Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On December 1, 2022, Windsor, Inc. had the following account balances. During December, the company completed the following summary transactions. Dec. 6 Paid $1,700 for
On December 1, 2022, Windsor, Inc. had the following account balances. During December, the company completed the following summary transactions. Dec. 6 Paid $1,700 for salaries and wages due employees, of which $700 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,100. The cost of the merchandise sold was $4,000. 13 Purchased merchandise on account from Hecht Co. $9,200, terms 2/10,n/30. Dec. 6 Paid $1,700 for salaries and wages due employees, of which $700 is for December and $1,000 is for November salaries and wages payable. 8 Received \$1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,100. The cost of the merchandise sold was $4,000. 13 Purchased merchandise on account from Hecht Co. $9,200, terms 2/10,n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $11,900, terms 3/10,n/30. The cost of the merchandise sold was $8,200. 20 Paid salaries wages $1,900. 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Journalize the December transactions using 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 O for the amounts. Record journal entries in the order presented in the problem.) (To record the sales revenue.) (To record cost of goods sold.) Dec. 27 On December 1, 2022, Windsor, Inc. had the following account balances. During December, the company completed the following summary transactions. Dec. 6 Paid $1,700 for salaries and wages due employees, of which $700 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,100. The cost of the merchandise sold was $4,000. 13 Purchased merchandise on account from Hecht Co. $9,200, terms 2/10,n/30. Dec. 6 Paid $1,700 for salaries and wages due employees, of which $700 is for December and $1,000 is for November salaries and wages payable. 8 Received \$1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,100. The cost of the merchandise sold was $4,000. 13 Purchased merchandise on account from Hecht Co. $9,200, terms 2/10,n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $11,900, terms 3/10,n/30. The cost of the merchandise sold was $8,200. 20 Paid salaries wages $1,900. 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Journalize the December transactions using 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 O for the amounts. Record journal entries in the order presented in the problem.) (To record the sales revenue.) (To record cost of goods sold.) Dec. 27
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started