8 Project two 15 UTSA Project two M Question 1 - Project two ChatGPT C chegg.com/homework-he X Course Hero how to take a sxreen shot X + https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation..... Q { Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 1 Requirement General Journal General Ledger Trial Balance Income 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. points Mc Graw Hill 67F Cloudy Adjusted + + - General Ledger Account Cash Accounts Receivable No. Date Debit Credit Balance No. December 01 8,600 Date December 01 Debit Credit Balance 1,800 5 December 04 860 9,460 3 December 03 1,700 3,500 6 December 18 December 23 1,570 470 7,890 - 5 December 04 860 2,640 7,420 Inventory Prepaid Rent No. Date Debit Credit Balance No. December 01 320 Date December 01 Debit Credit 1 December 01 210 530 12 December 31 110 Balance 660 550 2 December 02 405 935 4 December 03 710 225 + + + Equipment No. Date Debit Credit Balance December 01 950 + + + + No. + Accumulated Depreciation-Equipment No. Date December 01 Debit 10 December 31 Credit Balance 8 90 98 Date Accounts Payable Debit Credit Balance No. December 01 1 December 01 210 1.250 1,460 Date December 01 Salaries and Wages Payable Debit Credit Balance 7 December 23 260 2 December 02 405 1,865 11 December 31 100 300 40 140 6 December 18 1,570 295 9 December 31 190 485 Q Search < Prex 1 of 1 Next > W Help Save & Exit Submit Return to question 1:12 AM 3/4/2024 PRE 8 Project two UTSA Project two M Question 1 - Project two ChatGPT C chegg.com/homework-he X Course Hero how to take a sxreen shot X + https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation..... Q { Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 1 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 15 points Mc Graw Hill 67F Cloudy 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. Adjusted Cash Accounts Receivable Inventory Prepaid Rent *Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Income Taxes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Depreciation Expense Office Expenses Rent Expense Salaries and Wages Expense Income Tax Expense Total COLLEGE COASTERS Trial Balance December 31, 2024 Account Title < General Ledger Income Statement > Q Search Debit Credit $ 7,420 2,640 225 550 950 98 485 140 700 5,200 2,700 16,640 8,360 98 1,490 1,320 2,210 700 $ 25,963 $ 25,963 < Prev 1 of 1 Next > W Help Save & Exit Submit Return to question 1:13 AM 3/4/2024 PRE UTSA Project two M Question 1 - Project two ChatGPT C chegg.com/homework-he X Course Hero how to take a sxreen shot X + https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation..... Q { 8 Project two Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 1 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 15 points Mc Graw Hill 67F Cloudy 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.) No Date 1 December 01 Inventory Accounts Payable 2 December 02 Inventory Accounts Payable 3 December 03 Accounts Receivable Sales Revenue 4 December 03 Cost of Goods Sold Inventory General Journal > > Debit Credit 210 210 405 405 1,700 1,700 710 710 5 December 04 Cash 860 Accounts Receivable 860 6 December 18 Accounts Payable Cash 1,570 1,570 7 December 23 Salaries and Wages Payable 260 Salaries and Wages Expense Cash 210 470 8 December 31 No Journal Entry Required Q Search < Prex 1 of 1 Next > W Help Save & Exit Submit Return to question 1:13 AM 3/4/2024 PRE UTSA Project two M Question 1 - Project two ChatGPT C chegg.com/homework-he X Course Hero how to take a sxreen shot X + https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.... Q { 8 Project two 1 15 points Mc Graw Hill 67F Cloudy Cash Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 7 December 23 Salaries and Wages Payable Salaries and Wages Expense Cash 8 December 31 No Journal Entry Required 9 December 31 Office Expenses Accounts Payable 10 December 31 Depreciation Expense Accumulated Depreciation-Equipment 11 December 31 Salaries and Wages Expense Salaries and Wages Payable 12 December 31 Rent Expense Prepaid Rent 13 December 31 Income Tax Expense Income Taxes Payable 14 December 31 No Journal Entry Required > > > > 15 December 31 No Journal Entry Required < Requirement General Ledger > Q Search 260 210 190 1,570 470 190 8 8 100 100 - 110 110 700 700 < Prev 1 of 1 Next > W Help Save & Exit Submit Return to question 1:13 AM 3/4/2024 PRE Course Hero + https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.... M Question 1 - Project two - Conne X ChatGPT Project two 1 Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 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. Answer is not complete. 15 points General Requirement 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. Adjusted Revenues: Sales Revenue COLLEGE COASTERS Income Statement For the Year Ended December 31 Cost of Goods Sold Gross Profit Operating Expenses: Rent Expense Salaries and Wages Expense Depreciation Expense Office Expenses Total Operating Expenses Income before Income Tax Expense Income Tax Expense Net Income Mc Graw Hill 65F Sunny 16,640 + 8,360 S 8.280 1,320 2,210 98 1,490 444 0000 0000 0 $ 5,118 3,162 |+| 700 2,462 < Trial Balance Balance Sheet > Q Search < Prex 1 of 1 Next > W 1 Help Save & Exit Submit Return to question 0 9:27 AM 3/5/2024 PRE Course Hero + https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.... M Question 1 - Project two - Conne X ChatGPT Project two 1 15 points Journal Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Irial Balance Balance Sheet Analysis Ledger Statement 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. Requirement Adjusted Assets Current Assets Cash COLLEGE COASTERS Balance Sheet As of December 31 Accounts Receivable Inventory Prepaid Rent Total Current Assets Equipment Total Assets Liabilities and Stockholders' Equity Current Liabilities Mc Graw Hill 65F Sunny 7,420 2,640 225 550 10,835 10,835 Accounts Payable 485 Salaries and Wages Payable 140 Income Taxes Payable 700 Total Liabilities $ 1,325 Stockholders' Equity Common Stock 5,200 Retained Earnings 5,162 Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 10,362 11,687 < Income Statement Analysis > Q Search < Prex 1 of 1 Next > W 1 Help Save & Exit Submit Return to question 0 9:27 AM 3/5/2024 PRE Course Hero + https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.... M Question 1 - Project two - Conne X ChatGPT Project two 15 1 points Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. a. Purchased 500 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 1,700 coasters on account on 12/3 at a unit price of $1.00. d. Collected $860 from customers on account on 12/4. e. Paid the supplier $1,570 cash on account on 12/18. f. Paid employees $470 on 12/23, of which $260 related to work done in November and $210 was for wages up to December 22. g. Loaded 80 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: h. College Coasters has not yet recorded $190 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 $660 of Prepaid Rent relates to a six-month period ending on May 31 of next year. I. 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. Mc Graw Hill 65F Sunny Answer is not complete. General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Calculate the inventory turnover ratio and days to sell, assuming that inventory was $320 on January 1 of this year. (Use 365 days a year. Round your intermediate calculations and final answers to 1 decimal place.) Requirement Inventory Turnover Ratio Days to Sell times per year days < Balance Sheet Analysis > Q Search < Prex 1 of 1 Next > W 1 Help Save & Exit Submit Return to question 0 9:27 AM 3/5/2024 PRE