On December 1, 2020, Pina Colada Corp. had the following account balances. (Please keep numbers and problem in the same format given below!)
On December 1, 2020, Pina Colada Corp. had the following account balances. Cash Accounts Receivable Inventory Supplies Equipment Debit $7,400 5,000 11,700 1,300 22,000 $47,400 Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Credit $2,200 4,900 1,200 30,000 9,100 $47,400 During December, the company completed the following summary transactions. Dec. 6 Paid $1,700 for salaries and wages due employees, of which $500 is for December and $1,200 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,900. The cost of the merchandise sold was $4,200. 13 Purchased merchandise on account from Maglio Co. $8,500, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,200, terms 3/10, n/30. The cost of the merchandise sold was $8,300. 20 Paid salaries and wages $1,900. 23 Paid Maglio Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entere Journalize the December transactions using a perpetual inventory system. (Credit account titles are a Debit Credit Date Account Titles and Explanation Dec. 6 (To record sales revenue.) (To record cost of goods sold.) (To record the sales revenue.) (To record cost of goods sold.) Dec. 27 Dec. 27 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post e Cash Accounts Receivable Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation-Fauinment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Sales Revenue Sales Revenue Sales Discount Cost of Goods Sold Salaries and Wages Expense Adjustment data: 1. 2. 3. Accrued salaries and wages payable $750. Depreciation $200 per month. Supplies on hand $1,700. Journalize adjusting entries. (Credit account titles are automatically indented when amount is ent No. Date Account Titles and Explanation Debit Credit Post adjusting entries. (Post entries in the order of journal entries presented above.) 12/1 Bal. 12/8 Cash 7,400 12/6 1,900 12/15 cools/ 1,700 1,600 Post adjusting entries. (Post entries in the order of journal entries presented above.) 12/1 Bal. 12/8 12/10 12/27 12/31 Bal. 1,700 1,600 1,900 8,330 12/1 Bal. 12/18 12/31 Bal. Cash 7,400 12/6 1,900 12/15 6,900 12/20 11,834 12/23 14,504 Accounts Receivable 5,000 12/8 12,200 12/27 3,100 Inventory 11,700 12/10 8,500 12/18 12/23 7,530 Supplies 1,300 1,900 12,200 12/1 Bal. 12/13 4,200 8,300 170 12/31 Bal. 12/1 Bal. 12/15 1,600 Fouinment 12/1 Bal. 12/31 Bal. Equipment 22,000 22,000 Accumulated Depreciation Equipment 12/1 Bal. 2,200 12/23 Accounts Payable 8,500 12/1 Bal. 12/13 12/31 Bal. Salaries and Wages Payable 1,200 12/1 Bal. 4,900 8,500 4,900 12/6 1,200 30,000 Common Stock 12/1 Bal. 12/31 Bal. Retained Earnings 12/1 Bal. 30,000 9,100 6,900 12,200 19,100 12/27 Sales Revenue 12/10 12/18 12/31 Bal. Sales Discount 366 366 Cost of Goods Sold 4,200 8,300 12,500 Depreciation Expense 12/31 Bal. 12/10 12/18 12/31 Bal. Salaries and Wages Expense 500 12/6 12/20 1,900 Supplies Expense SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare an adjusted trial balance. Pina Colada Corp. Adjusted Trial Balance Debit Credit Totals SHOW LIST OF ACCOUNTS Prepare an income statement. (If there is a net loss then enter the amount using either a negat Pina Colada Corp. Income Statement Prepare a retained earnings statement for December Pina Colada Corp. Retained Earnings Statement SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare a classified balance sheet at December 31. (List current assets in order of liquidity.) Pina Colada Corp. Balance Sheet Assets Pina Colada Corp. Balance Sheet Assets Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Click if you would like to show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS
