Journalize adjusting entries. Post adjusting entries.
Comprehensive Problem 5 (Part Level Submission) On December 1, 2017, Prosen Distributing Company had the following account balances. Debit Credit Accumulated Cash $7,500 Depreciation $2,640 -Equipment Accounts Accounts 4,600 4,900 Receivable Payable Salaries and Inventory 12,400 Wages 1,000 Payable Common Supplies 1,400 30,000 Stock Retained Equipment 26,400 13,760 Earnings $52,300 $52,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,800. The cost of the merchandise sold was $4,200. 13 Purchased merchandise on account from Maglio Co. $8,900, terms 2/10, n/30. 15 Purchased supplies for cash $1,800. 18 Sold merchandise on account $12,600, terms 3/10, n/30. The cost of the merchandise sold was $8,200. 20 Paid salaries and wages $1,500. 23 Paid Maglio Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. (c) Your answer is partially correct. Try again. Adjustment data: 1. Accrued salaries and wages payable $700. 2. Depreciation $240 per month. 3. Supplies on hand $1,700. Journalize adjusting entries. (Credit account titles are automatically indented when amount is entered. Debit Credit No. Date Account Titles and Explanation 1. Dec. 31 Salaries 700 700 Salaries Dec. 31 v Deprecia 2. 240 Accumul 240 3. 1700 Dec. 31v | Supplies Supplies 1700 Post adjusting entries. (Post entries in the order of journal entries presented above.) Cash 12/1 7,500/12/6 1,800 Bal. 12/8 1,900 12/15 1,800 12/10 6,80012/20 1,500 12/27 12,22212/23 8,722 12/31 14,600 Bal. Accounts Receivable 12/1 4,600|12/8 1,900 Bal. 12/18 12,600 12/27 12,600 12/31 2,700 Bal. Inventory 12/1 12,40012/10 4,200 Bal. 12/13 8,900|12/18 8,200 12/23 178 12/31 8,722 Bal. Supplies 12/1 Bal. 1,400 12/31 12/15 1,800 1700 12/31 Bal. 3200l Equipment 12/1 26,400 Bal. 12/31 26,400 Bal. Accumulated Depreciation Equipment 12/1 Bal. 2,640 12/31 240 12/31 Bal v 2880 Accounts Payable 12/1 12/23 8,900 4,900 Bal. 12/13 8,900 12/31 Bal. 4,900 Salaries and Wages Payable 12/6 1,000 12/1 Bal. 1,000 12/31 700 700 12/31 Bal. Common Stock 12/1 30,000 Bal. 12/31 Bal. 30,000 Retained Earnings 12/1 13,760 Bal. 12/31 13,760 Bal. Sales Revenue 12/10 6,800 12/18 12,600 12/31 19,400 Bal. Sales Discount 12/27 378 12/31 378 Bal. Cost of Goods Sold 12/10 4,2001 12/18 8,2001 12/31 12,400 Bal. Depreciation Expense 12/31 240 12/31 V 240 Salaries and Wages Expense 800 12/31 12/6 3000 12/20 1,500 12/31 700 Supplies Expense 1700|| 12/31 12/31 1700
