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On December 1, 2022 Ivanhoe Company had the following account balances. Debits Credits Cash $18,700 Accumulated Depreciation-Equipment $3,090 Notes Receivable 2,280 Accounts Payable 6,080 Accounts
On December 1, 2022 Ivanhoe Company had the following account balances. Debits Credits Cash $18,700 Accumulated Depreciation-Equipment $3,090 Notes Receivable 2,280 Accounts Payable 6,080 Accounts Receivable 7,610 Common Stock 49,800 Inventory 16,900 Retained Earnings 20,240 Prepaid Insurance 1,720 Equipment 32,000 $79,210 $79,210 During December, the company completed the following transactions. Dec. 7 Received $3,770 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Green Co. $12,900, terms 1/10,n/30. 12 17 Sold merchandise on account $16,000, terms 2/10,n/30. The cost of the merchandise sold was $10,200. Paid salaries $1,910. 19 22 Paid Green Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17. 3 31 Received $2.680 cash from customers in payment of account (no discount allowed). Adjustment data: 1. 2. The amount of depreciation is $100. Insurance expired $430. Income tax expense was $210. It was unpaid at December 31. 3. Journalize the adjusting entries resulting from the bank reconciliation and adjustment data. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 | (To record electric funds transfer received) 31 (To record NSF check) 31 (To record depreciation expense) 31 (To record insurance expense) 31 (To record income tax expense)
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