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 $ 9,600 Accounts Receivable 1,900 Inventory 450 Prepaid Rent 540 Equipment 650 Accumulated Depreciation 90 Accounts Payable 1,410 Salaries and Wages Payable 200 Income Taxes Payable 0 Common Stock 6,500 Retained Earnings 2,800 Sales Revenue 15,040 Cost of Goods Sold 8,720 Rent Expense 990 Salaries and Wages Expense 1,900 Depreciation Expense 90 Income Tax Expense 0 1,200 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 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 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 1,600 coasters on account on 12/3 at a unit price of $1.10. d. Collected $830 from customers on account on 12/4. e. Paid the supplier $1,580 cash on account on 12/18. f. Paid employees $470 on 12/23, of which $270 related to work done in November and $200 was for wages up to December 22. g. Loaded 90 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 $8 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 $800 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.' < Requirement General Journal > No. No. Date November 30 Date November 30 General Ledger Account Cash Accounts Receivable Debit Credit Balance No. 9,600 Date November 30 Debit Credit Balance 1,900 Inventory Debit Credit Balance No. 450 Date November 30 Prepaid Rent Debit Credit Balance 540 Equipment Accumulated Depreciation-Equipment No. Date Debit Credit Balance No. November 30 650 Date November 30 Debit Credit Balance 90 No. Date Accounts Payable Debit Salaries and Wages Payable Credit Balance No. Date Debit November 30 1,410 November 30 Credit Balance 200 Common Stock No. Date November 30 Debit Credit Balance No. 6,500 Date November 30 Retained Earnings Debit Credit Balance 2,800 Sales Revenue No. Date November 30 Debit Credit Balance No. 15,040 Date November 30 Cost of Goods Sold Debit Credit Balance 8,720 No. Date November 30 Depreciation Expense Debit Credit Balance No. 90 Date November 30 Office Expenses Debit Credit Balance 1,200 Rent Expense Salaries and Wages Expense No. Date November 30 Debit Credit Balance No. 990 Date November 30 Debit Credit Balance 1,900