Hi, Could you kindly help with December entries?

Record Financial Data: Use accepted accounting principles to accurately capture business transactions for October, November, and December using the data provided in the accounting data appendix (linked in the Supporting Materials section). You will need to address the following:

1. Accuracy: Prepare entries that are accurate in that they fully reflect the appropriate information.
2. Completeness: Prepare entries that are complete for each month, including transferring posted entries to T accounts.
3. Inventory Valuation: Prepare entries for the month of December to reflect the new line of products offered by the company, which includes using the data from the Inventory Valuation tab of the company accounting workbook.

1. Many customers have been asking for more allergy-friendly products, so in December the bakery started carrying a line of gluten-free products on a trial basis. The information below relates to the purchase and sales of the new products.

Use the perpetual inventory method with the FIFO valuation method. Please see the Inventory Valuation tab in your workbook for purchase and sales information.

The following events occurred in December:

December 1: Paid dividends to self in amount of $10,000.

December 5: Paid employee for period ending November 30.

December 7: Purchased merchandise for resale. See the Inventory Valuation tab for details.

December 8: Received payments from customers toward accounts receivable in amount of $4,000.

December 10: Paid November telephone bill.

December 11: Purchased baking supplies in amount of $7,000 from vendor on account.

December 13: Paid on supplies vendor account in amount of $5,000.

December 15: Accrued employee wages for period of December 1 through December 15.

December 15: Paid rent on bakery space $1,500.

December 15: Recorded merchandise sales transaction. See the Inventory Valuation tab for details.

December 15: Recorded impact of sales transaction on COGS and the inventory asset. See the Inventory Valuation tab for details.

December 20: Paid employee for period ending December 15.

December 20: Purchased merchandise inventory for resale to customers. See the Inventory Valuation tab for details.

December 24: Recorded sales of merchandise to customers. See the Inventory Valuation tab for details.

December 24: Recorded impact of sales transaction on COGS and the inventory asset. See the Inventory Valuation tab for details.

December 30: Purchased merchandise inventory for resale to customers. See the Inventory Valuation tab for details.

December 31: Accrued employee wages for period of December 16 through December 31.

December 31: Total December bakery sales were $25,000 ($6,000 of these sales on accounts receivable).

2. On December 31, the following adjustments must be made:

• Depreciation of baking equipment transferred to company on October 13. Assume half month of depreciation in October using the straight-line method.
• Accrue interest for note payable. Assume a full month of interest for October. (6% annual interest on $10,000 loan)
• Record insurance used for the year.
• Actual baking supplies on hand as of December 31 are $1,100.
• Office supplies on hand as of December 31 are $50.

Wage Calculation Data

Month	Hours	Rate	Pay
31-Oct	10	12	120
15-Nov	40	12	480
30-Nov	35	12	420
15-Dec	38	12	456
31-Dec	40	12	480