Comprehensive Problem 5 On December 1, 2017, Rodriguez Distributing Company had the following account balances. Debit Credit Cash Accounts Receivable Inventory Supplies Equipment $7,000 Accumulated Depreciaion Equipment $2,200 4,500 1,000 38,600 4,600 Accounts Payable Salaries and Wages Payable 11,500 1,200 Owner's Capital 22,000 46,300 $46,300 During December, the company completed the following summary transactions. Dec. Paid $1,500 for salaries and wages due employees, of which $500 is for December and $1,000 is for November salaries 6 and wages payable. 8 Received $1,800 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,800 13 Purchased merchandise on account from Boehm Co. $8,500, terms 2/10, n/30 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,300, terms 3/10, n/30. The cost of the merchandise sold was $8,000. 20 Paid slaries and wages $1,500. 23 Paid Boehm 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 when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit Dec. (To record sales revenue.) To record cost of goods sold.) |FULL SCREEN BACK PRINTER VERSION Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order ofj entries presented above.) Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Owner's Capital Sales Revenue Sales Discounts Cost of Goods Sold Salaries and Wages Expense Adjustment data: 1. Accrued salaries and wages payable $500. 2. Depreciation $200 per month 3. Supplies on hand $1,500. Journalize adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent man no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit No. 2. 3. Post adjusting entries. (Post entries in the order of journal entries presented above.) Cash 7,000 12/6 1,800 12/15 6,500 12/20 11,931 12/23 14,301 12/1 Bal. 12/8 12/10 12/27 12/31 Bal. 1,500 1,600 1,500 8,330 Accounts Receivable 4,600 12/8 12,300 12/27 12/1 Bal. 12/18 12/31 Bal. 1,800 12,300 2,800 Inventory 3,800 8,000 170 12/1 Bal 11,500 12/10 12/13 8,500 12/18 12/23 12/31 Bal. 8,030 Supplies 12/15 1,600 Equipment 22,000 22,000 12/1 Bal. 12/31 Bal. Accumulated Depreciation-Equipment 12/1 Bal. 2,200 Accounts Payable 8,500 12/1 Bal. 4,500 8,500 4,500 12/23 12/13 12/31 Bal. Salaries and Wages Payable 000 12/ Bal. 12/6 1,000 Owner's Capital 12/1 Bal. 38,600 12/31 Bal. 38,600 Sales Revenue 12/10 12/18 12/31 Bal. 12,300 18,800 Sales Discounts 12/27 12/31 Bal Cost of Goods Sold 12/10 12/18 12/31 Bal. Depreciation Expense Salaries and Wages Expense 12/6 500 12/20 1,500 Supplies Expense Prepare an adjusted trial balance. RODRIGUEZ DISTRIBUTING COMPANY Adjusted Trial Balance Debit Credit RODRIGUEZ DISTRIBUTING COMPANY Income Statement Prepare an owners equity statement for December. RODRIGUEZ DISTRIBUTING COMPANY Owner's Equity Statement Prepare a classified balance sheet at December 31. (List Current Assets in order of liquidity) RODRIGUEZ DISTRIBUTING COMPANY Balance Sheet Assets RODRIGUEZ DISTRIBUTING COMPANY Balance Sheet Assets Liabilities and Owners Equity Liabilities and Owner's Equity Question Attempts:O of 3 used
