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I news help on question letter c . On December 1, 2018, Devine Distributing Company had the following account balances. Debit Credit $ 2,200 Accumulated
I news help on question letter c .
On December 1, 2018, Devine Distributing Company had the following account balances. Debit Credit $ 2,200 Accumulated Depreciation Equipment Cash Accounts Receivable Inventory $ 7,200 4,600 12,000 1,200 22,000 $47,000 Supplies Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings 4,500 1,000 15,000 24,300 $47,000 During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which S600 is for December and $1,000 is for November salaries payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,300. The cost of the merchandise sold was $4,100. 13 Purchased merchandise on account from Hecht Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $12,000, terms 3/10, n/30. The cost of the merchandise sold was $8,000. 20 Paid salaries $1,800. 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Data for Adjusting Entries: 1. Accrued salaries payable $800. 2. Depreciation $200 per month. Supplies on hand $1,500. 4. Income tax due and unpaid at December 31 is $200. 3. (e) Journalize and post adjusting entries. (d) Prepare an adjusted trial balance. Prepare an income statement and a retained earnings statement for December and a classified balance sheet at December 31 Step by Step Solution
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