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 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 Expense $ 9,400 1,980 500 540 640 90 1,400 300 0 5,900 2,700 15,560 8,810 990 1,800 90 1,200 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 2,000 coasters on account on 12/3 at a unit price of $1.10. d. Collected $850 from customers on account on 12/4. e. Paid the supplier $1,500 cash on account on 12/18. f. Paid employees $440 on 12/23, of which $260 related to work done in November and $180 was for wages up to December 22. Journal entry worksheet