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1 - Print 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 Cash $ 8,500 Accounts Receivable 1. Inventory Prepaid Rent 540 Equipment 730 Accumulated Depreciation 11e Accounts Payable 1,200 Salaries and Wages Payable Income Taxes Payable e Common Stock 6,200 Retained Earnings 3.00 Sales Revenue 13,60 Cost of Goods Sold 3.6 Rent Expense 990 Salaries and Wages Expense 1.600 Depreciation Expense Income Tax Expense Office Experte 1,200 The company buys coasters from one supplier All amounts in Accounts Payable on December 1 are owed to that suppler. The Inventory on December 1 consisted of 900 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 detall below 110 Purchased 500 coasters on account from the regular supplier on 1211 at a unit cost of $052 with terms of 1/60 b. Purchased 900 coasters on account from the regular supplier on 12/2ut a unit cost of 5055. with terms of n 60 c Sold 1700 coasters on account on 123 at a urut price of $110. d Collected $940 from customers on account on 124 Paid the supplier $1.280 cash on account on 12/18 Pald employees $490 on 12/23. of which $250 related to work done in November and $240 was for wages up to December 22 Loaded 90 coasters on a cargo ship on 12/01 to be delivered the following wook to a customer in Kona Hawait the sale was made FOB destination with terms of 1/60 Other relevant information includes the following at 12:31 n College Coasters has not yet recorded $180 of office expenses incurred in December on account The company estimates that the equipment depreciates at a rate of $9 per month One month of depreciation needs to be 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 1700 coastors on account on 123 at a unit price of $110. d Collected $940 from customers on account on 1234 e Paid the supplier $1.280 cash on account on 12/18 Pakd employees $490 on 12/23, of which $250 related to work done in November and $240 was for wages up to December 22 a. Loaded 90 coasters on a cargo ship on 12/31 to be delivered the following wook to a customer in Kona, Hawall. The sale was made FOB destination with terms of 1/60 . Other relevant information Includes the following at 12/31 h College Coasters has not yet recorded $180 of office expenses incurred in December on account The company estimates that the equipment depreciates at a rate of $9 per month one month of depreciation needs to be recorded Wages for the period from December 23-31 are $100 and will be paid on January 15, k. The $540 of Propard Rent relates to a sw-month period ending on May 31 of next year. The company incurred $700 of income tax but has made no tax payments this year m. No shrinkage or damage was discovered when the inventory was counted on December 31. n The company did not declare dividends and there were no transactions involving common stock General General Income Requirement Tral Balance Balance Sheet Journal Statement Mas Ledger Prepare the journal entries to record the transactions () 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.) Vlowtransactions Journal entry worksheet 15 Record the cost of goods sold 1 NO Date General Journal 1 December 01 . 200 Inventory Accounts Payable 280 2 December 02 495 Inventory Accounts Payable . 495 3 December 03 1.870 Accounts Receivable Sales Revenue 1,870 4 December 03 Cost of Goods Sold 1.085 3 Inventory 10 1.085 5 December 04 040 Cash Accounts Receivable 940 8 December 18 Accounts Payable 1.280 Cash lo 1.250 December 23 Salaries and Wages Payable Salaries and Wages Expense Cash olol 250 240 490 8 December 31 No Journal Entry Required . December 31 Office Expenses 180 Accounts Payable 180 Prev Escribe aqui para buscar OPP 10 w 1 7 December 23 250 Salaries and Wages Payable Salaries and Wages Expense Cash ooo 240 400 . 8 December 31 No Journal Entry Required December 31 > 180 Office Expenses Accounts Payable 180 10 December 31 Depreciation Expense Accumulated Depreciation Equipment . 0 > 11 December 31 100 Salaries and Wages Expense Salanes and Wages Payable O 100 > 12 December 31 90 Rent Expense Prepaid Rent 5 00 15 December 31 700 Income Tax Expense Income Taxes Fayable 0 700 Is 4 December 31 No jour Entry Required > 15 December 31 No Journal Entry Required 10 points OI 11 7.670 2.730 120 IS 450 CIS Adjusted COLLEGE COASTERS Balance Sheet As of December 31 Assets Current Assets Cash Accounts Receivable Inventory Prepaid Rent Total Current Assets Equipment Total Assets Liabilities and Stockholders Equity Current Liabilities Accounts Payable Salaries and Wages Payable Income Taxes Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 10.070 811 11.581 2 Blog 915 150 700 IS 1785 10 8.200 3,618 9.818 1,581 IS IS * Income Statement Analysis > Other relevant information includes the following at 12/31 n College Coasters has not yet recorded $180 of office expenses incurred in December on account. I The company estimates that the equipment depreciates at a rate of $9 per month. One month of depreciation recorded Wages for the period from December 23-31 are $100 and will be paid on January 15 k The $540 of Prepaid Rent relates to a six-month period ending on May 31 of next year. The company incurred $700 of income tax but has made no tax payments this year m No shrinkage or damage was discovered when the inventory was counted on December 31 n The company did not declare dividends and there were no transactions involving common stock Answer is complete but not entirely correct. Requirement General Journal General Ledger Thal Balance Income Statement Balance Stick AVON Calculate the inventory tumover ratio and days to sell, assuming that inventory was $450 on January 1 of this year days a year. Round your intermediate calculations and final answers to 1 decimal place. Invertory Turnover 341 times per year 107 days Days to Sal