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Pleae answer A-F correctly. On December 1, 2017, Annalise Company had the account balances shown below. The following transactions occurred during December. Adjustment data: Accrued
Pleae answer A-F correctly.
On December 1, 2017, Annalise Company had the account balances shown below. The following transactions occurred during December. Adjustment data: Accrued salaries payable $400. Depreciation $200 per month. Instructions (a) Journalize the December transactions and adjusting entries, assuming Annalise uses the perpetual inventory method. (b) Enter the December 1 balances in the ledger T-accounts and post the December transactions. In addition to the accounts mentioned above, use the following additional accounts: Cost of Goods Sold, Depreciation Expense, Salaries and Wages Expense, Salaries and Wages Payable, Sales Revenue, and Sales Returns and Allowances. (c) Prepare an adjusted trial balance as of December 31, 2017. (d) Prepare an income statement for December 2017 and a classified balance sheet at December 31, 2017. (e) Compute ending inventory and cost of goods sold under FIFO, assuming Annalise Company uses the periodic inventory system. (f) Compute ending inventory and cost of goods sold under LIFO, assuming Annalise Company uses the periodic inventory systemStep by Step Solution
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