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REQUIRED: General Journal, Lefger, Trial Balance, Income Stat, Balance Sheet, Analysis College Coasters is a San Diego - based merchandiser specializing in logo - adomed
REQUIRED: General Journal, Lefger, Trial Balance, Income Stat, Balance Sheet, Analysis
College Coasters is a San Diegobased merchandiser specializing in logoadomed drink coasters. The company reported the following balances in its unadjusted trial balance at December
tableCashAccounts Receivable,InventoryPrepaid Rent,EquipmentAccumulated 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,
The company buys coasters from one supplier. All amounts in Accounts Payable on December are owed to that supplier. The inventory on December consisted of coasters, all of which were purchased in a batch on July at a unit cost of $ 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 below.
a Purchased coasters on account from the regular supplier on at a unit cost of $ with terms of
b Purchased coasters on account from the regular supplier on at a unit cost of $ with terms of
c Sold coasters on account on at a unit price of $
d Collected $ from customers on account on
e Paid the supplier $ cash on account on
f Paid employees $ on of which $ related to work done in November and $ was for wages up to December
g Loaded coasters on a cargo ship on to be delivered the following week to a customer in Kona, Hawaii. The sale was made FOB destination with terms of
Other relevant information includes the following at
h College Coasters has not yet recorded $ of office expenses incurred in December on account.
i The company estimates that the equipment depreciates at a rate of $ per month. One month of depreciation needs to be recorded.
j Wages for the period from December are $ and will be paid on January
k The $ of Prepaid Rent relates to a sixmonth period ending on May of next year.
L The company incurred $ of income tax but has made no tax payments this year,
No shrinkage or damage was discovered when the inventory was counted on December
The company did not declare dividends and there were no transactions involving common stock.
Requirement
General
General
Trial Balance
Income
Statement
Balance Sheet
Analysis
General Journal tab Prepare the journal entries to record the transactlons a through 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 dropdown button to view the unadjusted, adjusted, or postclosing balances in the General Ledger.
Trial Balance tab You may view either the unadjusted, adjusted, or postclosing trial balance by choosing from the dropdown.
Income Statement tab Use the dropdown to select the accounts properly included on the income statement. The unadjusted, adjusted, or postclosing balances will appear for each account based on your selection.
Balance Sheet tab Use the dropdown to select the accounts to properly included on the balance sheet. The unadjusted, adjusted, or postdosing 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.
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