Accounting Cycle Review 6 a- f HELP PLEASE

On December 1, 2020, Sunland Company had the account balances shown below.

		Debit				Credit
Cash		$5,000		Accumulated DepreciationEquipment		$1,400
Accounts Receivable		4,400		Accounts Payable		4,000
Inventory		1,800*		Owners Capital		30,800
Equipment		25,000
		$36,200				$36,200

*(3,000 x $0.60) The following transactions occurred during December:

Dec. 3		Purchased 4,600 units of inventory on account at a cost of $0.70 per unit.
5		Sold 4,900 units of inventory on account for $0.86 per unit. (Sunland sold 3,000 of the $0.60 units and 1,900 of the $0.70.)
7		Granted the December 5 customer $168 credit for 200 units of inventory returned costing $112. These units were returned to inventory.
17		Purchased 2,400 units of inventory for cash at $0.76 each.
22		Sold 2,200 units of inventory on account for $0.91 per unit. (Sunland sold 2,200 of the $0.70 units.)

Adjustment data:

1.		Accrued salaries payable $600.
2.		Depreciation $280 per month.

A-Journalize the December transactions and adjusting entries, assuming Sunland uses the perpetual inventory method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) B-Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entries presented above.)

C-Prepare an adjusted trial balance as of December 31, 2020. D-Prepare an income statement for December 2020. E-Prepare a classified balance sheet at December 31, 2020. (List Current Assets in order of liquidity.) F-Compute ending inventory and cost of goods sold under FIFO, assuming Sunland Company uses the periodic inventory system. G-Compute ending inventory and cost of goods sold under LIFO, assuming Sunland Company uses the periodic inventory system.