On December 1, 2020, Matthias Company had the account balances shown below Debit Credit Cash $4,300 Accumulated DepreciationEquipment $1,600 Accounts Receivable 4,100 Accounts Payable 3,100 Inventory 1,680 Common Stock 20,600 Equipment 22,900 Retained Earnings 7,680 $32,980 $32,980 (2,800 x $0 60) The following transactions occurred during December Dec 3 Purchased 3,900 units of inventory on account at a cost of $0 77 per unit 5 Sold 4,500 units of inventory on account for $0 90 per unit (Matthias sold 2,800 of the $0 60 units and 1,700 of the $0 77 ) 7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $120 These units were returned to inventory 17 Purchased 2,500 units of inventory for cash at $0 80 each 22 Sold 2,100 units of inventory on account for $0 95 per unit (Matthias sold 2,100 of the $0 77 units ) Adjustment data 1 Accrued salaries payable $430 2 Depreciation $210 per month (a) Journalize the December transactions, assuming Matthias uses the perpetual inventory method (Credit account titles are automatically indented when the amount is entered Do not indent manually If no entry is required, select No entry for the account titles and enter 0 for the amounts )

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Posted on Sep 12, 2024

On December 1, 2020, Matthias Company had the account balances shown below. Debit Credit Cash $4,300 Accumulated DepreciationEquipment $1,600 Accounts Receivable 4,100 Accounts Payable 3,100

On December 1, 2020, Matthias Company had the account balances shown below.

	Debit			Credit
Cash	$4,300		Accumulated DepreciationEquipment	$1,600
Accounts Receivable	4,100		Accounts Payable	3,100
Inventory	1,680	^*	Common Stock	20,600
Equipment	22,900		Retained Earnings	7,680
	$32,980			$32,980

*(2,800 x $0.60) The following transactions occurred during December.

Dec. 3		Purchased 3,900 units of inventory on account at a cost of $0.77 per unit.
5		Sold 4,500 units of inventory on account for $0.90 per unit. (Matthias sold 2,800 of the $0.60 units and 1,700 of the $0.77.)
7		Granted the December 5 customer $180 credit for 200 units of inventory returned costing $120. These units were returned to inventory.
17		Purchased 2,500 units of inventory for cash at $0.80 each.
22		Sold 2,100 units of inventory on account for $0.95 per unit. (Matthias sold 2,100 of the $0.77 units.)

Adjustment data:

1.		Accrued salaries payable $430.
2.		Depreciation $210 per month.

(a)

Journalize the December transactions, assuming Matthias uses the perpetual inventory method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)