*Create journal entries 1-15*

Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.42, with terms of n/60. Record the transaction. 2 Purchased 1,000 coasters on account from the regular supplier on 12/2 at a unit cost of $0.45, with terms of n/60. Record the transaction. 3 Sold 1,700 coasters on account on 12/3 at a unit price of $1. Record the transaction. 4 Record the cost of goods sold. 5 Collected $850 from customers on account on 12/4. Record the transaction. 6 Paid the supplier $1,570 cash on account on 12/18. Record the transaction. 7 Paid employees $500 on 12/23, of which $260 related to work done in November and $240 was for wages up to December 22. Record the transaction. 8 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. Record the transaction. 9 College Coasters has not yet recorded $190 of office expenses incurred in December on account. Record the transaction. 10 The company estimates that the equipment depreciates at a rate of $9 per month. One month of depreciation needs to be recorded. Record the transaction. 11 Wages for the period from December 2331 are $100 and will be paid on January 15 . Record the transaction. 12 The $540 of Prepaid Rent relates to a six-month period ending on May 31 of next year. Record the transaction. 13 The company incurred $700 of income tax but has made no tax payments this year. Record the transaction. 14 No shrinkage or damage was discovered when the inventory was counted on December 31 . Record the transaction. 4 No shrinkage or damage was discovered when the inventory was counted on December 31 . Record the transaction. 5 The company did not declare dividends and there were no transactions involving common stock. Record the transaction. College Coasters is a San Diego-based merchandiser specializing in logo-adorned drink coasters. The company reported the ollowing balances in its unadjusted trial balance at December 1. The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The nventory 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 detail pelow