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College Coasters is a San Diegobased merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1. Cash $10,005 Accounts Receivable 2,000 Inventory 500 Prepaid Rent 600 Equipment 810 Accumulated Depreciation 110 Accounts Payable 1,500 Salaries and Wages Payable 300 Income Taxes Payable D Common Stock 6.500 Retained Earnings 3,030 Sales Revenue 15.985 Cost of Goods Sold 8,900 Rent Expense 1,100 Salaries and Wages Expense 2,000 Depreciation Expense 110 Income Tax Expense 0 Office Expenses 1,400 The company buys coasters from one supplier. All amounts in Accounts Payable on December1 are owed to that supplier. The inventory on December1 consisted of1,000 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.50. College Coasters records its inventory using perpetual inventory accounts and the FIFO cost flow method. During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below. a. Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.52, with terms of n/60. b. Purchased 1,000 coasters on account from the regular supplier on 12/2 at a unit cost of $0.55, with terms of n/60. c. Sold 2,000 coasters on account on 12/3 at a unit price of $0.90. d. Collected $1,000 from customers on account on 12/4. 9. Paid the supplier $1,600 cash on account on 12/18. 15 Paid employees $500 on 12/23, of which $300 related to work done in November and $200 was for wages up to December 22. g. Loaded 100 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona, Hawaii. The sale was made FOB destination with terms of n/60. Other relevant information includes the following at 1281: h. College Coasters has not yet recorded $200 of office expenses incurred in December on account. i. The company estimates that the equipment depreciates at a rate of $10 per month. One month of depreciation needs to be recorded. j. Wages for the period from December 23-31 are $100 and will be paid on January 15. k. The $600 of Prepaid Rent relates to a six-month period ending on May 31 of next year. I. The company incurred $789 of income tax but has made no tax payments this year. 111. No shrinkage or damage was discovered when the inventory was counted on December 31. n. The company did not declare dividends and there were no transactions involving common stock. . General General . Income . Requrrement Journal Ledger TrIal Balance Statement Balance Sheet Analyse: General Journalr tab - Prepare the journal entries to record the transactions (a) through (n). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances in the General Ledger. Trial Balance tab - You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop- down. Income Statement tab - Use the drop-down to select the accounts properly included on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account based on your selection. Balance Sheet tab - Use the drop-down to select the accounts to properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Analysis tab - Calculate to one decimal place the inventory turnover ratio and days to sell in 'Analysis Tab.' Require... General General Trial Income Balance Journal Ledger Balance Statem... Sheet Analysis Prepare the journal entries to record the transactions (a ) through (n). Review the accounts as shown in the General Ledger and Trial Balance tabs. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet x No Date General Journal Debit Credit 1 Dec 01 Inventory 260 Accounts Payable 260 2 Dec 02 Inventory 50 Accounts Payable 550 3 Dec 03 Accounts Receivable 1,800 Sales Revenue 1,800 Cost of Goods Sold 1,035 Inventory 1,035 4 Dec 03 Cash 1,000 Accounts Receivable 1,000 5 Dec 04 Cash Accounts Receivable 6 Dec 18 Cash 1,000 Accounts Receivable 1,000 7 Dec 23 Salaries and Wages Payable 300 Salaries and Wages Payable 200 Cash 500 8 Dec 31 No Journal Entry Required 9 Dec 31 Office Expenses 200 Supplies Expense 200 10 Dec 31 Depreciation Expense 10 Accumulated Depreciation-Equipment 10 11 Dec 31 Salaries and Wages Payable 100 Salaries and Wages Expense 100 12 Dec 31 Rent Expense 100 Prepaid Rent 100 13 Dec 31 Income Tax Expense 789 Income Taxes Payable 789 14 Dec 31 No Journal Entry Required 15 Dec 31 No Journal Entry RequiredGeneral General Trial Income Balance Requure... Journal Ledger Balance Statem... Sheet Analysis Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. However, you will need to calculate and enter the amount of the nei income or loss for the year ended December 31. Show IessA Adjusted V Require... General General Trial Income Balance Journal Ledger Balance Statem... Sheet Analysis Use the dropdowns to select the accounts properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. However, you will need to enter the amount of the Equipment (Net of accumulated depreciation), Common stock and Retained earnings as of December 31. Show less Adjusted COLLEGE COASTERS Balance Sheet As of December 31 0 0 o o O o $ 0 ORequire... General General Trial Income Balance Journal Ledger Balance Statem... Sheet Analysis Calculate the inventory turnover ratio and days to sell, assuming that inventory was $500 on January 1 of this year. (Use 365 days a year. Round your intermediate calculations and final answers to 1 decimal place.) Show less Inventory Turnover times per Ratio year Days to Sell days