Please solve for Journal Entries, Balance Sheet, Trial Balance and Income Statement
Colege Coasters is a San Diego-based merchandiser specializing in logo-adormed drink coasters. The company reported the following balances in its unadjusted trial balance at December 1 Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and kages Payable 30 Income Taxes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Salaries and Wages Expense 2,ee8 Depreciation Expense Income Tax Expense Office Expenses $1e,805 2,800 5e0 68e 810 11e 1,588 6,5ee 3,e3e 15,985 8,9ee 1,180 118 1,400 The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory on December 1 consisted of 1,000 costers, all of which were purchased in a batch on lily 0 at a unit cost of Soso Coasters records its inventory using perpetual inventory accounts and the FIFO cost low method During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below. a. Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.52, with terms of n/60. b. Purchased 1,000 coasters on account from the regular supplier on 12/2 at a unit cost of $0.55, with terms of n/60 c. Sold 2.000 coasters on account on 12/3 at a unit price of $0.90. d. Collected $1,000 from customers on account on 12/4. e. Paid the supplier $1,600 cash on account on 12/18, Pald employees $500 on 12/23, of which $300 related to work done in November and $200 was for wages up to December 22 g Loaded 100 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona, Hawalil. The sale was made FOB destination with terms of n/60. Other relevant Information includes the following at 12/31 h. College Coasters has not yet recorded $200 of office expenss incurred in December on account. The company estimates that the equipment depreciates at a rate of $10 per month. One month of depreclation needs to be recorded J Wages for the period from December 23-31 are $100 and will be pald on January 15. k The $600 of Prepald Rent relates to a six-month period ending on May 31 of next year L The company incurred $789 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 General Trial Balance Statement Requirement Journal Income Balance Sheet Analysis Prepare the journal entries to record the transactions (a) through (n). Review the accounts as shown in the General Ledger and Trial Balance tabs. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field)
