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Accounting Cycle Review 6 a-f On December 1, 2020, Lily Company had the account balances shown below. Debit Credit Cash Accounts Receivable $5,000 4,000 2,520* 25,000 $36,520 Accumulated Depreciation Equipment Accounts Payable Owner's Capital $1,300 3,800 31,420 Inventory Equipment $36,520 *(4,200 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 5,200 units of inventory on account at a cost of $0.78 per unit. 5 Sold 5,500 units of inventory on account for $0.94 per unit. (Lily sold 4,200 of the $0.60 units and 1,300 of the $0.78.) 7 Granted the December 5 customer $207 credit for 200 units of inventory returned costing $138. These units were returned to inventory. 17 Purchased 2,200 units of inventory for cash at $0.84 each. 22 Sold 3,400 units of inventory on account for $0.99 per unit. (Lily sold 3,400 of the $0.78 units.) Adjustment data: 1. Accrued salaries payable $600. 2. Depreciation $200 per month. Journalize the December transactions and adjusting entries, assuming Lily 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 Dec. 3 Cash X X Accounts Receivable Dec. 5 Inventory X Equipment (To record sales revenue.) Dec. 5 Cost of Goods Sold X (To record cost of goods sold.) Dec. 7 x X (To record sales returns.) Dec. 7 (To record cost of sales returns.) X X x (To record sales revenue.) (To record cost of goods sold.) X (To record accrued expense.) (To record depreciation expense.) LINK TO TEXT x Your answer is incorrect. Try again. 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 x X Accounts Receivable x X X * Inventory x X X Equipment Accounts Payable X Accumulated Depreciation Equipment Accumulated Depreciation-Equipment x x x Salaries and Wages Payable x Owner's Capital Sales Revenue x x x Salaries and Wages Expense Salaries and Wages Expense X Cost of Goods Sold X x Sales Returns & Allowances X Depreciation Expense X LINK TO TEXT Prepare an adjusted trial balance as of December 31, 2020. LILY COMPANY Adjusted Trial Balance December 31, 2020 Debit Credit x Cash 5000 x Accounts Receivable 4000 X Inventory 2520 Equipment 25000 X Cost of Goods Sold 6186 Depreciation Expense 200 Salaries and Wages Expense 600 x Accumulated Depreciation-Equipment 1300 X Accounts Payable 3800 Towner's Capital 31420 Salaries and Wages Payable 600 Sales Revenue 8536 Sales Returns and Allowances 138 X X Totals LINK TO TEXT x Your answer is incorrect. Try again. Prepare an income statement for December 2020. LILY COMPANY Income Statement x x X X OL $ OO 00 X X LINK TO TEXT Prepare a classified balance sheet at December 31, 2020. (List Current Assets in order of liquidity.) LILY COMPANY Balance Sheet x Assets x X BE Liabilities and Owner's Equity X $ x x $ X $ Compute ending inventory and cost of goods sold under FIFO, assuming Lily Company uses the periodic inventory system. X Ending Inventory $ Cost of Goods Sold Compute ending inventory and cost of goods sold under LIFO, assuming Lily Company uses the periodic inventory system. X Ending Inventory $ Cost of Goods Sold cial anche Var
