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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 trial balance at December

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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 trial balance at December 1. Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Comon Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Salaries and Wages Expense Depreciation Expense Income Tax Expense Office Expenses $ 9,700 1,700 See 660 590 see 1.430 2ee e 5,600 2,600 14,940 7,210 1,210 2,000 10e 1, 2ee 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 1,000 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 400 coasters on account from the regular supplier on 121 at a unit cost of $0.52 with terms of ni60. b. Purchased 900 coasters on account from the regular supplier on 122 at a unit cost of $0.55. with terms of n/60. c Sold 1,900 coasters on account on 12/3 at a unit price of $1.10. d. Collected $860 from customers on account on 124. e Paid the supplier $1.500 cash on account on 12/18. Pald employees $460 on 12/23. of which $290 related to work done in November and $170 was for wages up to December 22 9. Loaded 90 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona, Hawall. The sale was made FOB destination with terms of n/60 Other relevant information includes the following at 12:31: n. College Coasters has not yet recorded $170 of office expenses incurred in December on account The company estimates that the equipment depreciates at a rate of $10 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. 2. 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. COLLEGE COASTERS Trial Balance December 31, 2021 Account Title Debit Credit $ 9,700 1,700 500 880 5901 100 1.430 200 Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Depreciation Expense Office Expenses Rent Expense Salaries and Wages Expense Total 5,600 2,600 14,940 7,210 100 1.2001 1.210 2,000 24,870 $ 24,870 General Ledger Account Cash Debit Accounts Receivable Debit Credit No. Credit No. Date Dec 01 Balance 9,700 Date Dec 01 Balance 1.700 Inventory Debit Prepaid Rent Debit No. Credit No. Credit Date Dec 01 Balance 500 Date Dec 01 Balance 680 Equipment Debit No. Credit No. Date Dec 01 Balance 590 Accumulated Depreciation Equipment Date Debit Credit Dec 01 Balance 100 Accounts Payable Credit Salaries and Wages Payable Debit Credit No. Debit No. Date Dec 01 Balance 1,430 Date Dec 01 Balance 200 Common Stock Debit Credit Retained Earnings Debit Credit No. No. Date Dec 01 Balance 5,600 Date Dec 01 Balance 2,600 Sales Revenue Credit Cost of Goods Sold Debit Credit No. Debit No. Date Dec 01 Balance 14,940 Date Dec 01 Balance 7,210 Depreciation Expense Debit Credit Office Expenses Debit Credit No. No. Date Dec 01 Balance 100 Date Dec 01 Balance 1,200 Rent Expense Debit Credit Salaries and Wages Expense Debit Credit No. No. Date Dec 01 Balance 1.210 Date Dec 01 Balance 2.000 Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. However, you will need to calculate and enter the amount of the net income or loss for the year ended December 31. Unadjusted COLLEGE COASTERS Income Statement For the Year Ended December 31 COLLEGE COASTERS Balance Sheet As of December 31 Inventory Turnover Ratio Days to Sell times per year days

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