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prepare the journal enteies to record the transactions A-N Check my work College Coasters is a San Diego-based merchandiser specializing in logo-adorned drink coasters. The

prepare the journal enteies to record the transactions A-N
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Check my work College Coasters is a San Diego-based merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1 59,400 1.780 450 540 830 Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Salaries and Wages Expense Depreciation Expense Income Tax Expense Office Expense 100 1,230 300 e 5,900 2.700 13,989 7,120 990 1.700 108 @ 1. Bee The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that open the inventory on December 1 consisted of 900 coasters, all of which were purchased in a batch on July 10.21 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 detail Prey 1 of 1 BH Next Check my werk 1 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 900 Coasters on account from the regular supplier on 12/2 eta unit cost of $0.55 with terms of 1/60 c. Sold 1.800.coasters on account on 12/3 at a unit price of $110 d. Collected $870 from customers on account on 12/4 e Pald the supplier $1,390 cash on account on 12/18 Paid employees $430 on 12/23, of which $270 related to work done in November and $160 was for wages up to December 22 9. Loaded 100 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kone, Hawall. The sale was made FOB destination with terms of n/G nt Other relevant information includes the following at 12/31 n College Coasters has not yet recorded $190 of office expenses incurred in December on account 1. The company estimates that the equipment depreciates at a rate of $10 per montis One month of depreciation needs to be recorded 7. Wages for the period from December 23-31 are $100 and will be paid on January 15 k. The $540 of Prepaid Rent relates to a six-month period ending on May 31 of dext year. 2. 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 Check my work ww 1 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 jourpal entry required in the first account field) View transaction list Journal entry worksheet Berences Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.52, with terms of n/60. Record the transaction Debit Credit Note Edebits before credits Date General Journal December 01 Inventory Accounts Payablo 280 260 Prey 1 of 1 !!! Next

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