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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 Diego-based merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1.
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
$9,400
1,780
450
540
830
100
1,230
300
0
5,900
2,700
13,980
7,120
990
1,700
100
0
1,300
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 900 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 121 at a unit cost of $0.52, with terms of n60.
b. Purchased 900 coasters on account from the regular supplier on 122 at a unit cost of $0.55, with terms of n60.
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 121 at a unit cost of $0.52, with terms of n60.
b. Purchased 900 coasters on account from the regular supplier on 122 at a unit cost of $0.55, with terms of n60.
c. Sold 1,800 coasters on account on 123 at a unit price of $1.10.
d. Collected $870 from customers on account on 124.
e. Paid the supplier $1,390 cash on account on 1218.
f. Paid employees $430 on 1223, of which $270 related to work done in November and $160 was for wages up to December 22.
g. Loaded 100 coasters on a cargo ship on 1231 to be delivered the following week to a customer in Kona, Hawaii. The sale was made FOB destination with terms of n60.
Other relevant information includes the following at 1231 :
h. College Coasters has not yet recorded $190 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 $540 of Prepaid Rent relates to a six-month period ending on May 31 of next year.
I. 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.
n. The company did not declare dividends and there were no transactions involving common stock.
\table[[Requirement,\table[[General],[Journal]],\table[[General],[Ledger]],Trial Balance,\table[[Income],[Statement]],Balance Sheet]]
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