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 $ 8,000 Accounts Receivable 1,860 Inventory 400 Prepaid Rent 660 Equipment 750 Accumulated Depreciation 110 Accounts Payable 1,340 Salaries and Wages Payable 300 Income Taxes Payable 0 Common Stock 6,000 Retained Earnings 2,500 Sales Revenue 12,650 Cost of Goods Sold 7,210 Rent Expense 1,210 Salaries and Wages Expense 1,600 Depreciation Expense Income Tax Expense 110 0 1,100 Office Expense 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 $0.40. 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 12/1 at a unit cost of $0.42, with terms of n/60. b. Purchased 900 coasters on account from the regular supplier on 12/2 at a unit cost of $0.45, with terms of n/60. c. Sold 1,800 coasters on account on 12/3 at a unit price of $1.00. d. Collected $840 from customers on account on 12/4. e. Paid the supplier $1,490 cash on account on 12/18. f. Paid employees $480 on 12/23, of which $260 related to work done in November and $220 was for wages up to December 22. g. Loaded 100 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 n/60. Other relevant information includes the following at 12/31: h. College Coasters has not yet recorded $180 of office expenses incurred in December on account. i. The company estimates that the equipment depreciates at a rate of $9 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 $660 of Prepaid Rent relates to a six-month period ending on May 31 of next year. 1. 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. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis General Journal tab - Prepare the journal entries to record the transactions (a) through (n). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances in the General Ledger. Trial Balance tab - You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop- down. Income Statement tab - Use the drop-down to select the accounts properly included on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account based on your selection. Balance Sheet tab - Use the drop-down to select the accounts to properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Analysis tab - Calculate to one decimal place the inventory turnover ratio and days to sell in 'Analysis Tab.' Journal entry worksheet 1 2 3 4 5 6 7 8 15 Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.42, with terms of n/60. Record the transaction. Note: Enter debits before credits. Date December 01 General Journal Debit Credit Journal entry worksheet > 1 2 3 4 5 6 7 8 15 Purchased 900 coasters on account from the regular supplier on 12/2 at a unit cost of $0.45, with terms of n/60. Record the transaction. Note: Enter debits before credits. Date December 02 General Journal Debit Credit Journal entry worksheet < 1 2 3 4 5 6 7 8 15 Sold 1,800 coasters on account on 12/3 at a unit price of $1. Record the transaction. Note: Enter debits before credits. Date December 03 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet > 1 2 3 Record the cost of goods sold. 4 5 6 7 8 15 Note: Enter debits before credits. Date December 03 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 15 > Collected $840 from customers on account on 12/4. Record the transaction. Note: Enter debits before credits. Date December 04 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 15 Paid the supplier $1,490 cash on account on 12/18. Record the transaction. Note: Enter debits before credits. Date December 18 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 15 > Paid employees $480 on 12/23, of which $260 related to work done in November and $220 was for wages up to December 22. Record the transaction. Note: Enter debits before credits. Date December 23 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 15 Loaded 100 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 n/60. Record the transaction. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Journal entry worksheet > 1 ... 4 5 6 7 8 6 15 College Coasters has not yet recorded $180 of office expenses incurred in December on account. Record the transaction. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 5 6 7 8 9 110 15 The company estimates that the equipment depreciates at a rate of $9 per month. One month of depreciation needs to be recorded. Record the transaction. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 ... 6 7 8 9 10 11 15 Wages for the period from December 23-31 are $100 and will be paid on January 15. Record the transaction. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet > 1 7 8 9 10 11 12 15 The $660 of Prepaid Rent relates to a six-month period ending on May 31 of next year. Record the transaction. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 ... 8 9 10 11 12 13 15 The company incurred $700 of income tax but has made no tax payments this year. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal > Journal entry worksheet < 189 10 11 12 13 14 15 > No shrinkage or damage was discovered when the inventory was counted on December 31. Record the transaction. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 ... 8 9 10 11 13 12 13 14 15 The company did not declare dividends and there were no transactions involving common stock. Record the transaction. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Unadjusted General Ledger Account Cash Accounts Receivable No. Date December 01 Debit Credit Balance No. 8,000 Date December 01 Debit Credit Balance 1,860 Inventory No. Date Debit Credit Balance No. December 01 400 Date December 01 Prepaid Rent Debit Credit Balance 660 Equipment Accumulated Depreciation-Equipment No. Date December 01 Debit Credit Balance No. 750 Date December 01 Debit Credit Balance 110 Accounts Payable No. Date December 01 Debit Credit Balance No. 1,340 Date December 01 Salaries and Wages Payable Debit Credit Balance 300 No. Date December 01 Common Stock Debit Credit Balance No. 6,000 Date December 01 Retained Earnings Debit Credit Balance 2,500 No. Date Sales Revenue Debit Credit Balance No. December 01 12,650 Date December 01 Cost of Goods Sold Debit Credit Balance 7,210 No. Date Depreciation Expense Debit Credit Balance No. December 01 110 Date December 01 Office Expenses Debit Credit Balance 1,100 No. Date Rent Expense Debit Credit December 01 Balance 1,210 No. Date December 01 Salaries and Wages Expense Debit Credit Balance 1,600 < General Journal Trial Balance > General Requirement Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted Cash COLLEGE COASTERS Trial Balance December 31, 2022 Account Title 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 4444444444444444 Rent Expense Salaries and Wages Expense Total Debit Credit $ 8,000 1,860 400 660 750 110 1,340 300 6,000 2,500 12,650 7,210 110 1,100 1,210 1,600 $ 22,900 $ 22,900 General Requirement Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which then populate the balances in those accounts from the trial balance. However, you will need to calculate and enter the am of the net income or loss for the year ended December 31. Unadjusted COLLEGE COASTERS Income Statement For the Year Ended December 31 $ 0 0 $ 0 0 0 0 0 0 $ ss 0 0 0 < Trial Balance Balance Sheet > Journal Trial Balance Balance Sheet Analysis Ledger Statement Use the dropdowns to select the accounts properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. However, you will need to enter the amount of the Equipment (Net of accumulated depreciation), Common stock and Retained earnings as of December 31. Requirement Unadjusted COLLEGE COASTERS Balance Sheet As of December 31 0 0 0 0 0 0 0 $ 0 $ 0 $ 0 General Requirement Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Calculate the inventory turnover ratio and days to sell, assuming that inventory was $400 on January 1 of this year. (Use 365 days a year. Round your intermediate calculations and final answers to 1 decimal place.) Inventory Turnover Ratio Days to Sell times per year days < Balance Sheet Analysis