Dec. 2 5 7 12 15 28 Purchased 475 units of inventory for $2.850 on account from Sparkle, Co. on terms 3/10, 120. Purchased 600 units of inventory from Borax on account with terms 2/10, 1/30 The total invoice was for $4,500, which included a $150 freight charge. Returned 75 units of inventory to Sparkle from the December 2 purchase. Paid Borax Sold 285 units of goods to Happy Maids for $3.990 on account with terms 3/10, 1/30. Paid Sparkle Received 22 units with a retail price of $308 of goods back from customer Happy Maids. The goods cost Crystal Clear $132 Received payment from Happy Maids, settling the amount due in full. Sold 265 units of goods to Bridget, Inc. for cash of $3,975 Paid cash for utilities of $415. Paid cash for Sales Commission Expense of $550. Recorded the following adjusting entries: a. Physical count of inventory on December 31 showed 428 units of goods on hand. b. Depreciation, 5270 c. Accrued salaries expense of $725 d. Prepared all other adjustments necessary for December (Hint: You will need to review the adjustment information in Chapter 3 to determine the remaining adjustments). Assume the cleaning supplies left at December 31 are $30. 30 31 2. Complete Jovinal Entries . Requirements 1. Open the following T-accounts in the ledger: Cash. $138,150; Accounts Receivable. $2,600; Merchandise Inventory, $0; Cleaning Supplies, $30; Prepaid Rent, $1.500: Prepaid Insurance, $1,650; Equipment, $3,200; Truck, $7,000; Accumulated Depreciation-Equipment and Truck, $270; Accounts Payable, $1,470; Unearned Revenue, $11,500; Salaries Payable, $0; Interest Payable, $240; Notes Payable (Long-term), $96,000; Common Stock, $42,000; Retained Earnings, $2,650; Dividends, $0; Income Summary, S0; Service Revenue, $0; Sales Revenue, $0; Sales Returns and Allowances, $0; Sales Discounts, $0; Cost of Goods Sold, $0; Sales Commission Expense, $0; Utilities Expense, $0; Depreciation Expense, So: Salaries Expense, $0; Insurance Expense, $o; Rent Expense, $0; Interest Expense, $0. 3. use Fifo. LiFu or weighted Aug 4. Create Ad; Trial BAL 5. Complete Closing Entrics Dec. 2 5 7 12 15 28 Purchased 475 units of inventory for $2.850 on account from Sparkle, Co. on terms 3/10, 120. Purchased 600 units of inventory from Borax on account with terms 2/10, 1/30 The total invoice was for $4,500, which included a $150 freight charge. Returned 75 units of inventory to Sparkle from the December 2 purchase. Paid Borax Sold 285 units of goods to Happy Maids for $3.990 on account with terms 3/10, 1/30. Paid Sparkle Received 22 units with a retail price of $308 of goods back from customer Happy Maids. The goods cost Crystal Clear $132 Received payment from Happy Maids, settling the amount due in full. Sold 265 units of goods to Bridget, Inc. for cash of $3,975 Paid cash for utilities of $415. Paid cash for Sales Commission Expense of $550. Recorded the following adjusting entries: a. Physical count of inventory on December 31 showed 428 units of goods on hand. b. Depreciation, 5270 c. Accrued salaries expense of $725 d. Prepared all other adjustments necessary for December (Hint: You will need to review the adjustment information in Chapter 3 to determine the remaining adjustments). Assume the cleaning supplies left at December 31 are $30. 30 31 2. Complete Jovinal Entries . Requirements 1. Open the following T-accounts in the ledger: Cash. $138,150; Accounts Receivable. $2,600; Merchandise Inventory, $0; Cleaning Supplies, $30; Prepaid Rent, $1.500: Prepaid Insurance, $1,650; Equipment, $3,200; Truck, $7,000; Accumulated Depreciation-Equipment and Truck, $270; Accounts Payable, $1,470; Unearned Revenue, $11,500; Salaries Payable, $0; Interest Payable, $240; Notes Payable (Long-term), $96,000; Common Stock, $42,000; Retained Earnings, $2,650; Dividends, $0; Income Summary, S0; Service Revenue, $0; Sales Revenue, $0; Sales Returns and Allowances, $0; Sales Discounts, $0; Cost of Goods Sold, $0; Sales Commission Expense, $0; Utilities Expense, $0; Depreciation Expense, So: Salaries Expense, $0; Insurance Expense, $o; Rent Expense, $0; Interest Expense, $0. 3. use Fifo. LiFu or weighted Aug 4. Create Ad; Trial BAL 5. Complete Closing Entrics