On December 1, 2022, Tamarisk, Inc. had the following account balances. Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Debit $17,800 Accumulated Depreciation-Equipment 2,500 Accounts Payable 7,100 Common Stock 15,900 Retained Earnings 1,600 27,600 $72,500 Credit $2,900 6,200 52,400 11,000 $72,500 During December, the company completed the following transactions. Dec. 7 12 17 19 22 Received $3,600 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Vance Co. $12,900, terms 1/10, 1/30. Sold merchandise on account $16,300, terms 2/10,n/30. The cost of the merchandise sold was $9,200. Paid salaries $2,100. Paid Vance Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 17, Received $2,800 cash from customers in payment of account (no discount allowed). 26 31 Adjustment data: 1. Depreciation was $200 per month Insurance of $400 expired in December 2. Journalize the December transactions. (Assume a perpetual inventory system.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 7 Cash 3.600 Accounts Receivable 3,600 Dec 12 Inventory 12.900 Accounts Payable 12.900 Dec. 17 Accounts Receivable 16.300 Sales Revenue 16,300 (To Fecord sales) Cost of Goods Sold Dec. 17 9.200 9.200 Inventory (To record cost of goods sold) Salaries and Wages Expense Dec. 19 2.100 Cash 2,100 Dec. 22 Accounts Payable 12,900 129 Inventory 129 Cash 12,771 Dec. 26 Cash 15,974 Sales Discounts 326 Accounts Receivable 16,300 Dec. 31 Cash 2.800 Accounts Receivable 2.800 (b) Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entries presented in the previous part.) Cash Notes Receivable Notes Receivable . Accounts Receivable Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Discounts Cost of Goods Sold Salaries and Wages Expense e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (c) The statement from Jackson County Bank on December 31 showed a balance of $25,523. A comparison of the bank statement with the Cash account revealed the following facts. The statement from Jackson County Bank on December 31 showed a balance of $25,523. A comparison of the bank statement with the Cash account revealed the following facts. 1. 2. The bank collected a note receivable of $2,500 for Tamarisk, Inc. on December 15 through electronic funds transfer. The December 31 receipts were deposited in a night deposit vault on December 31. These deposits were recorded by the bank in January Checks outstanding on December 31 totaled $1,200. On December 31, the bank statement showed an NSF charge of $680 for a check received by the company from L. Bryan, a customer, on account. 3. 4. Prepare a bank reconciliation as of December 31 based on the available information. (Hint: The cash balance per books is $25,303. This can be proven by finding the balance in the Cash account from parts (a) and (b).) (List items that increase cash balance first. Reconcile cash balance per bank first.) Tamarisk, Inc. Bank Reconciliation : Prepare a bank reconciliation as of December 31 based on the available information. (Hint: The cash balance per books is $25,303. This can be proven by finding the balance in the Cash account from parts (a) and (b). (List items that increase cash balance first. Reconcile cash balance per bank first.) Tamarisk, Inc. Bank Reconciliation $ $ e Textbook and Media 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 collection of notes receivable) Dec. 31 (To record NSF charge) Dec. 31 (To adjust depreciation) Dec. 31 (To adjust insurance) e Textbook and Media List of Accounts (e) Post the adjusting entries to the ledger T-accounts. (Post entries in the order of journal entries presented in the previous part.) Cash 12/1 Bal. 12/7 17,800 12/19 3,600 12/22 2.100 12,771 12/26 15.974 12/31 2,800 Notes Receivable 12/1 Bal 2.500 Accounts Receivable 12/1 Bal. 12/17 7.100 12/7 16,300 12/26 3,600 16,300 12/31 2.800 Inventory 12/1 Bal 12 15.900 12/17 RD 9.200 12 12/17 16,300 12/26 16,300 12/31 2,800 Inventory 12/1 Bal. 12/12 15,900 12/17 12.900 12/22 9,200 129 Prepaid Insurance 12/1 Bal. 1,600 Equipment 12/1 Bal. 27,600 Accumulated Depreciation-Equipment 12/1 Bal. 2.900 Accounts Payable 12/22 12,900 12/1 Bal. 6,200 2 12/12 12.900 Common Stock Common Stock 12/1 Bal. 52,400 Retained Earnings 12/1 Bal. 11,000 Sales Revenue 12/17 16,300 Sales Discounts 12/26 326 Cost of Goods Sold 12/17 9.200 Depreciation Expense Salaries and Wages Expense 12/19 2.100 Insurance Expense Insurance Expense e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (f) Prepare an adjusted trial balance. (Do not list those accounts that have zero ending balance.) Tamarisk, Inc. Adjusted Trial Balance Debit Credit Tamarisk, Inc. Adjusted Trial Balance Debit Credit I E Question 1 of 1 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (81) Prepare a multiple-step income statement for December. Tamarisk, Inc. Income Statement Question 1 of 1 0.12/1 Prepare a multiple-step income statement for December Tamarisk, Inc. Income Statement I e Textbook and Media (92) Prepare a classified balance sheet at December 31. (List Current Assets in the order of liquidity.) Tamarisk, Inc. Balance Sheet Assets $ Liabilities and Stockholders' Equity Question 1 of 1 0.12/1 . Liabilities and Stockholders' Equity $ e Textbook and Media List of Accounts Attempts: 0 of 3 used Submit Answer Sunrinter