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this is all the information the question gives me During December, the company completed the following transactions. Dec. 7 Received $3,600 cash from customers in
this is all the information the question gives me
During December, the company completed the following transactions. Dec. 7 Received $3,600 cash from customers in payment of account (no discount allowed). 12. Purchased merchandise on account from Vance C0.$12,400, terms 1/10,n/30. 17 Sold merchandise on account $16,400, terms 2/10,n/30. The cost of the merchandise sold was $9.600. 19 Paid salaries $2,100 22 Paid Vance Co, in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17. 31 Received $2,800 cash from customers in payment of account (no discount allowed). Adjustment data: 1. Depreciation was $200 per month. 2. Insurance of $400 expired in December. Journalize the December transactions. (Assume a perpetual inventory system) (Credit occount titles are automa: Aented is Common Stock Retained Earnings Sales Revenue Sales Discounts Cost of Goods Sold 12/17 Salaries and Wages Expense 12/19 1. The benk collectrd a note recelvable of 52400 for Bionsom Comoant on December 15 through electronic funds trandee. 3. Cheds outstandine os December 31 totaled 51200 . 4. On Decemser 31 , the bank stateinem showed an NSf charbe of 5030 tar a check recelued by the company fram L. Eryan a cuatomer, on account Journalize the adjusting entries resulting from the bank reconciliation and adjustment data. (Credit account titles are automatici Post the adjusting entries to the ledger T-accounts. (Post entries in the order of Journal entries pres Notes Receivable Accounts Receivable. Inventory Prepaid Insurance Accumulated Depreciation-Equipment Accounts Payable \begin{tabular}{|rr|lr} \hline 12/22 & 12,400 & 12/1Bal & 6,200 \\ \hline & i & 12/12 & 12,400 \\ \hline & i & 12/31Bal: & 6200 \\ \hline \end{tabular} Common Stock 12/1Bal.50,100 Retained Earnings 12/1 Bal 15,200 Sales Revenue Sales Discounts Cost of Goods Sold 12/17 i 12/31 Bal : 9,600 i Depreciation Expense 12/31 12/31Bal Salaries and Wages Expense Insurance Expense (f) Prepare an adjusted trial balance. (Do not list those accounts that have zero ending balance.) Step by Step Solution
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