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College Coasters is a San Diego - based merchandiser specializing in logo - adorned drink coasters. The company reported the following balances in its unadjusted
College Coasters is a San Diegobased merchandiser specializing in logoadorned drink coasters. The company reported the following balances in its unadjusted trial balance at December
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
$
The company buys coasters from one supplier. All amounts in Accounts Payable on December are owed to that supplier. The inventory on December consisted of coasters, all of which were purchased in a batch on July at a unit cost of $ 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 coasters on account from the regular supplier on at a unit cost of $ with terms of
b Purchased coasters on account from the regular supplier on at a unit cost of $ with terms of
During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below.
a Purchased coasters on account from the regular supplier on at a unit cost of $ with terms of
b Purchased coasters on account from the regular supplier on at a unit cost of $ with terms of
c Sold coasters on account on at a unit price of $
d Collected $ from customers on account on
e Paid the supplier $ cash on account on
Paid employees $ on of which $ related to work done in November and $ was for wages up to December
g Loaded coasters on a cargo ship on to be delivered the following week to a customer in Kona, Hawaii. The sale was made FOB destination with terms of
Other relevant information includes the following at :
h College Coasters has not yet recorded $ of office expenses incurred in December on account.
The company estimates that the equipment depreciates at a rate of $ per month. One month of depreciation needs to be recorded.
J Wages for the period from December are $ and will be paid on January
k The $ of Prepaid Rent relates to a sixmonth period ending on May of next year.
I. The company incurred $ of income tax but has made no tax payments this year.
No shrinkage or damage was discovered when the inventory was counted on December
The company did not declare dividends and there were no transactions involving common stock.
tableRequirementtableGeneralJournaltableGeneralLedgerTrial Balance,tableIncomeStatementBalance Sheet
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