The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory on December 1 consisted of 1,000 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.40. 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 detal below. a. Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of 50.42 , with terms of n/60. b. Purehased 1.000 coasters on account from the regular supplier on 12/2 at a unit cost of $0.45, with terms of n/60. c. Sold 2,000 coasters on account on 12/3 ot a unit price of $1.00 d. Collected $940 from customers on account on 12/4 e. Paid the supplier $1.330 cash on account on 12/18. f. Paid employees $500 on 12/23, of which $260 related to work done in November and $240 was for wages up to December 22. 9. Loaded 90 coosters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona. Hawail. The sale was made FOB destination with terms of n/60. a. Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.42, with terms of n/60. b. Purchased 1,000 coasters on account from the regular supplier on 12/2 at a unit cost of $0.45, with terms of n/60. c. Sold 2,000 coasters on account on 12/3 at a unit price of $1.00. d. Collected $940 from customers on account on 12/4. e. Paid the supplier $1,330 cash on account on 12/18. f. Paid employees $500 on 12/23, of which $260 related to work done in November and $240 was for wages up to December 22 . g. Loaded 90 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 n/60. Other relevant information includes the following at 12/31 : h. College Coasters has not yet recorded $170 of office expenses incurred in December on account. 1. The company estimates that the equipment depreciates at a rate of $10 per month. One month of depreciation needs to be. recorded. 1. Wages for the period from December 23?31 are $100 and will be paid on January 15 . k. The $480 of Prepald Rent relates to a six-month period ending on May 31 of next year. 1. The company incurred $800 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 joumal entry is posted automatically to the general ledgen. 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 dropdown. 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 batances 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.' repare the journal entries to record the transactions (a) through (n). Review the accounts as shown in the General Ledger and Trial alance tabs. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.42, with terms of n/60. Record the transaction. Note : Enter debits before credits. General Ledgor Account. \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cash } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 8,400 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts Recelvable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 1,760 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Inventory } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 400 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Prepald Rent } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 480 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Equipment } \\ \hline No. & Date & Dobit & Credit & Balance \\ \hline & December 01 & & & 690 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accumulated Depreciation-Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 90 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts Payable } \\ \hline No. & Date & Dobit & Credit & Balance \\ \hline & December 01 & & & 1,310 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Salarios and Wages Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Docember 01 & & & 300 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Common Stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 5,700 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Rotained Earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 3,000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 14,020 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Cont of Goods Sold } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 8.720 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Depreciation Expense } \\ \hline No. & Date & Deblt & Credit & Balance \\ \hline & Decomber 01 & & & 90 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Office Expanses } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 1,300 \\ \hline \end{tabular} Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. However, you will need to calculate and enter the amount of the net income or loss for the year ended December 31 . Use the dropdowns to select the accounts properly included on the balance shiget. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. However, you will need to enter the amount of the Equipment (Net of accumulated depreciation), Common stock and Retained earnings as of December 31 . g. Loaded 90 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona, Hawail. The sale was mad FOB destination with terms of n/60. Other relevant information includes the following at 12/31 : h. College Coasters has not yet recorded $170 of office expenses incurred in December on account. 4. The company estimates that the equipment depreciates at a rate of $10 per month, One month of depreciation needs to be recorded. 1. Wages for the period from December 23-31 are $100 and will be paid on January 15. k. The $480 of Prepaid Rent relates to a six-month period ending on May 31 of next year. 1. The company incurred $800 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. Calculate the inventory turnover ratio and days to sell, assuming that inventory was $400 on January 1 of this year. (Use 365 days a year. Round your intermediate calculations and final answers to 1 decimal place.) The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory on December 1 consisted of 1,000 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.40. 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 detal below. a. Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of 50.42 , with terms of n/60. b. Purehased 1.000 coasters on account from the regular supplier on 12/2 at a unit cost of $0.45, with terms of n/60. c. Sold 2,000 coasters on account on 12/3 ot a unit price of $1.00 d. Collected $940 from customers on account on 12/4 e. Paid the supplier $1.330 cash on account on 12/18. f. Paid employees $500 on 12/23, of which $260 related to work done in November and $240 was for wages up to December 22. 9. Loaded 90 coosters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona. Hawail. The sale was made FOB destination with terms of n/60. a. Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.42, with terms of n/60. b. Purchased 1,000 coasters on account from the regular supplier on 12/2 at a unit cost of $0.45, with terms of n/60. c. Sold 2,000 coasters on account on 12/3 at a unit price of $1.00. d. Collected $940 from customers on account on 12/4. e. Paid the supplier $1,330 cash on account on 12/18. f. Paid employees $500 on 12/23, of which $260 related to work done in November and $240 was for wages up to December 22 . g. Loaded 90 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 n/60. Other relevant information includes the following at 12/31 : h. College Coasters has not yet recorded $170 of office expenses incurred in December on account. 1. The company estimates that the equipment depreciates at a rate of $10 per month. One month of depreciation needs to be. recorded. 1. Wages for the period from December 23?31 are $100 and will be paid on January 15 . k. The $480 of Prepald Rent relates to a six-month period ending on May 31 of next year. 1. The company incurred $800 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 joumal entry is posted automatically to the general ledgen. 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 dropdown. 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 batances 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.' repare the journal entries to record the transactions (a) through (n). Review the accounts as shown in the General Ledger and Trial alance tabs. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Purchased 500 coasters on account from the regular supplier on 12/1 at a unit cost of $0.42, with terms of n/60. Record the transaction. Note : Enter debits before credits. General Ledgor Account. \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cash } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 8,400 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts Recelvable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 1,760 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Inventory } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 400 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Prepald Rent } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 480 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Equipment } \\ \hline No. & Date & Dobit & Credit & Balance \\ \hline & December 01 & & & 690 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accumulated Depreciation-Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 90 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts Payable } \\ \hline No. & Date & Dobit & Credit & Balance \\ \hline & December 01 & & & 1,310 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Salarios and Wages Payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & Docember 01 & & & 300 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Common Stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 5,700 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Rotained Earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 3,000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Sales Revenue } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 14,020 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Cont of Goods Sold } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 8.720 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Depreciation Expense } \\ \hline No. & Date & Deblt & Credit & Balance \\ \hline & Decomber 01 & & & 90 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Office Expanses } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 01 & & & 1,300 \\ \hline \end{tabular} Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. However, you will need to calculate and enter the amount of the net income or loss for the year ended December 31 . Use the dropdowns to select the accounts properly included on the balance shiget. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. However, you will need to enter the amount of the Equipment (Net of accumulated depreciation), Common stock and Retained earnings as of December 31 . g. Loaded 90 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona, Hawail. The sale was mad FOB destination with terms of n/60. Other relevant information includes the following at 12/31 : h. College Coasters has not yet recorded $170 of office expenses incurred in December on account. 4. The company estimates that the equipment depreciates at a rate of $10 per month, One month of depreciation needs to be recorded. 1. Wages for the period from December 23-31 are $100 and will be paid on January 15. k. The $480 of Prepaid Rent relates to a six-month period ending on May 31 of next year. 1. The company incurred $800 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. Calculate the inventory turnover ratio and days to sell, assuming that inventory was $400 on January 1 of this year. (Use 365 days a year. Round your intermediate calculations and final answers to 1 decimal place.)