Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On December 1, 2022, Carla Vista Distributing Company had the following account balances. Debit Cash $7,000 Credit $ 2,200 4,300 Accounts Receivable 4,400 Inventory 11,800
On December 1, 2022, Carla Vista Distributing Company had the following account balances. Debit Cash $7,000 Credit $ 2,200 4,300 Accounts Receivable 4,400 Inventory 11,800 Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings 1,000 Supplies 1,200 15,000 Equipment 22,000 23,900 $ 46,400 $ 46,400 During December, the company completed the following summary transactions. Dec. 6 8 Pald $ 1.600 for salaries due employees, of which $ 600 is for December and $1,000 is for November salaries payable. Received $ 1.900 cash from customers in payment of account (no discount allowed). Sold merchandise for cash $ 6,100. The cost of the merchandise sold was $4,200. Purchased merchandise on account from Hecht Co. $ 7.600, terms 2/10, 1/30. 10 13 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $ 11,400, terms 3/10.6/30. The cost of the merchandise sold was $7.500 15 18 On account from Hecht Co. $ 7,600, terms 2/10, 1/30. Purchased supplies for cash $ 2,000. Sold merchandise on account $ 11,400, terms 3/10, 1/30. The cost of the merchandise sold was $ 7,500 Paid salaries $ 1,800 Paid Hecht Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18. 20 23 27 a (a) a Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when 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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started