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. $ 9,600 1,920 500 480 620 110 1,400 300 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 5,800 2,600 15, 380 8,280 880 2,000 110 1,200 The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier The 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 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 $110. d. Collected 5990 from customers on account on 12/4 e. Paid the supplier $1,410 cash on account on 12/18 Paid employees 5470 on 12/23, of which $300 related to work done in November and $180 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, Howall. The sale was made FOB destination with terms of n/60. Other relevant information includes the following at 12/31 kloped h College Coasters has not yet recorded $160 of office expenses incurred in December on account 1. 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 $480 of Prepaid Rent relates to a six-month period ending on May 31 of next year 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 Book Deferences Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Prepare the journal entries to record the transactions (a) through (n). Review the accounts as shown in the General Ledger and Tri Balance tabs. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Journal Leuyer Slaterrieri Use the dropdowns to select the accounts properly included on the balance sheet. Ti balances will appear for each account, based on your selection. However, you will ne (Net of accumulated depreciation), Common stock and Retained earnings as of Dece Unadjusted COLLEGE COASTERS Balance Sheet As of December 31 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 $500 on January 1 oft days a year. Round your intermediate calculations and final answers to 1 decimal place.) Inventory Turnover Ratio Days to Sell times per year days