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College Coasters is a San Diego-based merchandiser speclalizing in logo-adorned dirnk coasters. The compary reported the following balances in its unadjusted trial balance at December 1 . The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that suppller. The Inventory on December 1 consisted of 1,000 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.50. College Coasters records its inventory using perpetual inventory accounts and the fiFO cost flow method. During December, the company entered into the following transactions. Some of these transactions are explained in greater detat below. a. Purchared 400 coasters on account from the regular suppller on 121 at a unit cost of $0.52. Wth terms of n.60. b. Purchased 900 cossters on account from the regular supplier on 12/2 at a unh cost of $0.55, With terms of n.60. c. Sold 1,900 coasters on account on 12/3 at a unit price of $110. d. Collected $1,000 from customers on account on 124. e. Paid the suppler $1,440 cash on account on 1218 t Paid employees $430 on 1223 , of which $250 related to work done in November and $180 was tor wages up to December 22 g. Loaded 90 cossters on a cargo ship on 1231 to be delivered the followng week to a customer in Kona. Hawalt, The sale was made FOB dectination with terme of n.60. a. Purchased 400 coasters on account from the regular supplier on 12/1 at a unit cost of $0.52 with terms of n/60 b. Purchased 900 coasters on account from the regular supplier on 12/2 at a unit cost of $0.55, with terms of n/60. c. Sold 1,900 coasters on account on 12/3 at a unit price of $1.10. d. Collected $1,000 from customers on account on 12/4. e. Pald the supplier $1,440 cash on account on 12n8. f Pald employees $430 on 12/23, of which $250 related to work done in November and $180 was for wages up to December 22 g. Loaded 90 coasters on a cargo ship on 12/31 to be delvered the following week to a customer in Kona, Hawall. The sale was mac FOB destination with terms of n/60. Other relevant information includes the followng at 12/31 : h. College Coasters has not yet recorded \$170 of office expenses incurred in December on account. IThe company estimates that the equipment depreclates at a rate of $10 per month. One month of depreclation needs to be recorded. L Wages for the perlod from December 2331 are $100 and will be pald on January 15. k. The $660 of Prepald Rent relates to a six-month period ending on May 31 of next year. 1. The company incurred $700 of income tax but has made no tax payments this year. m. No shrinkage or damage was discovered when the inventory was counted on December 31 . n. The company did not declare dividends and there were no transactions involving common stock. General Journal tab - Prepare the journal entries to record the transactions (a) through ( n ). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances in the General Ledger. Trial Balance ta b - You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the dropdown. Income Statement tab-Use the drop-down to select the accounts properly included on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account based on your selection. Balance Sheet tab - Use the drop-down to select the accounts to properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Analysis tab - Calculate to one decimal place the inventory turnover ratio and days to sell in 'Analysis Tab
