Question
Account Debit Account Credit Cash $7,200 Accu. Depn., Equipment $2,200 Accounts Receivable 4,600 Accounts Payable 4,500 Inventory 12,000 Salaries & Wages Payable 1,000 Supplies 1,200
Account | Debit | Account | Credit |
Cash | $7,200 | Accu. Depn., Equipment | $2,200 |
Accounts Receivable | 4,600 | Accounts Payable | 4,500 |
Inventory | 12,000 | Salaries & Wages Payable | 1,000 |
Supplies | 1,200 | Owner's Capital | 39,300 |
Equipment | 22,000 | Total | $47,000 |
Total | $47,000 |
During December, the company completed the following transactions. All end-of-the month adjusting entries were made on November 30, 2014.
Dec. 6 | 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. |
Dec. 8 | Received $1,900 cash from customers in payment of account (no discount allowed). |
Dec. 10 | Sold merchandise for cash $6,300. The cost of the merchandise sold was $4,100. |
Dec. 13 | Purchased merchandise on account from Flim Co. $9,000, terms 2/10, n/30. |
Dec. 15 | Purchased supplies for cash $2,000. |
Dec. 18 | Sold merchandise on account $12,000, terms 3/10, n/30. The cost of the merchandise sold was $8,000. |
Dec. 20 | Paid salaries and wages $1,800. |
Dec. 23 | Paid Flim Co. in full, less discount. |
Dec. 27 | Received collections in full, less discounts, from customers billed on December 18. |
December adjusting entry data:
1. Accrued salaries and wages payable $800.
2. Depreciation $200 per month.
3. Supplies on hand $1,500
Prepare in journal form, without explanations, the December adjusting entries.
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