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 Ofice Expenses $ 8,300 1,960 400 600 230 110 2.300 300 D 5,600 3,000 13,110 7.300 1,100 1,900 110 0 2,200 The company buys coasters from one suppiler. 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 $0.40. 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 detall below. a. Purchased 400 coasters on account from the regular supplier on 12/1 et 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 1800 coasters on account on 12/3 at a unit price of $1.00 d. Collected $800 from customers on account on 12/4. e Paid the supplier $1,500 cash on account on 12/18 Pold employees $480 on 12/23, of which $290 related to work done in November and $190 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, 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 $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 $600 of Prepaid Rent relates to a six-month period ending on May 31 of next year. 4 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. 1. College Coasters has not yet recorded $190 of office expenses incurred in December on account 2 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 $600 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 . n. 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 Prepare the journal entries to record the transactions (a) through (n). Review the accounts as shown in the General Ledger and Trial Balance tabs. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction Mat Journal entry worksheet @ ... 15 Purchased 400 coasters on account from the regular supplier on 12/1 at a unit cost of $0.42, with terms of 1/60. Record the transaction Netenter debits before credits Date General Journal Dec 01 Der Credit Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Each Journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. Unadjusted General Ledger Account Cash Accounts Receivable Debit Credit No. Date Dec 01 Debit Credit No. Balance 8,300 Date Dec 01 Balance 1,960 Inventory Debit Prepaid Rent Debit Credit No. Credit No. Date Dec 01 Balance 400 Date Dec 01 Balance 600 Equipment Debit No. Credit No. Date Dec 01 Balance 730 Accumulated Depreciation--Equipment Date Debit Credit Dec 01 Balance 110 Accounts Payable Debit Credit Salaries and Wages Payable Debit Credit No. No. Date Dec 01 Balance 1,380 Date Dec 01 Balance 300 Common Stock Debit Credit Retained Earnings Debit Credit No. No. Date Dec 01 Balance 5,600 Date Dec 01 Balance 3.000 Sales Revenue Debit Credit Cost of Goods Sold Debit Credit No. No. Date Dec 01 Balance 13,110 Date Dec 01 Balance 7,300 Depreciation Expense Debit Credit Office Expenses Debit Credit No. Balance No. Date Dec 01 Date Dec 01 110 Balance 1,200 Rent Expense Debit Credit Salaries and Wages Expense Debit Credit No. No. Date Dec 01 Balance 1,100 Date Dec 01 Balance 1.800 General Journal Tral Balance Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted COLLEGE COASTERS Trial Balance December 31, 2021 Account Title Debit Credit Cash IS 8,300 Accounts Receivable 1.900 inventory 400 Prepaid Rent 600 Equipment 730 Accumulated Depreciation Equipment 110 Accounts Payable 1,380 Salaries and Wages Payable Common Stock 5,600 Retained Earnings 3,000 Sales Revenue 13.110 Cost of Goods Sold 7.300 Depreciation Expense 110 Office Expenses 1,200 Rent Expense 1.100 Salaries and Wages Expense 1,800 Total 23,500 S 23,500 300 Requirement General General Income Journal Trial Balance Balance Sheet Ledger Analysis Statement Use the dropdowns to select the accounts properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. However, you will need to enter the amount of the Equipment (Net of accumulated depreciation), Common stock and Retained earnings as of December 31. Unadjusted COLLEGE COASTERS Balance Sheet As of December 31 Income Statement Analysis > The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory on December consisted of 1,000 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 detall below. a. Purchased 400 coasters on account from the regular supplier on 121 at a unit cost of $0.42, with terms of r/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 1,800 coasters on account on 12/3 at a unit price of $1.00. d. Collected $800 from customers on account on 12/4. o. Paid the supplier $1500 cash on account on 12/18 Paid employees $480 on 12/23, of which $290 related to work done in November and $190 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, Hawaii. The sale was made FOB destination with terms of n/60. Other relevant information includes the following at 12/31: 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 $600 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. General General Requirement Income Trial Balance Balance Sheet Analysis Journal Ledger Statement Calculate the inventory turnover ratio and days to sell, assuming that inventory was $400 on January 1 of this year. (Use 365 days a year. Round your intermediate calculations and final answers to 1 decimal place) Inventory Tumover Ratio Daya to Sell mes per year days Balance Sheet