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$.$Income Statement tab$-$Use the drop$-$down to select the accounts properly included on the income statement.$$ The unadjusted, adjusted, or post$-$closing balances will appear for each account based on your selection.Balance Sheet tab$-$Use the drop$-$down to select the accounts to properly included on the balance sheet.$$ The unadjusted, adjusted, or post$-$closing 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.$\text{'}$

College Coasters is a San Diego$$based merchandiser specializing in logo$-$adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December $1.$

$$Cash$ $9,600$Accounts Receivable$1,920$Inventory$500$Prepaid Rent$480$Equipment$620$Accumulated Depreciation$110$Accounts Payable$1,400$Salaries and Wages Payable$300$Income Taxes Payable$0$Common Stock$5,800$Retained Earnings$2,600$Sales Revenue$15,380$Cost of Goods Sold$8,280$Rent Expense$880$Salaries and Wages Expense$2,000$Depreciation Expense$110$Income Tax Expense$0$Office Expense$1,200$

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 $1,000$ coasters, all of which were purchased in a batch on July $10$ at a unit cost of $$0\mathrm{.}50.$ College Coasters records its inventory using perpetual inventory accounts and the FIFO cost flow method.

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During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below.$$Purchased $400$ coasters on account from the regular supplier on $12/1$ at a unit cost of $$0\mathrm{.}52,$ with terms of n$/60.$Purchased $900$ coasters on account from the regular supplier on $12/2$ at a unit cost of $$0\mathrm{.}55,$ with terms of n$/60.$Sold $1,600$ coasters on account on $12/3$ at a unit price of $$1\mathrm{.}10.$Collected $$990$ from customers on account on $12/4.$Paid the supplier $$1,410$ cash on account on $12/18.$Paid employees $$470$ on $12/23,$ of which $$290$ related to work done in November and $$180$ was for wages up to December $22.$Loaded $90$ 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$/60.$

Other relevant information includes the following at $12/31$:$$College Coasters has not yet recorded $$160$ of office expenses incurred in December on account.The company estimates that the equipment depreciates at a rate of $$9$ per month. One month of depreciation needs to be recorded.Wages for the period from December $2331$ are $$100$ and will be paid on January $15.$The $$480$ of Prepaid Rent relates to a six$-$month period ending on May $31$ of next year.The company incurred $$700$ of income tax but has made no tax payments this year.No shrinkage or damage was discovered when the inventory was counted on December $31.$The company did not declare dividends and there were no transactions involving common stock.