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. 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 800 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.40. College Coasters fecords 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 1,700 coasters on account on 12/3 at a unit price of $1.00. d. Collected $860 from customers on account on 12/4 e. Paid the supplier $1,570 cash on account on 12/18. f. Paid employees $470 on 12/23, of which $260 related to work done in November and $210 was for wages up to December 22. g. Loaded 80 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona, Hawail, 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 $190 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 2331 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. 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. Unadjusted General Ledger Account \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cash } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 8,600 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts Receivable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 1,800 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Inventory } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 320 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Prepaid Rent } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 660 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 950 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Accumulated Depreciation-Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 90 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Accounts Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 1,250 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Salaries and Wages Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 300 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Common Stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 5,200 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Retained Earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 2,700 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 14,940 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Cost of Goods Sold } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 7,650 \\ \hline \end{tabular} Unadjusted COLLEGE COASTERS Trial Balance December 31, 2023 \begin{tabular}{|c|c|c|c|} \hline \multirow[b]{2}{*}{ Cash } & \multicolumn{2}{|c|}{ Debit } & \multirow[t]{2}{*}{ Credit } \\ \hline & $ & 8,600 & \\ \hline AAccountsRecelvable & & 1,800 & \\ \hline Winventory & & 320 & \\ \hline Aprepaid Rent & & 660 & \\ \hline QEquipment & & 950 & \\ \hline QAccumulatedDepreciation-Equipment & & & 90 \\ \hline EAccountsPayable & & & 1,250 \\ \hline Q Salaries and Wages Payable & & & 300 \\ \hline Common Stock & & & 5,200 \\ \hline Q Retained Earnings & & & 2,700 \\ \hline Dales Revenue & & & 14,940 \\ \hlineCostofGoodsSold & & 7,650 & \\ \hline Depreciation Expense & & 90 & \\ \hline Q Oftice Expenses & & 1,300 & \\ \hline Q Rent Expense & & 1,210 & \\ \hline Q Salaries and Wages Expense & & 1,900 & \\ \hline Total & $ & 24,480$ & 24,480 \\ \hline \end{tabular} Unadjusted COLLEGE COASTERS Income Statement For the Year Ended December 31 Unadjusted COLLEGE COASTERS Balance Sheet As of December 31 \begin{tabular}{|l|l|l|} \hline Inventory Turnover Ratio & & times per year \\ \hline Days to Sell & & days \\ \hline \end{tabular}