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On December 1, 2022, Skysong, Inc. had the following account balances. Debit Credit Cash $17,300 Accumulated DepreciationEquipment $2,900 Notes Receivable 2,100 Accounts Payable 6,100 Accounts

On December 1, 2022, Skysong, Inc. had the following account balances.

Debit Credit

Cash

$17,300

Accumulated DepreciationEquipment

$2,900

Notes Receivable

2,100

Accounts Payable

6,100

Accounts Receivable

7,000

Common Stock

52,100

Inventory

16,500

Retained Earnings

11,900

Prepaid Insurance

1,500 $73,000

Equipment

28,600
$73,000

During December, the company completed the following transactions.

Dec. 7 Received $3,600 cash from customers in payment of account (no discount allowed).
12 Purchased merchandise on account from Vance Co. $13,000, terms 1/10, n/30.
17 Sold merchandise on account $15,500, terms 2/10, n/30. The cost of the merchandise sold was $9,000.
19 Paid salaries $2,200.
22 Paid Vance Co. in full, less discount.
26 Received collections in full, less discounts, from customers billed on December 17.
31 Received $2,600 cash from customers in payment of account (no discount allowed).

Adjustment data:

1. Depreciation was $200 per month.
2. Insurance of $410 expired in December.

(a)

New attempt is in progress. Some of the new entries may impact the last attempt grading.

Your answer is partially correct.

Journalize the December transactions. (Assume 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 0 for the amounts. Record journal entries in the order presented in the problem.)

Date

Account Titles and Explanation

Debit

Credit

Select the transaction date Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31

Enter an account title

Enter a debit amount

Enter a credit amount

Enter an account title

Enter a debit amount

Enter a credit amount

Select the transaction date Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31

Enter an account title

Enter a debit amount

Enter a credit amount

Enter an account title

Enter a debit amount

Enter a credit amount

Select the transaction date Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31

Enter an account title to record sales

Enter a debit amount

Enter a credit amount

Enter an account title to record sales

Enter a debit amount

Enter a credit amount

(To record sales)

Select the transaction date Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31

Enter an account title to record cost of goods sold

Enter a debit amount

Enter a credit amount

Enter an account title to record cost of goods sold

Enter a debit amount

Enter a credit amount

(To record cost of goods sold)

Select the transaction date Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31

Enter an account title

Enter a debit amount

Enter a credit amount

Enter an account title

Enter a debit amount

Enter a credit amount

Select the transaction date Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31

Enter an account title

Enter a debit amount

Enter a credit amount

Enter an account title

Enter a debit amount

Enter a credit amount

Enter an account title

Enter a debit amount

Enter a credit amount

Dec. 26

Enter an account title

Enter a debit amount

Enter a credit amount

Enter an account title

Enter a debit amount

Enter a credit amount

Enter an account title

Enter a debit amount

Enter a credit amount

Select the transaction date Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31

Enter an account title

Enter a debit amount

Enter a credit amount

Enter an account title

Enter a debit amount

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