CP$5$ On December $1,2012,$ Shiras Distributing Company had the following account balances.

During December, the company completed the following summary transactions.

Dec. $6$ Paid $$1,600$ for salaries and wages due employees, of which $$600$ is for December and

$$1,000$ is for November salaries and wages payable.

$8$ Received $$1,900$ cash from customers in payment of account $($no discount allowed$).$

$10$ Sold merchandise for cash $$6,300.$ The cost of the merchandise sold was $$4,100.$

$13$ Purchased merchandise on account from Gong Co$.$ $$9,000,$ terms $\frac{2}{10},\frac{n}{30}.$

$15$ Purchased supplies for cash $$2,000.$

$18$ Sold merchandise on account $$12,000,$ terms $\frac{3}{10},\frac{n}{30}.$ The cost of the merchandise

sold was $$8,000.$

$20$ Paid salaries $$1,800.$

$23$ Paid Gong $Co.$ in full, less discount.

$27$ Received collections in full, less discounts, from customers billed on December $18.$

Adjustment data:

Accrued salaries payable $$800.$

Depreciation $$200$ per month.

Supplies on hand $$1,500.$

Instructions

$($a$)$ Journalize the December transactions using a perpetual inventory system.

$($b$)$ Enter the December $1$ balances in the ledger $T$ accounts and post the December transactions.

Use Cost of Goods Sold, Depreciation Expense, Salaries and Wages Expense, Sales Revenue,

Sales Discounts, and Supplies Expense.

$($c$)$ Journalize and post adjusting entries.

$($d$)$ Prepare an adjusted trial balance.

$($e$)$ Prepare an income statement and an owner's equity statement for December and a classified

balance sheet at December $31.$

$($d$)$ Totals $,$$$65,300$

$($e$)$ Net income $$740$