms of n/60. c Sold 1600 coasters on account on 12/3 at a unit price of $110 d. Collected $990 from customers on account on 12/4. e Paid the supplier $1,410 cash on account on 12/18 Paid employees $470 on 12/23, of which $290 related to work done in November and $180 was for wages up to December 22 9. Loaded 90 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona, Hawaii. The sale was made FOB destination with terms of n/60. Other relevant information includes the following at 1231 h. College Coasters has not yet recorded 160 of office expenses incurred in December on account The company estimates that the equipment depreciates at a rate of $9 per month One month of depreciation needs to be recorded Wages for the period from December 23-31 are $100 and will be paid on January 15 k. The $480 of Prepaid Rent relates to a six-month period ending on May 31 of next year The company incurred $700 of income tax but has made no tax payments this year m. No shrinkage or damage was discovered when the inventory was counted on December 31 n. The company did not declare dividends and there were no transactions involving common stock Statement Balance Sheet Requirement General General Income Journal Ledger Trial Balance Analysis General Journal tab - Prepare the journal entries to record the transactions (a) through (n). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances in the General Ledger. Trial Balance tab - You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop- down, Income Statement tab - Use the drop-down to select the accounts properly included on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account based on your selection. Balance Sheet tab - Use the drop down to select the accounts to properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Analysis tab - Calculate to one decimal place the inventory turnover ratio and days to sell in 'Analysis Tab. General Requirement General Journal Income Ledger Trial Balance Statement Balance Sheet Analysis Prepare the journal entries to record the transactions (a) through (n). Review the accounts as shown in the General Ledger and Trial Balance tabs. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Purchased 400 coasters on account from the regular supplier on 12/1 at a unit cost of $0.52, with terms of 1/60. Record the transaction. Note: Enter debits before credits. Date General Journal December 01 Debit Credit Record entry Clear entry View general Journal Requirement General General Journal Income Ledger Trial Balance Statement Balance Sheet Analysis Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. Unadjusted General Ledger Account Cash No. Debit Credit Date December 01 No. Balance 9,600 Accounts Receivable Date Debit Credit December 01 Balance 1920 Inventory No. Prepaid Rent Debit Date December 01 Debit Credit No. Balance 500 Credit Date December 01 Balance 480 Equipment Debit No. Credit No. Date December 01 Balance 620 Accumulated Depreciation Equipment Date Debit Credit December 01 Balance 110 Accounts Payable Debit Credit No. No. Date December 01 Balance 1,400 Salaries and Wages Payable Date Debit Credit December 01 Balance 300 Common Stock Retained Earnings No. Debit Credit No. Debit Credit Date December 01 Balance 5,800 Date December 01 Balance 2.600 Sales Revenue Cost of Goods Sold No. Debit Credit No. Debit Credit Date December 01 Balance 15.380 Date December 01 Balance 8280 Office Expenses Depreciation Experise Debit Credit No. No. Debit Credit Date December 01 Balance 110 Date December 01 Balance 1.200 Rent Expense No. Debit Credit No. Date December 01 Balance 880 Salaries and Wages Expense Date Debit Credit December 01 Balance 2,000 > General General Income Requirement Journal Balance Sheet Trial Balance Ledger Analysis Statement Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted COLLEGE COASTERS Trial Balance December 31, 2021 Account Title Debit Credit Cash 9,600 Accounts Receivable 1920 Inventory 500 Prepaid Rent 480 Equipment 620 Accumulated Depreciation Equipment 110 Accounts Payable 1.400 Salaries and Wages Payable 300 Common Stock 5,800 Retained Earnings 2,600 Sales Revenue 15,380 Cost of Goods Sold 8,280 Depreciation Expense 110 Office Expenses 1,200 Rent Expense 880 Salaries and Wages Expense 2.000 Total s 25,590 $ 25,590 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Choose the appropriate accounts to be reported on the income statement. Select the "adjusted from the dropdown, which will then populate the balances in those accounts from the trial balance. However, you will need to calculate and enter the amount of the net income or loss for the year ended December 31. Unadjusted COLLEGE COASTERS Income Statement For the Year Ended December 31 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Use the dropdowns to select the accounts properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. However, you will need to enter the amount of the Equipment (Net of accumulated depreciation), Common stock and Retained earnings as of December 31. Unadjusted COLLEGE COASTERS Balance Sheet As of December 31 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Calculate the Inventory turnover ratio and days to sell, assuming that inventory was $500 on January 1 of this year (Use 365 days a year Round your intermediate calculations and final answers to decimal place Inventory Turnover Ratio Days to Sell times per year days