Question 2 On December 1, 2017, Coronado Industries had the account balances shown below. Debits Credits Cash $5,100 Accumulated Depreciation-Equipment $1,570 Accounts Receivable 3,720 Accounts Payable 2,760 Inventory (2,800 x $0.60) 1,680 Common Stock 9,400 21,300 Retained Earnings Equipment 18,070 $31,800 $31,800 The following transactions occurred during December. Dec. 3 Purchased 3,800 units of inventory on account at a cost of $0.72 per unit 5 Sold 4,200 units of inventory on account for $0.90 per unit. (It sold 2,800 of the $0.60 units and 1,400 of the $0.72.) 7 Granted the December 5 customer $270 credit for 300 units of inventory returned costing $240. These units were returned to 17 Purchased 2,500 units of inventory for cash at $0.80 each 22 Sold 2,400 units of inventory on account for $0.91 per unit. (It sold 2,400 of the $0.72 units.) Adjustment data: 1. Accrued alaries and wages payable $390. 2. Depreciation on equipment $200 per month. 3. Income tax expense was $200, to be paid next year Journalize the December transactions and adjusting entries, assuming Coronado Industries uses the perpetual inventory method. (Credi entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanatien Debit Credit (To record sales revenue.) (To record cost of goods sold.) here to search / PrtScn Home End F2 4 F6 (To record sales return.) (To record sales revenue.) I (To record cost of goods sold.) v(1) (To record accrued expense.) (2 (To record depreciation expense.) (3) (To record income tax expense.) belences in the ledger T-accounts and post the December transactions, (Post entries in the order ef jeurnal entries presen Enter the December Type here to search /I F3 PrtScn Home End PoUp F2 FS & 3 4 44 -- Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journa Cash Accounts Receivable Inventory Equipment Accounts Payable Accumulated Depreciation-Equipment Type here to search PrtScn Home End PoUp FA FS F6 ET # % 2 4 7 ct Accumulated Depreciation-Equipment 2 by Salaries and Wages Payable Common Stock Income Taxes Payable Retained Earnings Sales Reyenue Salaries and Wages Expense Cost of Goods Sold O Type here to search PrtScn Home End > Cost of Goods Sold 2 Sales Returns & Allowances Depreciation Expense Income Tax Expense Prepare an adjusted trial balance as of December 31, 2017. Coronado Industries Adjusted Trial Balance Debit Credit Type here to search Home End PrtScn 17 F4 FS Prepare an adjusted trial balance as of December 31, 2017. 2 Coronado Industries Adjusted Trial Balance Debit Credit O Type here to searh /I F2 PrtScn Home End FS 2 4A Prepare an income statement for December 2017. Coronado Industries Income Statement Type here to search Home End PrtScn FA FS % 1 i Prepare an income statement for December 2017. Coronado Industries Income Statement I Prepere a classified balance sheet at December 31, 2017. (List current assets in order of liquidity.) Coronado Industries Balance Sheet Assets Type here to search /II PrtScn Home End Po FS # % & 2 3 8 7 LO 4A ssets in order of liquidity.) Prepare a classified balance sheet at December 31, 2017. (List current asse Coronado Industries Balance Sheet Assets Liabilities and Stockholders' Equity Type here to search of PrtScn Liabilities and Stockholders' Equity (a) Compute ending inventory and cost of goods sold under FIFO, assuming Coronado Industries uses the periodic inventory system. Ending Inventory Cost of Goods Sold (b) Compute ending inventory and cost of goods sold under LIFO, assuming Coronado Industries uses the periodic inventory system. Ending Inventory Cost of Goods Sold Question Attem here to sewerhs F2 PrtScn Home End PaUp as
