Check my work College Coasters is a San Diego-based merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1 $ 8,300 1,960 400 6ee 730 110 2.382 300 Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and wages Payable Income Taxes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Salaries and wages Expense Depreciation Expense Income Tax Expense Office Expense 5,600 3,000 19, 11e 7.300 1.100 1. Bee 110 1.200 The company buys coasters from one supplier All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory on December 1 consisted of 1000 coasters, all of which were purchased in a batch on July 10 at a unit cost of 50.40. College Prey 1 of 1 !!! Next We company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The Inventory on December 1 consisted of 1.000 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.40 College Coasters records its inventory usin 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 detall below oflook rences a Purchased 400 coasters on account from the regular supplier on 12/1 at a unit cost of $0.42 with terms of n/60 b. Purchased 900 coasters on account from the regular supplier on 12/2 at a unit cost of $0.45, with terms of n/60 c. Sold 1.800 coasters on account on 12/3 at a unit price of $100 d Collected $800 from customers on account on 12/4 e Paid the supplier $1.500 cash on account on 12/18 Paid employees $480 on 12/23, of which $290 related to work done in November and $190 was for wages up to December 22 9 Loaded 100 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona. Howell. The sale was made FOB destination with terms of n/60 Other relevant information includes the following at 12/31 h. College Coasters has not yet recorded $190 of office expenses incurred in December on account The company estimates that the equipment depreciates at a rate of $9 per month One month of depreciation needs to be The company estimates that the equiment depreciates at a rate of $9 per monthOne month of depreciation needs to be recorded Wages for the period from December 3-31 are $100 and will be paid on January 15, k The $600 of Prepaid Rent relates to six-month period ending on May 31 of next year The company incurred $700 of income tax but has made no tax payments this year, m. No shrinkage or damage was discovered when the inventory was counted on December 31 in. The company did not declare dividends and there were no transactions involving common stock Requirement General Genera Income Journal Trial Balance Ledger Balance Sheet Analysis Statement General Journal 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 property 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