Accounting Cycle Review 5 a-e3 On December 1, 2020, Wildhorse Distributing Company had the following account balances. Debit Credit Cash Accounts Receivable Inventory Supplies Equipment $7,100 4,700 11,900 1,500 23.100 $48. 300 Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Owner's Capital $2,310 5,000 1,000 39,990 $48,300 During December the company completed the following summary transactions Dec 6 Paid $1,800 for salaries and wages de employees, of which $800 is for December and $1,000 is for November salaries and wages payable 3 Received $1.900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6.800. The cost of the merchandise sold was $4,000. 13 Purchased merchandise on account from Boch Co. 58.900, terms 2/10, 1/30. 15 Purchased supplies for cash 1700 18 Sold merchandise on account $12.00 bens 3/10, 1/30. The cost of the merchandise sold was $9.000. 20 Paldies and wages $1500 23 Dald Bob Collecourt 27 Se l ections in counts from customers bied on December 18 Sou t h December transactions in a pere n tory system (Credit accounttiles are automatically indented her amount is one Sourire the December transactions using a perpetual Inventory system (Che countries are automatically indented when amount e d De manually. I try se ed select " Entry for the account titles and enter for them . Arecord formatie te onderneed Date d onation Crede A Return LO Blackboard Weygandt, Accounting Principles, 13e Help System Announcements (To record cost of goods sold) (To record the sales revenue) To record cost of goods sold) (To record cost of goods sold) LINK TO TEXT LINK TO TEXT LINK TO TEXT Cater the December balance in the ledo Tocants and the December transactions Post entries in the order or zero (O). Select date from drop down and enter for the amount in the column for the normal balance for that a Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of rero (0), select date from drop down and enter o for the amount in the column for the normal balance for that acc Cash Accounts Receivable Inventory Inventory Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Accounts Payable Salaries and Wages Payable Owner's Capital Sales Revenue ry Study Sales Discounts Cost of Goods Sold Salaries and Wages Expense ov. Study LINK TO TEXT LINK TO TEXT LINK TO TEXT djustment data: 1 ccrued stars and was pavable 3800 Type here to search 2 Adjustment data: 1. Accrued salaries and wages payable $800. 2. Depreciation $210 per month 3. Supplies on hand $1,700. Joumalize adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not inden for the account titles and enter o for the amounts.) No. Date Account Titles and Explanation Debit Credit Type here to search 12/1 Bal. 12/8 12/10 12/27 12/31 Bal. 1,800 1,700 1,500 8,722 12/1 Bal. 12/18 12/31 Bal. Cash 7,100 12/6 1,900 12/15 6,800 12/20 12,319 12/23 14,397 Accounts Receivable 4,700 12/8 12,700 12/27 2,800 Inventory 11,900 12/10 3,900 12/18 12/23 3.622 Supplies 1,900 12,700 12/1 Bal. 12/13 4,000 8.000 12/31 Bal 12/1 Bal 215 1.700 Element De here to search 12/31 Bal. 12/23 8,622 Supplies 1,500 12/1 Bal. 12/15 1,700 12/1 Bal 12/31 Bal Equipment 23,100 23,100 Accumulated Depreciation Equipment Accounts Payable 8,900 12/1 Ball 12/13 12/31 Bal Salaries and Wages Payable 1.000 12/13 5.000 8.900 5.000 be here to search 12/31 Bal. Salaries and Wages Payable 1,000 12/1 Bal. Owner's Capital 12/1 Bal. 12/31 Bal. Sales Revenue 12/10 39,990 39,990 12/18 6,800 12,700 19,500 12/31 Bal. Sales Discounts 381 12/27 12/31 Bal Cost of Goods Sold 112/10 4,000 3.000 12.000 Depreciation Expense ype here to search Depreciation Expense Salaries and Wages Expense 12/6 800 12/20 1,500 Supplies Expense LINK TO TEXT LINK TO TEXT LINK TO TEXT Preparen usted til balance WILDHORSE DISTRIBUTING COMPANY Adjusted Trul Balance here to search Prepare an adjusted trial balance. WILDHORSE DISTRIBUTING COMPANY Adjusted Trial Balance Debit Credit here to Prepare an income statement WILDHORSE DISTRIBUTING COMPANY Income Statement Prepare an owners equity statement for December WILDHORSE DISTRIBUTING COMPANY Owner's Equity Statement LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a classified balance sheet at December 31. (List Current Assets in order of liquidity.) WILDHORSE DISTRIBUTING COMPANY alance Sheet WILDHORSE DISTRIBUTING COMPANY Balance Sheet Assets Liabilities and Owner's Equity Liabilities and Owner's Equity Question Attempts: 0 of 3 used