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Donald Reagan Consulting Company had the following transactions completed during the month of December . Note: You must determine the cost of the goods based

Donald Reagan Consulting Company had the following transactions completed during the month of December.

Note: You must determine the cost of the goods based on a Perpetual, FIFO inventory system. DR began the month with 2,139 units of inventory that had the following purchase dates, costs, and units:

* November 20, $11.99/unit, 129 units

* November 30, $12.08/unit, 2010 units

Using the following transactions, record journal entries for The DR Consulting Company.

December 1 The company declared a cash dividend of $3,600 to stockholders' of record on December 16. The cash dividend will be paid on December 30.

December 3 The company sold equipment that had an original cost of $20,300 with accumulated depreciation of $15,000. DR received $1,000 of cash and signed a note receivable for $3,200.

December 5 DR purchased 1,000 units of inventory for $12.10 per unit with terms 2/5, n/20.

December 7 DR sold 1,110 of the units in inventory for $23.00 per unit to Todd Red's with terms 1/10, n/30. (You must determine the cost of the goods based on a Perpetual, FIFO inventory system.)

December 8 The shipping cost for the inventory purchase of December 5, was $186 with terms FOB Destination.

December 9 The company paid $3,350 of salaries that were accrued from the prior month.

December 10 The shipping cost for the inventory sold on December 7, was $167 with terms FOB Destination.

December 11 The company purchased $8,280 of additional equipment by making a 25% down-payment and signing a 1-year, 8%, note payable for the remaining balance with payments of 1/12 of the principal and any accrued interest due the end of each month.

December 12 Todd Red's returned 50 of the units DR sold to Red's on December 7. (Note: the units were unopened, so they can be put back into inventory and sold to another customer.)

December 13 The company paid $1,010 cash for this months utilities.

December 15 DR purchased 1,400 units of inventory for $12.00 per unit with terms 2/5, n/20.

December 16 DR's recorded the stockholders' of record for the cash dividend declared December 1.

December 17 DR received a check from Todd Red's for the inventory that was sold on December 7.

December 18 DR returned 100 units of the December 15 purchase because the units were defective.

December 19 DR paid for regular periodic maintenance done on equipment totaling $730.

December 20 DR paid for the inventory that was purchased on December 15.

December 21 DR paid for the inventory that was purchased on December 5.

December 23 The company paid $3,840 cash salary to an assistant.

December 26 DR sold 2,148 of the units in inventory for $23.00 per unit to Gary Cardinal with terms 1/10, n/30. (You must determine the cost of the goods based on a Perpetual, FIFO inventory system.)

December 30 The company paid cash dividends of $3,600 to stockholders' of record as of December 16, that were declared December 1.

December 31 DR made a monthly payment on the note payable from December 11th. The note payable has an interest rate of 8%. (Note: 20 days of interest has occurred since the note was initiated)

Record the journal entries for each of the above transactions. If no journal needs to be made, input: "No transaction needed"

Note: If needed, input dollar amounts rounded to 2 decimal places.

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