College Coasters, Inc. is a San Antonio, TX based merchandiser specializing in logo-adorned drink coasters. The company's unadjusted trial balance follows, and includes revenues and expenses for the eleven months ended November 30, 2017: COLLEGE COASTERS, INC. UNADJUSTED TRIAL BALANCE AS OF NOVEMBER 30, 2017 DR CR 10,005 2,000 500 600 700 CASH ACCOUNTS RECEIVABLE INVENTORY PREPAID RENT EQUIPMENT ACCUMULATED DEPRECIATION ACCOUNTS PAYABLE SALARIES &WAGES PAYABLE INCOME TAXES PAYABLE COMMON STOCK RETAINED EARNINGS SALES REVENUE COST OF GOODS SOLD DEPRECIATION EXPENSE INCOME TAX EXPENSE OFFICE EXPENSE RENT EXPENSE SALARIES &WAGES EXPENSE $ 110 1,500 300 6,500 3,030 15,875 8,900 110 1,400 1,100 2,000 $27,315 s 27.315 The company buys coasters from one supplier. All amounts in Accounts Payable on December 1, 2017 are owed to that supplier. Inventory on December 1 consisted of 1,000 coasters, all of which were purchased in a batch on July 10, 2017 for $0.50 each. College Coasters records its inventory using a perpetual inventory system and the weighted average cost method. During December, the company entered into the following transactions: his td 1. Purchased s500 coasters on account from the supplier on 12/1 for $0.50 each, with terms of 2/10, Net 30, FOB Shipping Point. Purchased 1,000 coasters on account from the supplier on 12/2 for $0.50 each, with terms of 2/10, Net 30, FOB Shipping Point. Sold 2,000 coasters on account on 12/3 for $2.50 each, with terms of 2/10, Net 30, FOB Destination. The coasters were delivered on 12/4 Collected $4,000 from customers on account on 12/17 Paid the supplier $2,250 cash on account on 12/18. Paid employees $500 on 12/23. $300 was related to work performed in November and the remaining $200 was related to work performed through 12/22. Sold 100 coasters on account on 12/31 for $2.50 each, with terms of 2/10, Net 30, FOB Destination. The coasters were dropped off with the common carrier on 12/31 and will be delivered on 1/4/2018. 2. 3. 4. 5. 6. 7