Accounting Cycle Review 8 a-g2 On December 1, 2020, Concord Company had the following account balances. Debit Credit Cash $18,000 Accumulated Depreciation-Equipment $3,100 Notes Receivable 2,500 Accounts Payable 6,200 Accounts Receivable 8,000 Owner's Capital 65,200 Inventory 16,400 $74,500 Prepaid Insurance 1,700 Equipment 27,900 $74,500 During December, the company completed the following transactions. Dec. 7 Received $3,600 cash from customers in payment of account (no discount allowed). 12 Purchased merchandise on account from Vance Co. $13,000, terms 1/10, 1/30. 17 Sold merchandise on account $16,600, terms 2/10, 1/30. The cost of the merchandise sold was $9,900. 19 Paid salaries $2,300. 22 Paid Vance Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17. 31 Received $2,600 cash from customers in payment of account (no discount allowed) Adjustment data: 1. Depreciation $190 per month 2. Insurance expired $410. Journalize the December transactions. (Assume a perpetual inventory system.) (Credit account titres are automatical manually.) Dute DECT Account Tities and Explanation Cash Debit Credit Journalize the December transactions. (Assume a perpetual inventory system.) (Credit account titles are ac manually.) Credit Date Dec. 7 Account Titles and Explanation Cash Debit 3600 Accounts Receivable 3600 tudy (To record sales) (To record cost of goods sold) Dec 26 Dec. 26 LINK TO TEXT Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the o Cash Notes Receivable Accounts Receivable Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entri Cash Notes Receivable Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Equipment ORCES Accounts Payable Owner's Capital Sales Revenue Sales Discounts by Study Cost of Goods Sold Salaries and Wages Expense LINK TO TEXT The statement from Jackson County Bank on December 31 showed a balance of $25,778. A comparison of the bank statement 1. The bank collected a note receivable of $2,500 for Concord Company on December 15. 2. The December 31 receipts were deposited in a night deposit vault on December 31. These deposits were recorded by the be 3. Checks outstanding on December 31 totaled $1,200 4 On December 31, the bank statement showed an NSF charge of $620 for a check received by the company from L Bryan, a D a nkconditions december based on the information. The cash and 25.23 SOURCES GRLORATOR PRINTER VERSION BACK ed the f a cts The statement from Jaden County Bark on December 31 showed a balance of $25.7. A comparison of the bank met with the sho w 1. The bank coded a note of 2.500 for Concord Company on December 15. 2. The December 31 ts were destinad o on December 31. These det a rded by the bank in 3. Check outstanding on December 31 to 1.200 4. Os December 31, the bank s showed Scho $20 for a chr ed by the come from Lyon, Prepare a bank reconditions of b o th w o : The c oncert 25.8. Then be proven by Chrom part e m that increase the frecce camera ) the bande mand command option SOURCES Journalize the adjusting entries resulting from the bank reconciliation and adjustment data. (Credit account titles are auto Indent manually.) Date Account Titles and Explanation Dec. 31 Debit Credit Ab (To record collection of notes receivable) Dec. 31 alts by Study (To record NSF charge) Dec 31 To adjust depreciation) Dec. 31 LIETOTT Post the justing entries to the leader s (Pastries in the order of journal entries presented in the previous part.) RESOURCES Post the adjusting entries to the ledger T-accounts. (Post entries in the order of journal entries presents 12/1 Bal. 12/7 Cash 18,000 12/19 3,600 12/22 2,300 12,870 12/26 16,268 8-03 12/31 2,600 8-04A B ore core Results by Study Notes Receivable 2,500 Accounts Receivable 12/1 Bal 8,000 12/7 16,600 12/26 12/31 3.600 16,600 2,600 Inventory 16,400 12/17 11.000 12/22 9,900 Prepaid Insurance 13,000 12/22 11 - 3-03A - Prepaid Insurance 9-04A a-b 12/1 Bal. 1,700 sults by Study 12/1 Bal. Equipment 27,900 Accumulated Depreciation-Equipment 12/1 Bal. 3,100 Accounts Payable 13,000 12/1 Bal. 12/12 13,000 Owner's Capital 12/1 Bal Sales Revenue 65,200 12/17 16,600 IRCES Sales Revenue 12/17 16,600 Sales Discounts 332 12/26 Cost of Goods Sold 9,900 by Study Depreciation Expense Salaries and Wages Expense 2,300 Insurance Expense PROTI 50 50 Prepare an adjusted trial balance. (Do not list those accounts that have zero ending balance.) CONCORD COMPANY Adjusted Trial Balance Debit Credit LINK TO TEXT Prepare an income statement for December CONCORD COMPANY Income Statement RCES Prepare an income statement for December CONCORD COMPANY Income Statement Y Study Prepare a classified balance sheet at December 31. (List Current Assets in the order of liquidity) CONCORD COMPANY 23 Prepare a classified balance sheet at December 31. (List Current Assets in the order of liquidity.) CONCORD COMPANY Balance Sheet Assets Study Labtes and Owners' Equity W E RCES . by Study Liabilities and Owners' Equity Question Attempts of
