This problem is taking from Financial Accounting: Tools for Business Decision Making, 5th edition, kieso, weygandt, kimmel Debit cash 4800 accounts receivable 3900 merchandise inventory 1800 equipment 21,000 ___________ $31,500 Credit Accumulated Depreciation - Equipment 1500 Accounts payable 3000 common stock 10,000 Retained Earnings 17,000 _________ $31,500 following transactions occurred during december: dec. 3) - purchased 4000 units on account at a cost of $0.75 per unit. 5) - sold 4500 units on account for $0.90 per unit. (it sold 3000 of the $0.60 units and 1500 of the $0.75) 7) - granted the december 5 customer $180 credit for 200 units returned cost $150. These units were returned to inventory 17) - Purchased 2400 units for cash at $0.80 each 22) - Sold 2000 units on account for $0.95 per unit. (it sold 2000 of the $0.75 units) Adjustment Data: 1) accrued salaries payable $400 2) depreciation $200 per month 3) income tax expense was $175, to be paid next year Instructions: a) journalize the december transactions and adjusting entries assuming gonzalez uses the perpetual inventory method b) enter the december 1 balances in the ledger T accounts and post the december transactions. in addition to the accounts mentioned above, use the following additional accounts: Cost of goods sold, depreciation expense, salaries expense, salaries payable, sales, sales returns and allowances, income tax expense, and income tax payable. c) prepare an adjusted trial balance as of december 31, 2010 d) prepare an income statement for december 2010 and a classifiedbalance sheet at december 21, 2010 e) compute ending inventory and cost of goods sold under FIFO assuming gonzalez company uses the periodic inventory system f) compute ending inventory and cost of goods sold under LIFO assuming gonzalez company uses the periodic inventory system