6 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. 25 points $ 8,400 1,640 320 540 890 03:59:04 eBook 90 1,340 300 Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Salaries and Wages Expense Depreciation Expense Income Tax Expense Office Expenses Print 0 5,700 3,000 12,440 7,300 990 1,600 References 90 0 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 800 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. a. Purchased 400 coasters on account from the regular supplier on 12/1 at a unit 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 2,000 coasters on account on 12/3 at a unit price of $1.00. d. Collected $850 from customers on account on 12/4. e. Paid the supplier $1,540 cash on account on 12/18. f Paid employees $500 on 12/23, of which $260 related to work done in November and $240 was for wages up to December 22 g. 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 12/31: h. College Coasters has not yet recorded $160 of office expenses incurred in December on account. 1. The company estimates that the equipment depreciates at a rate of $8 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. k. The $540 of Prepaid Rent relates to a six-month period ending on May 31 of next year. 1. 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. General General Trial Income Balance Require... Journal Ledger Balance Statem... 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. Unadjust General Ledger Account Cash Accounts Receivable No. Debit Credit Balance No. Debit Credit Date Dec 01 Date Dec 01 Balance 1,640 8,400 es Inventory Debit Credit Prepaid Rent Debit Credit No. No. Date Dec 01 Balance 320 Date Dec 01 Balance 540 Equipment Debit Credit No. Date Dec 01 Credit Accumulated Depreciation Equipment No. Date Debit Balance Dec 01 90 Balance 890 Accounts Payable Debit Credit No. No. Date Dec 01 Balance 1,340 Salaries and Wages Payable Date Debit Credit Balance Dec 01 300 Common Stock Debit Credit No. No. Date Dec 01 Balance 5,700 Retained Earnings Date Debit Credit Dec 01 Balance 3,000 Sales Revenue Debit Credit No. No. Date Dec 01 Balance 12,440 Cost of Goods Sold Date Debit Credit Dec 01 Balance 7,300 Depreciation Expense Date Debit Credit Dec 01 Office Expenses Debit Credit No. Balance 90 No. Date Dec 01 Balance 1,100 Rent Expense Debit Credit No. No. Date Dec 01 Balance 990 Salaries and Wages Expense Date Debit Credit Balance Dec 01 1,600 Require... General Journal General Ledger Trial Income Balance Statem... Balance Sheet Analysis ces 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. Show less Unadjust COLLEGE COASTERS Trial Balance December 31, 2020 Account Title Credit Cash $ Debit 8,400 1,640 320 540 890 Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Depreciation Expense Office Expenses Rent Expense Salaries and Wages Expense Total 90 1,3401 300 5,700 3,000 12,440 7,300 90 1,100 990 1,600 22,870 $ $ 22,870 Require... General Journal General Ledger Trial Income Balance Statem... 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. Show less Unadjust COLLEGE COASTERS Income Statement For the Year Ended December 31 Trial Balance Balance Sheet> eBook 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. Print References General General Trial Income Balance Require... Analysis Journal Ledger Balance Statem... Sheet 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. Show less Unadjust COLLEGE COASTERS Balance Sheet As of December 31 Require... General Journal General Ledger Trial Income Balance Statem... Balance Sheet Analysis ces 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. Show less Unadjust COLLEGE COASTERS Trial Balance December 31, 2020 Account Title Credit Cash $ Debit 8,400 1,640 320 540 890 Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Depreciation Expense Office Expenses Rent Expense Salaries and Wages Expense Total 90 1,3401 300 5,700 3,000 12,440 7,300 90 1,100 990 1,600 22,870 $ $ 22,870 Require... General Journal General Ledger Trial Income Balance Statem... 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. Show less Unadjust COLLEGE COASTERS Income Statement For the Year Ended December 31 Trial Balance Balance Sheet> eBook 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. Print References General General Trial Income Balance Require... Analysis Journal Ledger Balance Statem... Sheet 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. Show less Unadjust COLLEGE COASTERS Balance Sheet As of December 31