On December 1, 2020, Matthias Company had the account balances shown below. Debit Credit Cash $4,300 Accumulated Depreciation-Equipment $1,600 Accounts Receivable 3.600 Accounts Payable 3.300 Inventory 1.860 Common Stock 21.100 Equipment 21.500 Retained Earnings 5.260 $31.260 $31,260 (3,100 x $0.60) The following transactions occurred during December Dec 3 5 Purchased 4.100 units of inventory on account at a cost of $0.78 per unit Sold 4 300 units of inventory on account for $0.90 per unit (Matthias sold 3,100 of the $0.60 units and 1.200 of the $0.78) Granted the December 5 customer $270 credit for 300 units of inventory returned costing $180. These units were returned to inventory Purchased 2,200 units of inventory for cash at $0.80 each 7 17 22 Sold 2,300 units of inventory on account for $0.95 per unit (Matthias sold 2,300 of the $0.78 units.) Accounts Receivable 3,600 Accounts Payable Inventory 3,300 1.860 Common Stock 21,100 Equipment 21.500 Retained Earnings 5,260 $31,260 $31,260 (3,100 x $0.60) The following transactions occurred during December Dec. 3 5 7 Purchased 4.100 units of inventory on account at a cost of $0.78 per unit. Sold 4,300 units of inventory on account for $0.90 per unit. (Matthias sold 3,100 of the $0.60 units and 1.200 of the $0.78) Granted the December 5 customer $270 credit for 300 units of inventory returned costing $180. These units were returned to inventory Purchased 2.200 units of inventory for cash at $0.80 each. Sold 2,300 units of inventory on account for $0.95 per unit.(Matthias sold 2,300 of the $0.78 units.) 17 22 Adjustment data: 1 Accrued salaries payable $430, Depreciation $180 per month 2. Journalize the December transactions, assuming Matthias uses the perpetual inventory method. (Credit account tities 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 o for the amounts.) Date Account Titles and Explanation Debit Credit (To record sales revenue) (To record cost of goods sold) (To record cost of goods sold) (To record sales return (To record cost of goods returned) (To record sales revenue) (To record sales revenue) (To record cost of goods sold) Journalize the adjusting entries. (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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec 31 (1) (To record accrued expense) (2) (To record depreciation expense)
