The company buys coasters from one supplier. All amounts in Accounts Payable on December $1$ are owed to that supplier. The a$.$ Purchased $500$ coasters on account from the regular supplier on $\frac{12}{1}$ at a unit cost of $$0\mathrm{.}42,$ with terms of $\frac{n}{60}.$

b$.$ Purchased $900$ coasters on account from the regular supplier on $\frac{12}{2}$ at a unit cost of $$0\mathrm{.}45,$ with terms of $\frac{n}{60}.$

c$.$ Sold $1,800$ coasters on account on $\frac{12}{3}$ at a unit price of $$1\mathrm{.}00.$

d$.$ Collected $$810$ from customers on account on $12/4.$

e$.$ Paid the supplier $$1,300$ cash on account on $\frac{12}{18}.$

f$.$ Paid employees $$450$ on $\frac{12}{23},$ of which $$240$ related to work done in November and $$210$ was for wages up to December $22.$

g$.$ Loaded $100$ coasters on a cargo ship on $12/31$ to be delivered the following week to a customer in Kona, Hawaii. The sale was made

FOB destination with terms of $\frac{n}{60}.$

Other relevant information includes the following at $12/31$:

h$.$ College Coasters has not yet recorded $$180$ of office expenses incurred in December on account.

$i.$ The company estimates that the equipment depreciates at a rate of $$8$ per month. One month of depreciation needs to be

recorded.

j$.$ 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 next year.

I. 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. General Journal tab $-$ Prepare the journal entries to record the transactions $($a$)$ through $(n).$ 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 drop$-$down button to view

the unadjusted, adjusted, or post$-$closing balances in the General Ledger.

Trial Balance tab $-$ You may view either the unadjusted, adjusted, or post$-$closing trial balance by choosing from the drop$-$

down.

Income Statement tab $-$ Use the drop$-$down to select the accounts properly included on the income statement. The

unadjusted, adjusted, or post$-$closing balances will appear for each account based on your selection.

Balance Sheet tab $-$ Use the drop$-$down to select the accounts to properly included on the balance sheet. The unadjusted,

adjusted, or post$-$closing 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.$\text{'}$

inventory on December $1$ consisted of $900$ coasters, all of which were purchased in a batch on July $10$ at a unit cost of $$0\mathrm{.}40.$ 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.