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On December 1, 2022, Cullumber Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation-Equipment $2,200 Accounts Receivable 4,900 Accounts Payable 4.800
On December 1, 2022, Cullumber Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation-Equipment $2,200 Accounts Receivable 4,900 Accounts Payable 4.800 Inventory 12,300 Salaries and Wages Payable 1,000 Supplies 1,200 Common Stock 15,000 Equipment 22.000 Retained Earnings 24,900 $47,900 $47,900 During December, the company completed the following summary transactions. Dec. 6 Paid $1.600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,600. The cost of the merchandise sold was $4,700. 13 15 Purchased merchandise on account from Hecht Co. $8,600, terms 2/10,n/30. Purchased supplies for cash $2,000. Sold merchandise on account $12.900, terms 3/10./30. The cost of the merchandise sold was $8.500. 18 20 Paid salaries $2,300. 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Adjustment data: 1. 1. Accrued salaries payable $800. 2. Depreciation $200 per month. 3. Supplies on hand $1,500. 4. Income tax due and unpaid at December 31 is $100. Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1 1. Salaries and Wages Payable 800 Salaries and Wages Expense 800 2 2 Depreciation Expense 200 Accumulated Depreciation Equipment 200 3. Supplies Expense 1500 Inventory 1500 Income Tax Expense 100 Income Taxes Payable 100 Cash 12/1 Bal. 7,500 12/6 1,600 12/8 1,900 12/15 2,000 12/10 6,600 12/20 2,300 12/27 12,513 12/23 8.428 12/31 Bal. 14.185 Accounts Receivable 12/1 Bal. 4,900 12/8 1,900 12/18 12.900 12/27 12,900 12/31 Bal. 3.000 Inventory 12/1 Bal. 12.300 12/10 4.700 12/13 8,600 12/18 8,500 12/23 172 12/31 Bal. 7.528 Supplies 12/1 Bal. 1,200 12/15 2,000 12/31 Bal. Equipment 12/1 Bal. 22,000 12/31 Bal. 22.000 Accumulated Depreciation-Equipment 12/1 Bal. 2,200
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