trial balance December 31, 2017 Account Name Debit Credit Total $156,469 $155,744 Cash 137,991 Accounts Receivable 2,600 Merchandise Inventory 3,148 Supplies 30 Prepaid Insurance 1,500 Prepaid Rent 1,000 Equipment 3,200 Accumulated Depreciation Equipment and Truck 540 Truck 7,000 Accounts Payable 1,470 Interest Payable 960 Unearned Revenue 10,500 Notes Payable, Long term 96,000 Crystal Clear Cleaning, Capital 46,274 Background Consider the December transactions for Crystal Clear Cleaning Crystal Clear uses the perpetual inventory system Assignment This question has 4 requirements Scroll down to review the requirements and ensure you complete all requirements before submitting your work for grading Requirements The accounts used by Crystal Clear Cleaning are provided in the Chart of Accounts (click on Chart of Accounts to view) The accounts have already been opened in the General Ledger (click on General Ledger to view) Calculate the cost of goods sold on the 11th, 28th, and 31st Prepare the journal entries for December 11th and 28th and the December 31st inventory adjusting entry Post the entries to the General Ledger Review each of the accounts in the General Ledger to see the results of posting the December 31 adjusting journal entries, including the changes in each account as well as the balance in each (Note These are adjusted balances, since the adjusting journal entries have been prepared and posted ) 12 02 2017 Purchased 475 units of inventory for $2,850 on account from Sparkle, Co on terms, 3 10, n 20 12 05 2017 Purchased 600 units of inventory from Borax on account with terms 2 10, n 30 The total invoice was for $4,500, which included a $150 freight charge 12 07 2017 Returned 75 units of inventory to Sparkle from the December 2 purchase 12 09 2017 Paid Borax 12 11 2017 Sold 285 units of goods to Happy Maids for $3,990 on account with terms 3 10, n 30 12 12 2017 Paid Sparkle 12 15 2017 Received 22 units with a retail price of $308 of goods back from customer Happy Maids The goods cost Crystal Clear $132 12 21 2017 Received payment from Happy Maids, settling the amount due in full 12 28 2017 Sold 265 units of goods to Bridget, Inc for cash of $3,975 12 29 2017 Paid cash for utilities of $415 12 30 2017 Paid cash for Sales Commission Expense of $550 12 31 2017 Recorded the following adjusting entries a Physical count of inventory on December 31 showed 428 units of goods on hand b Depreciation, $270 c Accrued salaries expense of $725 d Prepared all other adjustments necessary for December Assume the cleaning supplies left at December 31 are $30

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trial balance December 31, 2017 Account Name Debit Credit Total $156,469 $155,744 Cash 137,991 Accounts Receivable 2,600 Merchandise Inventory 3,148 Supplies 30 Prepaid Insurance 1,500

trial balance

December 31, 2017

Account Name	Debit	Credit
Total	$156,469	$155,744
Cash	137,991
Accounts Receivable	2,600
Merchandise Inventory	3,148
Supplies	30
Prepaid Insurance	1,500
Prepaid Rent	1,000
Equipment	3,200
Accumulated Depreciation - Equipment and Truck		540
Truck	7,000
Accounts Payable		1,470
Interest Payable		960
Unearned Revenue		10,500
Notes Payable, Long-term		96,000
Crystal Clear Cleaning, Capital		46,274

Background:

Consider the December transactions for Crystal Clear Cleaning. Crystal Clear uses the perpetual inventory system.

Assignment:

This question has 4 requirements. Scroll down to review the requirements and ensure you complete all requirements before submitting your work for grading.

Requirements

The accounts used by Crystal Clear Cleaning are provided in the Chart of Accounts (click on Chart of Accounts to view). The accounts have already been opened in the General Ledger (click on General Ledger to view).
Calculate the cost of goods sold on the 11th, 28th, and 31st.
Prepare the journal entries for December 11th and 28th and the December 31st inventory adjusting entry. Post the entries to the General Ledger.
Review each of the accounts in the General Ledger to see the results of posting the December 31 adjusting journal entries, including the changes in each account as well as the balance in each. (Note: These are adjusted balances, since the adjusting journal entries have been prepared and posted.)
12/02/2017

Purchased 475 units of inventory for $2,850 on account from Sparkle, Co. on terms, 3/10, n/20.

12/05/2017

Purchased 600 units of inventory from Borax on account with terms 2/10, n/30. The total invoice was for $4,500, which included a $150 freight charge.

12/07/2017

Returned 75 units of inventory to Sparkle from the December 2 purchase.

12/09/2017

Paid Borax.

12/11/2017

Sold 285 units of goods to Happy Maids for $3,990 on account with terms 3/10, n/30.

12/12/2017

Paid Sparkle.

12/15/2017

Received 22 units with a retail price of $308 of goods back from customer Happy Maids. The goods cost Crystal Clear $132.

12/21/2017

Received payment from Happy Maids, settling the amount due in full.

12/28/2017

Sold 265 units of goods to Bridget, Inc. for cash of $3,975.

12/29/2017

Paid cash for utilities of $415.

12/30/2017

Paid cash for Sales Commission Expense of $550.

12/31/2017

Recorded the following adjusting entries: a. Physical count of inventory on December 31 showed 428 units of goods on hand. b. Depreciation, $270 c. Accrued salaries expense of $725 d. Prepared all other adjustments necessary for December. Assume the cleaning supplies left at December 31 are $30.