College Coasters is a San Diego-based merchandiser specializing in logo drink coastersThe company reported following balances in its unadjusted trial balance at December 1. The company Buys consters from one supplierAll amounts in Accounts Payable on December owed to that supplier The Inventory on December consisted of consters, all of which were purchased in a batch on July 10 at a cost of 50.40 Coasters records its inventory using perpetual inventory accounts and the FIFO cost method

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 1 950 Cash 53.000 Accounts Receivable 1.800 Inventory 320 Prepaid Rent 660 Equipment Accumulated Depreciation 00 Accounts Payable 1,250 Salaries and Wages Payable 300 Income Taxes payable 0 Common Stock 5,200 Retained Earnings 2,700 Sales Revenue 14,940 Cast of Goods Sold 7,050 Rent Expense 1, 210 Salaries and Wages Expense 1,900 Depreciation Expense 90 Income Tax Exponse office Expense 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 800 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.40.C Coasters records its inventory using perpetual inventory accounts and the FIFO cost flow method. 0 a. Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0 42. with terms of 1/60 Purchased 900 coasters on account from the regular supplier on 12/2 at a unit cost of $0.45, with terms of 1/60 c Sold 1700 coasters on account on 12/3 at a unit price of $100 d. Collected $860 from customers on account on 12/4 e Paid the supplier $1,570 cash on account on 12/18 Paid employees $470 on 12/23, of which $260 related to work done in November and $210 was for wages up to December 22 o.Loaded 80 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 1/60 Other relevant information includes the following at 12/31 n. 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 $8 per month One month of depreciation needs to be recorded Wages for the period from December 23-31 are $100 and will be paid on January 15 k. The $660 of Prepaid Rent relates to a 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 n. The company did not declare dividends and there were no transactions involving common stock Journal entry worksheet