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II ILUITI Requirement Trial Balance Balance Sheet 10 Journal Ledger Statement Analysis Prepare the journal entries to record the transactions (a) through (n). Review the
II ILUITI Requirement Trial Balance Balance Sheet 10 Journal Ledger Statement Analysis Prepare the journal entries to record the transactions (a) through (n). Review the accounts as shown in the General Ledger and Trial Balance tabs. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3 points View transaction list eBook Journal entry worksheet Print 2 3 4. 5 6 7 8 15 > References Record the cost of goods sold. Note: debits credits. Date General Journal Debit Credit December 03 Cost of Goods Sold 950 Inventory 890 Record entry Clear entry View general journal 10 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. 3 points $ 9,700 1,700 500 660 590 100 1,430 200 eBook Print References Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Salaries and Wages Expense Depreciation Expense Income Tax Expense Office Expense 5,600 2,600 14,940 7,210 1,210 2,000 100 0 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 $0.50. College Coasters records its inventory using perpetual inventory accounts and the FIFO cost flow method. During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below. a. Purchased 400 coasters on account from the regular supplier on 12/1 at a unit cost of $0.52, with terms of n/60. b. Purchased 900 coasters on account from the regular supplier on 12/2 at a unit cost of $0.55, with terms of n/60. C. Sold 1,900 coasters on account on 12/3 at a unit price of $1.10. d. Collected $860 from customers on account on 12/4
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