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On December 1, 2017, Bridgeport Corp. had the account balances shown below. Debit Credit 3,690 Accounts Payable 3,040 Cash Accounts Receivable Inventory (2,700 x $0.60)

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On December 1, 2017, Bridgeport Corp. had the account balances shown below. Debit Credit 3,690 Accounts Payable 3,040 Cash Accounts Receivable Inventory (2,700 x $0.60) Equipment 9,300 1,620 Common Stock 22,000 Retained Earnings 18,610 $32,52 $32,52 The following transactions occurred during December. De Purchased 3,700 units of inventory on account at a cost of $0.66 per unit. 5 Sold 4,100 units of inventory on account for $0.90 per unit. (It sold 2,700 of the $0.60 units and 1,400 of the $0.66.) 7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $150. These units were returned to inventory. 17 Purchased 2,300 units of inventory for cash at $0.90 each. 22 Sold 2,100 units of inventory on account for $1.04 per unit. (It sold 2,100 of the $0.66 units.) Adjustment data: 1 Accrued salaries and wages payable $420. 2 Depreciation on equipment $210 per month. Income tax expense was $210, to be paid next year. TO DO 1. Journalize the December transactions and adjusting entries, assuming Harrisen uses the perpetual inventory method. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2. 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.) 3. Prepare an adjusted trial balance as of December 31, 2014. 4. Prepare an income statement for December 2014. 5. Prepare a classified balance sheet at December 31, 2014. (List current assets in order of liquidity.) 6. (a) Compute ending inventory and cost of goods sold under FIFO, assuming Harrisen Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold (b) Compute ending inventory and cost of goods sold under LIFO, assuming Harrisen Company uses the periodic inventory system. Ending Inventory Cost of Goods Sold

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