Accounting Cycle Review 5 a-e3 On December 1, 2020, Wildhorse Distributing Company had the following account balances. During December, the company completed the following summary transactions Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1.000 is for November salaries and wages payable Received $1.500 cash from customers in payment of account (no discount allowed). Sold merchandise for cash 56.800. The cost of the merchandise sold was $4.000 Purchased merchandise on account from Boehm Co. $8.900, terms 2/10, /30 U Purchased supplies for cash $1,700 Sold merchandise on account $12,700, terms 3/10, 30. The cost of the merchandise sold was $8.000 Pald salaries and wages $1,500. 33 Paid Boehm Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18. Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts Record journal entries in the order presented in the problem.) During December, the company completed the following summary transactions Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable Received $1,900 cash from customers in payment of account (no discount allowed) Sold merchandise for cash $5,800. The cost of the merchandise seld was 14,000 Purchased merchandise on account from Boch Ca 8,900,terms 2/10, 1/30 1 Purchased supplies for cash $1,700 Sold merchandise on account $12,700, terms 3/10, 1/30. The cost of the merchandise sold was 8,000 Paid salaries and wages $1,500 1 Paid Boch Co. in fulles discount Received collections in less discounts, from customers bied on December 18 Joumalize the December transactions using a perpetual inventory system (Credit accountries are automatically indented when amount is entered Dometindent ma y . If ne entry is required, sect"No Entry for the accounts and enter for the amount Record journal entries in the order presented the problem.) Enter the December 1 balances in the lediger T-accounts and post the December transactions Post entries in the order of journal entre presented above. If the balance szere (0), select date from drop down and enter for the amount in the column for the normal balance for that account) Cash Enter the December 1 balances in the ledger Taccounts and post the December transactions. (Pest entries in the order of journal entries presented above. If the balanc is zero (O), select date from drop down and enter for the amount in the column for the normal balance for that account.) Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Owner's Capital Sales Revenue Sales Discounts Cost of Goods Sold Salaries and Wages Expense Adjustment data: Adjustment data A Journalize adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entryfe the account tities and enter for the amounts.) Post adjusting entries. (Post entries in the order of journal entries presented above) 101 Accounts Receivable Inventory 1 Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Owner's Capital Sales Revenue Sales Discounts Cost of Goods Sold Depreciation Expense Accounts Payable Salaries and Wages Payable 1. 2 Owner's Capital Sales Revenue Sales Discounts Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Supplies Expense Prepare an adjusted trial balance. WILDHORSE DISTRIBUTING COMPANY Adjusted Trial Balance Prepare an income statement. WILDHORSE DISTRIBUTING COMPANY AYAYAI FASHION CENTER Trial Balance ACC Thes Adj. Trial Balance ccounts Receivable Tieto 133.000 M. Gore Accounting Cycle Review 5 a-e3 On December 1, 2020, Wildhorse Distributing Company had the following account balances. During December, the company completed the following summary transactions Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1.000 is for November salaries and wages payable Received $1.500 cash from customers in payment of account (no discount allowed). Sold merchandise for cash 56.800. The cost of the merchandise sold was $4.000 Purchased merchandise on account from Boehm Co. $8.900, terms 2/10, /30 U Purchased supplies for cash $1,700 Sold merchandise on account $12,700, terms 3/10, 30. The cost of the merchandise sold was $8.000 Pald salaries and wages $1,500. 33 Paid Boehm Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18. Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts Record journal entries in the order presented in the problem.) During December, the company completed the following summary transactions Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable Received $1,900 cash from customers in payment of account (no discount allowed) Sold merchandise for cash $5,800. The cost of the merchandise seld was 14,000 Purchased merchandise on account from Boch Ca 8,900,terms 2/10, 1/30 1 Purchased supplies for cash $1,700 Sold merchandise on account $12,700, terms 3/10, 1/30. The cost of the merchandise sold was 8,000 Paid salaries and wages $1,500 1 Paid Boch Co. in fulles discount Received collections in less discounts, from customers bied on December 18 Joumalize the December transactions using a perpetual inventory system (Credit accountries are automatically indented when amount is entered Dometindent ma y . If ne entry is required, sect"No Entry for the accounts and enter for the amount Record journal entries in the order presented the problem.) Enter the December 1 balances in the lediger T-accounts and post the December transactions Post entries in the order of journal entre presented above. If the balance szere (0), select date from drop down and enter for the amount in the column for the normal balance for that account) Cash Enter the December 1 balances in the ledger Taccounts and post the December transactions. (Pest entries in the order of journal entries presented above. If the balanc is zero (O), select date from drop down and enter for the amount in the column for the normal balance for that account.) Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Owner's Capital Sales Revenue Sales Discounts Cost of Goods Sold Salaries and Wages Expense Adjustment data: Adjustment data A Journalize adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entryfe the account tities and enter for the amounts.) Post adjusting entries. (Post entries in the order of journal entries presented above) 101 Accounts Receivable Inventory 1 Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Owner's Capital Sales Revenue Sales Discounts Cost of Goods Sold Depreciation Expense Accounts Payable Salaries and Wages Payable 1. 2 Owner's Capital Sales Revenue Sales Discounts Cost of Goods Sold Depreciation Expense Salaries and Wages Expense Supplies Expense Prepare an adjusted trial balance. WILDHORSE DISTRIBUTING COMPANY Adjusted Trial Balance Prepare an income statement. WILDHORSE DISTRIBUTING COMPANY AYAYAI FASHION CENTER Trial Balance ACC Thes Adj. Trial Balance ccounts Receivable Tieto 133.000 M. Gore