Journalize the December transactions and adjusting entries, assuming Ivanhoe Company uses the perpetual inventory method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit To record sales revenue.) To record cost of goods sold.) To record sales return.) (To record sales revenue.) To record cost of goods sold.) (To record accrued expense.) (To record depreciation expense.) Comprehensive Accounting Cycle Review 6 Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Common Stock Cost of Goods Sold Depreciation Expense Equipment Income Tax Expense Income Taxes Payable Inventory No Entry Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Returns and Allowances Sales Revenue Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entries presented above.) Cash Accounts Receivable Inventory Equipment Accounts Payable Accumulated Depreciation-Equipment Salaries and Wages Payable Common Stock Income Taxes Payable Retained Earnings Sales Revenue Salaries and Wages Expense Cost of Goods Sold Sales Returns & Allowances Depreciation Expense Income Tax Expense Prepare an adjusted trial balance as of December 31, 2017. Ivanhoe Company Adjusted Trial Balance Debit Credit Ivanhoe Company Income Statement Prepare a classified balance sheet at December 31, 2017. (List current assets in order of liquidity.) Ivanhoe Company Balance Sheet Assets Liabilities and Stockholders' Equity (a) Compute ending inventory and cost of goods sold under FIFO, assuming Ivanhoe Company uses the periodic inventory system Ending Inventory Cost of Goods Sold (b) Compute ending inventory and cost of goods sold under LIFO, assuming Ivanhoe Company uses the periodic inventory system Ending Inventory Cost of Goods Sold Click if you would like to Show Work for this question: Open Show Work