Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone help me please On December 1, 2020, Rodriguez Distributing Company had the following account balances. Debits Credits Cash IS 2.200 $ 7.200||Accumulated Depreciation

image text in transcribedcan someone help me please
On December 1, 2020, Rodriguez Distributing Company had the following account balances. Debits Credits Cash IS 2.200 $ 7.200||Accumulated Depreciation Equipment 4,600||Accounts Payable 4.500 Accounts Receivable Inventory Supplies Equipment 12,000 Salaries and Wages Payable 1.200 Owner's Capital 22,000 S47,000 1.000 39,300 S47,000 16 During December, the company completed the following summary transactions. Dec. Paid S1,600 for salaries and wages due employees, of which S600 is for December and $1,000 is for November salaries and wages payable. 8 Received $2,200 cash from customers in payment of account (no discount allowed) 10 Sold merchandise for cash $6,300. The cost of the merchandise sold was 54.100. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10,n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $15,000, terms 3/10, 1/30. The cost of the merchandise sold was $10,000 20 Paid salaries and wages $1,800. 23 Paid Boehm Co. in full, less discount 27 Received collections in full, less discounts, from customers billed on December 18. Adjustment data: - 1. Accrued salaries and wages payable $840. 2. Depreciation $200 per month. -3. Supplies on hand $1,500. Instructions a. Journalize the December transactions using a perpetual inventory system. b. Enter the December 1 balances in the ledger T-accounts and post the December transactions. Use Cost of Goods Sold, Depreciation Expense, Salaries and Wages Expense, Sales Revenue, Sales Discounts, and Supplies Expense. c. Journalize and post adjusting entries. d. Prepare an adjusted trial balance. e. Prepare an income statement and an owner's equity statement for December and a classified balance sheet at December 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Methods of Delivery Guidelines for

Answered: 1 week ago