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 $ 9,400 Accounts Receivable 1,780 Inventory 450 Prepaid Rent 540 Equipment 830 Accumulated Depreciation 100 Accounts Payable 1,230 Salaries and Wages Payable 300 Income Taxes Payable 0 Common Stock 5,900 Retained Earnings 2,700 Sales Revenue 13,980 Cost of Goods Sold 7,120 Rent Expense 990 Salaries and Wages Expense 1,700 Depreciation Expense 100 Income Tax Expense Office Expense 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. S During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below. Check my w 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 $0.52, with terms of n/60. b. Purchased 900 coasters on account from the regular supplier on 12/2 at a unit cost of $0.55, with terms of n/60. c. Sold 1,800 coasters on account on 12/3 at a unit price of $1.10. d. Collected $870 from customers on account on 12/4. e. Paid the supplier $1,390 cash on account on 12/18. f. Paid employees $430 on 12/23, 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 12/31 to be delivered the following week to a customer in Kona, Hawaii. The sale was mad FOB destination with terms of n/60. Other relevant information includes the following at 12/31: 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. 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. 1 Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.52, with terms of n/60. Record the transaction. 2 Purchased 900 coasters on account from the regular supplier on 12/2 at a unit cost of $0.55, with terms of n/60. Record the transaction. 3 Sold 1,800 coasters on account on 12/3 at a unit price of $1.1. Record the transaction. 4 Record the cost of goods sold. 5 Collected $870 from customers on account on 12/4. Record the transaction. 6 Paid the supplier $1,390 cash on account on 12/18. Record the transaction. 7 Paid employees $430 on 12/23, of which $270 related to work done in November and $160 was for wages up to December 22. Record the transaction. 8 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. 9 College Coasters has not yet recorded $190 of office expenses incurred in December on account. Record the transaction. 10 The company estimates that the equipment depreciates at a rate of $10 per month. One month of depreciation needs to be recorded. Record the transaction. 11 Wages for the period from December 23-31 are $100 and will be paid on January 15. Record the transaction. 12 The $540 of Prepaid Rent relates to a six-month period ending on May 31 of next year. Record the transaction. 13 The company incurred $700 of income tax but has made no tax payments this year. Record the transaction. 14 No shrinkage or damage was discovered when the inventory was counted on December 31. Record the transaction. 15 The company did not declare dividends and there were no transactions involving common stock. Record the transaction. No. Date No. No. No. December 01 Date December 01 Cash General Ledger Account Accounts Receivable Debit Credit Balance No. 9,400 Date December 01 Debit 3 December 03 1,980 Credit Balance 1,780 3,760 Inventory Debit Credit Balance No. 450 Date December 01 Prepaid Rent Debit Credit Balance 540 710 1,205 1 December 01 260 2 December 02 495 Equipment Accumulated Depreciation Equipment Date Debit Credit Balance No. December 01 830 Date December 01 Debit Credit Date December 01 1 December 01 2 December 02 Accounts Payable Debit Credit Salaries and Wages Payable Balance No. 1,230 Date December 01 Debit 260 1,490 495 1,985 Balance 100 Credit Balance 300 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 Rent Expense Salaries and Wages Expense Total Debit Credit $ 9,400 3,760 1,205 540 830 100 S 1,985 300 5,900 2,700 15,960 7,120 100 1,300 990 1,700 26,945 $ 26,945 Clause we appropriate account Deported on the mic Statertight then populate the balances in those accounts from the trial balance. Howeve of the net income or loss for the year ended December 31. Unadjusted Unadjusted COLLEGE COASTERS Income Statement Adjusted For the Year Ended December 31 EA $ SA 0 0 0 0 0 $ 0 0 0 0 0 0 Onadjusted Adjusted Balance Sheet As of December 31 0 0 0 0 0 0 0 0 0 $ 0 $ 0 $ Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Calculate the inventory turnover ratio and days to sell, assuming that inventory was $450 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