RCES 2 Comprehensive Accounting Cycle Review 06 On December 1, 2022, Sunland Company had the account...

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RCES 2 Comprehensive Accounting Cycle Review 06 On December 1, 2022, Sunland Company had the account balances shown below. Debits Cash dy $4,900 Accumulated Depreciation-Equipment Accounts Receivable 3,930 Accounts Payable Inventory (3,300 x $0.60) Equipment 1,980 Common Stock 21,700 Retained Earnings $32,510 Credits $1,440 3,000 10,500 17,570 $32,510 The following transactions occurred during December. Dec. 3 Purchased 4,300 units of inventory on account at a cost of $0.71 per unit. 5 Sold 4,700 units of inventory on account for $1.00 per unit. (It sold 3,300 of the $0.60 units and 1,400 of the $0.71.) 7 Granted the December 5 customer $300 credit for 300 units of inventory returned costing $270. These units were returned to inventory. 17 Purchased 2,300 units of inventory for cash at $0.80 each. 22 Sold 2,200 units of inventory on account for $0.99 per unit. (It sold 2,200 of the $0.71 units.) Adjustment data: 1. Accrued salaries and wages payable $370. 2. Depreciation on equipment $210 per month. 3. Income tax expense was $190, to be paid next year. Journalize the December transactions and adjusting entries, assuming Sunland Company uses the perpetual inventory method. (Credit account titles are a amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit RCES 2 Comprehensive Accounting Cycle Review 06 On December 1, 2022, Sunland Company had the account balances shown below. Debits Cash dy $4,900 Accumulated Depreciation-Equipment Accounts Receivable 3,930 Accounts Payable Inventory (3,300 x $0.60) Equipment 1,980 Common Stock 21,700 Retained Earnings $32,510 Credits $1,440 3,000 10,500 17,570 $32,510 The following transactions occurred during December. Dec. 3 Purchased 4,300 units of inventory on account at a cost of $0.71 per unit. 5 Sold 4,700 units of inventory on account for $1.00 per unit. (It sold 3,300 of the $0.60 units and 1,400 of the $0.71.) 7 Granted the December 5 customer $300 credit for 300 units of inventory returned costing $270. These units were returned to inventory. 17 Purchased 2,300 units of inventory for cash at $0.80 each. 22 Sold 2,200 units of inventory on account for $0.99 per unit. (It sold 2,200 of the $0.71 units.) Adjustment data: 1. Accrued salaries and wages payable $370. 2. Depreciation on equipment $210 per month. 3. Income tax expense was $190, to be paid next year. Journalize the December transactions and adjusting entries, assuming Sunland Company uses the perpetual inventory method. (Credit account titles are a amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit