Student Home x o Moodle x WhatsApp X WileyPLUS X Course Hero x + -> G edugen.wileyplus.com/edugen/student/mainfr.uni O CALCULATOR FULL SCREEN PRINTER VERSION 1 B IGNMENT RESOURCES Acct CH 01-06 Comprehensive Accounting Cycle Review 6 ject On December 1, 2017, Whispering Winds Corp. had the account balances shown below. Comprehensive Accounting Cycle Review 6 Debits Credits Cash $4,680 Accumulated Depreciation-Equipment $1,610 view Score Accounts Receivable 4,070 Accounts Payable 2,900 view Results by Study jective Inventory (3,000 x $0.60) 1,800 Common Stock 9,400 Equipment 22,400 Retained Earnings 19,040 $32,950 $32,950 The following transactions occurred during December. Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.77 per unit. 5 Sold 4,400 units of inventory on account for $0.90 per unit. (It sold 3,000 of the $0.60 units and 1,400 of the $0.77.) 7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $150. These units were returned to inventory. 17 Purchased 1,900 units of inventory for cash at $0.90 each. 22 Sold 1,700 units of inventory on account for $1.04 per unit. (It sold 1,700 of the $0.77 units.) Adjustment data: 1. Accrued salaries and wages payable $360. 2. Depreciation on equipment $200 per month. 3. Income tax expense was $240, to be paid next year. Journalize the December transactions and adjusting entries, assuming Whispering Winds Corp. uses the perpetual inventory method. (Credit account title -And in the muchtome 1 se Agreement | Privacy Policy. | @ 2000-2019 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc