On December 1, 2020, Coronado Company had the account balances shown below. Debit Credit Cash $5,000 Accumulated DepreciationEquipment $1,200 Accounts Receivable 5,000 Accounts Payable 3,400 Inventory 1,800* Owners Capital 28,200 Equipment 21,000 $32,800 $32,800 *(3,000 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,500 units of inventory on account for $0.94 per unit. (Coronado sold 3,000 of the $0.60 units and 1,500 of the $0.78.) 7 Granted the December 5 customer $177 credit for 200 units of inventory returned costing $118. These units were returned to inventory. 17 Purchased 2,000 units of inventory for cash at $0.84 each. 22 Sold 2,200 units of inventory on account for $0.99 per unit. (Coronado sold 2,200 of the $0.78 units.) Adjustment data: 1. Accrued salaries payable $400. 2. Depreciation $400 per month.

Accounting Cycle Review 6 a-f On December 1, 2020, Coronado Company had the account balances shown below. Debit Credit Cash Accounts Receivable $5,000 5,000 1,800* 21,000 Accumulated Depreciation-Equipment Accounts Payable Owner's Capital $1,200 3,400 28,200 Inventory Equipment $32,800 $32,800 *(3,000 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,500 units of inventory on account for $0.94 per unit. (Coronado sold 3,000 of the $0.60 units and 1,500 of the $0.78.) 7 Granted the December 5 customer $177 credit for 200 units of inventory returned costing $118. These units were returned to inventory. 17 Purchased 2,000 units of inventory for cash at $0.84 each. 22 Sold 2,200 units of inventory on account for $0.99 per unit. (Coronado sold 2,200 of the $0.78 units.) Adjustment data: 1. Accrued salaries payable $400. 2. Depreciation $400 per month. Your answer is partially correct. Try again. (e) Compute ending inventory and cost of goods sold under FIFO, assuming Coronado Company uses the periodic inventory system. Ending Inventory 2188 $ X Cost of Goods Sold 4568 (f) Compute ending inventory and cost of goods sold under LIFO, assuming Coronado Company uses the periodic inventory system. Ending Inventory 1620 $ X Cost of Goods Sold 5206 Click if you would like to Show Work for this question: Open Show Work Prepare a classified balance sheet at December 31, 2020. (List Current Assets in order of liquidity.) CORONADO COMPANY Balance Sheet December 31, 2020 Assets Current Assets Cash 5000 Accounts Receivable 11231 Inventory 2188 Total Current Assets 37819 Salaries and Wages Payable Liabilities and Owner's Equity II x X x! 400 > Owner's Equity Owner's Capital 29063 X Total Liabilities and Owner's Equity v 37819 x Your answer is incorrect. Try again. 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 X X X Inventory X X X x X Equipment Accounts Payable Accumulated Depreciation Equipment Accumulated Depreciation Equipment X: Salaries and Wages Payable EX x Owner's Capital Sales Revenue x Salaries and Wages Expense Salaries and Wages Expense Cost of Goods Sold Sales Returns & Allowances Depreciation Expense