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 $ 9,800 1,820 400 540 790 90 1,340 300 Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Salaries and Wages Expense Depreciation Expense Income Tax Expense Office Expenses ces 5,308 2,500 16,830 8,630 990 2,000 9a a 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 1000 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 1/60 b. Purchased 1,000 coasters on account from the regular supplier on 12/2 at a unit cost of $0.45, with terms of 1/60 c. Sold 1,700 coasters on account on 12/3 at a unit price of $1.00. d. Collected $850 from customers on account on 12/4. e. Paid the supplier $1,570 cash on account on 12/18 Pald employees $500 on 12/23, of which $260 related to work done in November and $240 was for wages up to December 22. 9. Loaded 100 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 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 $9 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 $540 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. points n. The company did not declare dividends and there were no transactions involving common stock. eBook General Journal Requirement General Ledger Income Trial Balance Statement Balance Sheet Analysis Prepare the journal entries to record the transactions (a) through (n). Review the ants as shown in the General Ledger and Tria Balance tabs. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) References View transaction list Journal entry worksheet 2 3 5 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 General Journal Date Dec 01 Debit Credit Record entry Clear entry View general Journal 1 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. 2 Purchased 1,000 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. 3 Sold 1,700 coasters on account on 12/3 at a unit price of $1. Record the transaction. 4 Record the cost of goods sold. 5 Collected $850 from customers on account on 12/4. Record the transaction. 6 Paid the supplier $1,570 cash on account on 12/18. Record the transaction. 7 Paid employees $500 on 12/23, of which $260 related to work done in November and $240 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 was not yet recorded $190 of office expenses incurred in December on account. Record the transaction. Note. Tour - 10 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. 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. Note : journal entry has been entered