Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On December 1, 2022, Sunland Distributing Company had the following account balances. During December, the company completed the following summary transactions. Dec. 6 Paid $1,600

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On December 1, 2022, Sunland Distributing Company had the following account balances. 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 $7,100. The cost of the merchandise sold was $5,200. 13 Purchased merchandise on account from Hecht Co. $9,600, terms 2/10,n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $14,400, terms 3/10,n/30. The cost of the merchandise sold was $9,500. 20 Paid salaries $2,800. 23 Paid Hecht Co, in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. SUNLAND DISTRIBUTING COMPANY Adjusted Trial Balance December 31.2022 Debit Credit Cash $ Accounts Receivable mventory Supplies Equipment 22000 Accumulated Depreciation-Equigment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnirgs Soles Reverue Sales Discounts: Cost of Goods Sold Salaries and Wages Expense Despeclation Expense Supplies Expense SUNLAND DISTRIBUTING COMPANY Adjusted Trial Balance December 31.2022 Debit Credit Cash $ Accounts Receivable mventory Supplies Equipment 22000 Accumulated Depreciation-Equigment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnirgs Soles Reverue Sales Discounts: Cost of Goods Sold Salaries and Wages Expense Despeclation Expense Supplies Expense On December 1, 2022, Sunland Distributing Company had the following account balances. 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 $7,100. The cost of the merchandise sold was $5,200. 13 Purchased merchandise on account from Hecht Co. $9,600, terms 2/10,n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $14,400, terms 3/10,n/30. The cost of the merchandise sold was $9,500. 20 Paid salaries $2,800. 23 Paid Hecht Co, in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. On December 1, 2022, Sunland Distributing Company had the following account balances. 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 $7,100. The cost of the merchandise sold was $5,200. 13 Purchased merchandise on account from Hecht Co. $9,600, terms 2/10,n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $14,400, terms 3/10,n/30. The cost of the merchandise sold was $9,500. 20 Paid salaries $2,800. 23 Paid Hecht Co, in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. SUNLAND DISTRIBUTING COMPANY Adjusted Trial Balance December 31.2022 Debit Credit Cash $ Accounts Receivable mventory Supplies Equipment 22000 Accumulated Depreciation-Equigment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnirgs Soles Reverue Sales Discounts: Cost of Goods Sold Salaries and Wages Expense Despeclation Expense Supplies Expense Adjustment data: 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) Post the above adjusting entries. (Post entries in the order of joumal entries presented above) On December 1, 2022, Sunland Distributing Company had the following account balances. 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 $7,100. The cost of the merchandise sold was $5,200. 13 Purchased merchandise on account from Hecht Co. $9,600, terms 2/10,n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $14,400, terms 3/10,n/30. The cost of the merchandise sold was $9,500. 20 Paid salaries $2,800. 23 Paid Hecht Co, in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Post the above adjusting entries. (Post entriles in the order of journal entries presented obove) 12/27 Sales Discounts \begin{tabular}{lr|} \hline & Cost of Goods Sold \\ \hline 12/10 & 5,200 \\ 12/18 & 9,500 \\ \hline 12/31 Bal. & 14,700 \end{tabular} SUNLAND DISTRIBUTING COMPANY Adjusted Trial Balance December 31.2022 Debit Credit Cash $ Accounts Receivable mventory Supplies Equipment 22000 Accumulated Depreciation-Equigment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnirgs Soles Reverue Sales Discounts: Cost of Goods Sold Salaries and Wages Expense Despeclation Expense Supplies Expense

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Top Accounting And Auditing Issues For 2023

Authors: CCH Tax Law Editors

1st Edition

0808059335, 978-0808059332

More Books

Students also viewed these Accounting questions