On December 1, 2022, Windsor, Inc. had the account balances shown below. Debits Cash Credits Accumulated Depreciation-Equipment Accounts Payable $1,620 Accounts Receivable Inventory (2,700 x $0.60) Equipment 3,280 $4,850 4,050 1.620 19,000 $29,520 Common Stock Retained Earnings 9.000 15,620 $29,520 The following transactions occurred during December. Dec. 3 Purchased 3.700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on account for $0.80 per unit. (It sold 2,700 of the $0.60 units and 1.400 of the $0.78.) 7 Granted the December 5 customer $80 credit for 100 units of inventory returned costing $50. These units were returned to inventory. 17 Purchased 2,000 units of inventory for cash at $0.90 each. 22 Sold 1,700 units of inventory on account for $1.02 per unit. (It sold 1,700 of the $0.78 units.) Adjustment data: 1. Accrued salaries and wages payable $430. 2. Depreciation on equipment $210 per month. 3. Income tax expense was $190. to be paid next year. Journalize the December transactions and adjusting entries, assuming Windsor, Inc. uses the perpetual inventory method. (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 (To record sales revenue.) (To record cost of goods sold.) (To record sales return) Enter the December 1 balances in the ledger T-accounts and post the December transactions Cash Accounts Receivable Inventory Equipment Accounts Payable Accumulated Depreciation-Equipment Salaries and Wages Payable Common Stock Income Taxes Payable Retained Earnings Sales Revenue Salaries and Wages Expense Cost of Goods Sold Sales Returns & Allowances Depreciation Expense Income Tax Expense Prepare an adjusted trial balance as of December 31, 2022 Windsor, Inc. Adjusted Trial Balance Debit Credit Windsor, Inc. Income Statement Prepare a classified balance sheet at December 31, 2022. (List current assets in order of liquidity) Windsor, Inc. Balance Sheet Assets Liabilities and Stockholders' Equity Compute ending inventory and cost of goods sold under FIFO, assuming Windsor, Inc. uses the periodic inventory system. Ending Inventory $ Cost of Goods Sold $ Compute ending inventory and cost of goods sold under LIFO, assuming Windsor, Inc. uses the periodic inventory system. Ending Inventory $ Cost of Goods Sold $ e Textbook and Media List of Accounts Question 1 View Policies Current Attempt in Progress On December 1, 2022, Windsor, Inc. had the account balances shown below. Debits Credits Cash $4,850 Accumulated Depreciation-Equipment $1,620 4,050 Accounts Payable Accounts Receivable Inventory (2,700 x $0.60) 3,280 1.620 Common Stock 9.000 Equipment 19,000 Retained Earnings $29.520 15.620 $29.520 The following transactions occurred during December Dec. 3 Purchased 3,700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4.100 units of inventory on account for $0.80 per unit. (It sold 2.700 of the $0.60 units and 1,400 of the $0.78.) 7 Granted the December 5 customer $80 credit for 100 units of inventory returned costing $50. These units were returned to inventory. 17 Purchased 2.000 units of inventory for cash at $0.90 each 22 Sold 1,700 units of inventory on account for $1.02 per unit. (It sold 1.700 of the $0.78 units.) Adjustment data: 1. Accrued salaries and wages payable $430, 2. Depreciation on equipment $ 210 per month 3. Income tax expense was $190, to be paid next year. Journalize the December transactions and adjusting entries, assuming Windsor, Inc. uses the perpetual inventory method. (Credit account titles are outomatically 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 (To record sales revenue.) (To record cost of goods sold.) (To record sales return.) (To record sales revenue.) (To record cost of goods sold.) (To record accrued expense.) (To record depreciation expense.) (To record income tax expense.) e Textbook and Media List of Accounts Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entries presented above. Cash Accounts Receivable Inventory Equipment Accounts Payable Accumulated Depreciation--Equipment Salaries and Wages Payable Common Stock Income Taxes Payable Retained Earnings Sales Revenue Salaries and Wages Expense Cost of Goods Sold Sales Returns & Allowances Depreciation Expense Income Tax Expenses I Windsor, Inc. Adjusted Trial Balance Debit Credit Windsor, Inc. Income Statement List of Accounts Prepare a classifed balance sheet at December 31, 2022. (List current assets in order of liquidity.) Windsor, Inc. Balance Sheet Assets Liabilities and Stockholder' amit Liabilities and Stockholders' Equity Compute ending inventory and cost of goods sold under FIFO, assuming Windsor, Inc, uses the periodic inventory system. Ending Inventory Cost of Goods Sold $ Compute ending inventory and cost of goods sold under LIFO, assuming Windsor, Inc. uses the periodic inventory system. Ending Inventory $ Cost of Goods Sold $ e Textbook and Media List of Accounts
