Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Comentarium Hinyou everyone ! Debit Cash $8,400 Accumulated Depreciation-Equipment Accounts Receivable 5,800 Accounts Payable Inventory 13,200 Salaries and Wages Payable Supplies 1,200 Common Stock Equipment
Comentarium Hinyou everyone ! Debit Cash $8,400 Accumulated Depreciation-Equipment Accounts Receivable 5,800 Accounts Payable Inventory 13,200 Salaries and Wages Payable Supplies 1,200 Common Stock Equipment 22,000 Retained Earnings $50,600 Credit $2,200 5,700 1,000 15,000 26,700 $50,600 During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which $500 is for December and $1,000 is for November salaries payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $7,500. The cost of the merchandise sold was 55,600. 13 Purchased merchandise on account from Hecht Co. $10,400, terms 2/10, 1/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $15,600, terms 3/10, 1/30. The cost of the merchandise sold was $10,300. 20 Paid salaries $3,200. 23 Paid Hecht Co. in full, less discount 27 Received collections in full, less discounts, from customers billed on December 18. Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 6 Salaries and Wages Expense 600 Salaries and Wages Payable 1000 Cash 1600 Dec. 8 Cash 1900 Comune - dugaru elagaina aam adi parvard Dec. 8 Cash 1900 Accounts Receivable 1900 Dec. 10 Cash 7500 7500 Sales Revenue (To record the sales revenue.) Cost of Goods Sold 5600 5600 Inventory (To record cost of goods sold.) Dec. 13 Inventory 10400 Accounts Payable 10400 Dec. 15 Supplies 2000 Cash 2000 Dec. 18 Accounts Receivable 15600 15600 Sales Revenue (To record the sales revenue.) Cost of Goods Sold 10300 10300 Inventory (To record cost of goods sold.) Dec. 20 Salaries and Wages Expense 3200 Cash 3200 Dec. 23 Accounts Payable Inventory Cash Dec. 27 Cash Sales Discounts Accounts Receivable Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entre presented above.) Cash Cash Accounts Receivable Inventory > Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock > Retained Earnings Sales Revenue > Sales Discounts Cost of Goods Sold Salaries and Wages Expense Salaries and Wages Expense Adjustment data: 1. Accrued salaries payable $700. 2. Depreciation $200 per month 3. Supplies on hand $1,500. 4. Income tax due and unpaid at December 31 is $100. Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. Post the above adjusting entries. (Post entries in the order of journal entries presented above.) Cash 12/1 Bal. 8,40012/6 1,600 12/8 1,900 12/15 2,000 12/10 7,500 12/20 3,200 12/27 15,132 12/23 10,192 12/31 Bal 15,940 Accounts Receivable 12/1 Bal 5,800 12/8 15,600 12/27 15,600 12/31 Bal 3,900 Inventory 12/1 Bal 13,200 12/10 5,600 12/13 10,400 12/18 10,300 12/23 208 12/31 Bal. 7,492 1,900 12/18 Culi Supplies 1,200 12/1 Bal 12/15 2,000 12/1 Bal. 12/31 Bali Equipment 22,000 22,000 Accumulated Depreciation Equipment 12/1 Bal. 2,200 12/23 Accounts Payable 10,400 12/1 Bal. 12/13 12/31 Bal. Salaries and Wages Payable 1,000 12/1 Bal. 5,700 10,400 5,700 12/6 1,000 12/6 1,000 12/1 Bal. 1,000 15,000 15,000 26,700 26,700 Common Stock 12/1 Bal. 12/31 Bal. Retained Earnings 12/1 Bal. 12/31 Bal. Sales Revenue 12/10 12/18 12/31 Bal. Sales Discounts 468 468 Cost of Goods Sold 5,600 10,300 15,900 7,500 15,600 23,100 12/27 12/31 Bal. 12/10 12/18 12/31 Bal. aries and wages Expense 600 12/6 12/20 3,200 I Income Taxes Payable Depreciation Expense Supplies Expense Income Tax Expense Income Tax Expense Prepare an adjusted trial balance. BLOSSOM DISTRIBUTING COMPANY Adjusted Trial Balance Debit Credit $ | | Prepare an income statement BLOSSOM DISTRIBUTING COMPANY Income Statement Prepare a retained earnings statement for December BLOSSOM DISTRIBUTING COMPANY Retained Earnings Statement Prepare a classified balance sheet at December 31. (List current assets in order of liquidity.) BLOSSOM DISTRIBUTING COMPANY Balance Sheet Assets Assets M Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started