general journal entries

income statement

balance sheet

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College Coasters is a San Diego-based merchandiser speclalizing in logo-adorned drink coasters. The company reported the following balances in its unadjusted thal 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 inventory on December 1 consisted of 800 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.40. Colleg Coasters records its inventory using perpetual inventory accounts and the FIFO cost flow method. Duning December, the company entered into the following transactions. Some of these transactions are explained in greater detall below. a. Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.42, with terms of n/60. b. Purchased 900 coasters on account from the regular supplier on 12/2 at a unit cost of $0.45, with terms of n/60. c. Sold 1,700 coasters on account on 12/3 at a unit price of $1.00. d. Collected $860 from customers on account on 12/4. e. Pald the supplier $1,570 cash on account on 12/18. f. Paid employees $470 on 12/23, of which $260 related to work done in November and $210 was for wages up to December 22 . g. Loaded 80 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona. Hawall. The sale was made FOB destination with terms of n/60. Other relevant information includes the foliowing at 12/31: h. College Coasters has not yet recorded $190 of office expenses incurred in December on account. 1. The company estimates that the equipment depreclates at a rate of $8 per month. One month of depreciation needs to be recorded. 1. Wages for the period trom December 23-31 are $100 and will be paid on January 15 . k. The $660 of Prepald Rent relates to a six-month period ending on May 31 of next year. 1. The company incurred $700 of income tax but has made no tax payments this year. m. No shrinkage or damage was discovered when the inventory was counted on December 31 . n. The company did not deciare dividends and there were no transactions involving common stock