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General Journal tab - Prepare the journal entries to record the transactions ( a ) through ( n ) . Review the accounts as shown
General Journal tab Prepare the journal entries to record the transactions a through n Review the accounts as shown in the General Ledger and Trial Balance tabs
General Ledger tab Each journal entry is posted automatically to tCollege Coasters is a San Diegobased merchandiser specializing in logoadorned drink coasters. The company reported the
following balances in Its unadjusted trial balance at December
The company buys coasters from one supplier. All amounts in Accounts Payable on December are owed to that supplier. The
inventory on December conslsted of coasters, all of which were purchased in a batch on July at a unit cost of $ College
Coasters records Its Inventory using perpetual Inventory accounts and the FIFO cost flow method.
Durling December, the company entered into the following transactlons. Some of these transactlons are explained In greater detall
below.
a Purchased coasters on account from the regular supplier on at a unit cost of $ with terms of n
b Purchased coasters on account from the regular supplier on at a unlt cost of $ with terms of
c Sold coasters on account on at a unit price of $
d Collected $ from customers on account on
e Pald the supplier $ cash on account on
f Pald employees $ on of which $ related to work done in November and $ was for wages up to December
g Loaded coasters on a cargo ship on to be delvered the following week to a customer in Kona, Hawall. The sale was made
FOB destination with terms of
Other relevant Information Includes the following at :
h College Coasters has not yet recorded $ of office expenses Incurred in December on account.
l The company estimates that the equlpment depreclates at a rate of $ per month. One month of depreclation needs to be
recorded.
J Wages for the perlod from December are $ and will be pald on January
The $ of Prepald Rent relates to a sixmonth perlod ending on May of next year.
The company Incurred $ of Income tax but has made no tax payments this year.
No shrinkage or damage was discovered when the inventory was counted on December
n The company did not declare dividends and there were no transactions Involving common stock.
Prepare the journal entries to record the transactions through Review the accounts as shown in the General Ledger and Trial
Balance tabsIf no entry is required for a transactionevent select No iournal entry required" in the first account field.he general ledger. Use the dropdown button to view the unadjusted, adjusted, or postclosing balances in the General Ledger.
Trial Balance tab You may view either the unadjusted, adjusted, or postclosing trial balance by choosing from the dropdown.
Income Statement tab Use the dropdown to select the accounts properly included on the income statement. The unadjusted, adjusted, or postclosing balances will appear for each account based on your selection.
Balance Sheet tab Use the dropdown to select the accounts to properly included on the balance sheet. The unadjusted, adjusted, or postclosing balances will appear for each account, based on your selection.
Analysis tab Calculate to one decimal place the inventory turnover ratio and days to sell in 'Analysis Tab.
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