On December 1, 2017, Prosen Distributing Company had the following account balances.
| | | Debit | | | | Credit |
| Cash | | $7,500 | | Accumulated DepreciationEquipment | | $2,530 |
| Accounts Receivable | | 4,700 | | Accounts Payable | | 4,700 |
| Inventory | | 11,800 | | Salaries and Wages Payable | | 1,200 |
| Supplies | | 1,500 | | Common Stock | | 30,000 |
| Equipment | | 25,300 | | Retained Earnings | | 12,370 |
| | | $50,800 | | | | $50,800 |
During December, the company completed the following summary transactions.
| Dec. 6 | | Paid $2,050 for salaries and wages due employees, of which $850 is for December and $1,200 is for November salaries and wages payable. |
| 8 | | Received $1,800 cash from customers in payment of account (no discount allowed). |
| 10 | | Sold merchandise for cash $6,700. The cost of the merchandise sold was $3,800. |
| 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 $12,700, terms 3/10, n/30. The cost of the merchandise sold was $8,200. |
| 20 | | Paid salaries and wages $1,600. |
| 23 | | Paid Maglio Co. in full, less discount. |
| 27 | | Received collections in full, less discounts, from customers billed on December 18. |
Multipart Question - Please try and use the same format and list of accounts of the screenshots provided for the answer field. Questions are bolded
Adjustment data:
1. Accrued salaries and wages payable $800. 2. Depreciation $230 per month. 3. Supplies on hand $1,700.
Journalize adjusting entries.
Post adjusting entries.
Prepare a classified balance sheet at December 31.
Prepare an income statement.
List of Accounts Below
Your answer is partially correct. Adjustment data: 1. 2. Accrued salaries and wages payable $800. Depreciation $230 per month. Supplies on hand $1,700. 3. Journalize adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 6 Salaries and Wages Expense 800 Salaries and Wages Payable 800 Dec. 8 Depreciation Expense 230 Accumulated Depreciation-Equipment 230 Dec. 10 Supplies 1700 Equipment 1700 Post adjusting entries. (Post entries in the order of journal entries presented above) 12/1 Bal. 12/ 12/10 12/27 Cash 7,500 12/6 1,800 12/15 6,700 12/20 12,319 12/23 14.147 2,050 1,800 1,600 12/31 Bal 12/1 Bal. 12/16 12/31 ea Accounts Receivable 4,700 12/0 12,700 12/27 2,900 1,600 12,700 12/1 Bal. 12/13 Inventory 11,800 12/10 8.900 12/16 12/23 8,522 3,800 8,200 178 12/21 Supplies 12/1 Bal 1,500 12/15 1,800 V 12/1 Bal. 12/31 al. Equipment 25,300 25.300 Accumulated Depreciation-Equipment 12/1 Bal. . v 2,530 12/23 Accounts Payable 8,900 12/1 Bal. 12/13 12/31 Bal. 4,700 8,900 4,700 Salaries and Wages Payable 1,200 12/1 Bal 12/6 1,200 V Common Stock 12/1 Bal. 12/31 Bal. 30,000 30,000 Retained Earnings 12/1 Bal 12/31 Bal 12.370 12,370 Sales Revenue 12/10 12/16 12/31 Bal 6,700 12,700 19,400 12/27 12/31 Bal. Sales Discount 381 361 12/10 12/16 12/31 Bal Cost of Goods Sold 2,600 8,200 12,000 Depreciation Expense Salaries and Wages Expense 12/6 850 12/20 1,600 Supplies Expense Your answer is partially correct. Prepare a classified balance sheet at December 31. (List current assets in order of liquidity) PROSEN DISTRIBUTING COMPANY Balance Sheet December 31, 2017 Assets Current Asante Supplies S 1700 Accounts Receivable 2900 Cash 14147 Inventory 8700 Total Current AB S Intangible Assa Egugmane 22540 Total Assis S Liabilities and Stockholders' Equity Stockholders Equity Common Stock 30000 Retained Earnings 14487 Total Stockholders Equity Current Liebe Account Payable 4700 Salarland Wages Payable 800 Total Liabile Total Liabileland Stockholders' Equity V S Prepare an income statement. PROSEN DISTRIBUTING COMPANY Income Statement For the Year Ending December 31, 2017 Sales Revenues $ 19400 Less : Cost of Goods Sold 19400 Net Sales 19400 Inventory 11800 Gross Profit 7400 Other Expenses and Losses Depreciation Expense $ 230 Supplies Expense 1600 Sales Discounts 203 5283 Net Income /(Loss) $ 2117 Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Advertising Expense Buildings Cash Casualty Loss from Vandalism Common Stock Cost of Goods Sold Depreciation Expense Dividends Dividend Revenue Equipment Freight-In Freight-Out Gain on Disposal of Plant Assets Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Mortgage Payable Net Sales No Entry Notes Payable Operating Expenses Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Commissions Expense Sales Commissions Payable Sales Discounts Sales Returns and Allowances Sales Revenue Supplies Supplies Expense Unearned Service Revenue Utilities Expense Utilities Payable
