Weygandt, Financial Accounting, 10e 010:272:F CALCULATOR STANDARD VIEW PRINTER PROSEN DISTRIBUTING COMPANY Adjusted Trial Balance December 31, 2019 Debit Credit y $ JS Weygandt, Financial Accounting, 10e 010:272:FI CALCULATOR STANDARD VIEW PRINTER V Prepare an income statement for December. PROSEN DISTRIBUTING COMPANY Income Statement + n 1 Em dy Prepare an retained earnings statement for December PROSEN DISTRIBUTING COMPANY Retained Earnings Statement US Weygandt, Financial Accounting, 10e 010:272:FII CALCULATOR STANDARD VIEW PRINTER VI ES 4 $ Prepare an retained earnings statement for December. PROSEN DISTRIBUTING COMPANY Retained Earnings Statement e-f $ lem udy Prepare a classified balance sheet at December 31. (List Current Assets in order of liquidity.) PROSEN DISTRIBUTING COMPANY Balance Sheet Assets Weygandt, Financial Accounting, 10e 010:272:F CALCULATOR STANDARD VIEW PRINTER CES PROSEN DISTRIBUTING COMPANY Balance Sheet Assets d. + $ lem e-f blem + Study Liabilities and Stockholder's Equity 010:272:11 CALCULATOR STANDARD VIEW PRINTER VE $ 4 Liabilities and Stockholder's Equity Hly. Question Attempts: o bf 3 used SAVE FOR LATER Debit $7,000 4,900 Cash Accounts Receivable Inventory Supplies Equipment 11,600 Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Credit $2,530 4,500 1,100 30,000 11,970 $50,100 1,300 25,300 $50,100 During December, the company completed the following summary transactions: Dec. 6 8 10 13 15 Paid $1,800 for salaries and wages due employees, of which $ 700 is for December and $1,100 is for November salaries and wages payable. Received $1,800 cash from customers in payment of account (no discount allowed). Sold merchandise for cash $6,800. The cost of the merchandise sold was $3,900. Purchased merchandise on account from Maglio Co. $8,800, terms 2/10, n/30. Purchased supplies for cash $1,800. Sold merchandise on account $12, 100, terms 3/10, n/30. The cost of the merchandise sold was $8,000. Paid salaries and wages $2,000. Paid Maglio Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18. 18 20 23 27 Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Date Account Titles and Explanation Debit Credit Dec. 6 Accounting Cycle Review 5 a-b, c1-c2, d, e1-e3 On December 1, 2019, Prosen Distributing Company had the following account balances. Debit Credit Cash $2,200 4,800 1,000 Accounts Receivable Inventory Supplies Equipment $6,900 Accumulated Depreciation-Equipment 4,600 Accounts Payable 12,200 Salaries and Wages Payable 1,300 Common Stock 22,000 Retained Earnings $47,000 28,000 11,000 $47,000 During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries and wages due employees, of which $600 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,800 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,000. The cost of the merchandise sold was $4,000. 13 Purchased merchandise on account from Maglio Co. $9,300, terms 2/10, n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $12,000, terms 3/10, n/30. The cost of the merchandise sold was $8,100. 20 Paid salaries and wages $1,900. 23 Paid Maglio Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Adjustment data: 1. 2. Accrued salaries and wages payable $800. Depreciation $200 per month. Supplies on hand $1,400. 3. Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 6 Date Account Titles and Explanation Debit Credit Dec. 6 (To record sales revenue.) dy. (To record cost of goods sold.) + (To record the sales revenue.) (To record cost of goods sold.) CALCULATOR STANDARD VIEW PR (To record the sales revenue.) (To record cost of goods sold.) Dec. 27 Enter the December 1 balances in the ledger T-accounts and post the December transactions. Use Cost of Goods Sold, Depreciation Expense, Salaries and Wages Exp Discounts, and Supplies Expense. (Post entries in the order of journal entries presented above. If an answer is zero, please enter 0. Do not leave any fie Cash + + + 010:272 CALCULATOR STANDARD VIEW PRINT Accounts Receivable - Inventory Supplies Equipment . Accumulated Depreciation Equipment Accounts Payable CALCULATOR STANDARD VIEW PRINTE Accounts Payable + Salaries and Wages Payable Retained Earnings Sales Revenue Sales Discounts Cost of Goods Sold CALCULATOR STANDARD VIEW PRINT Cost of Goods Sold Salaries and Wages Expense . + Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, account titles and enter o for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Dec. 31 2. 3 Post the adjusting entries. (Post entries in the order of journal entries presented above.) Cash 6,900 12/6 12/1 Bal. 1,600 CALCULATOR STANDARD VIEW PRINT Cash 6,900 12/6 12/1 Bal. 12/8 12/10 1,800 12/15 6,000 12/20 1,600 2,000 1,900 9,114 12/27 11,640 12/23 12/31 Bal. 11,726 12/1 Bal. 12/18 12/31 Bal. Accounts Receivable 4,600 12/8 12,000 12/27 1,800 12,000 2,800 4,000 12/1 Bal. 12/13 Inventory 12,200 12/10 9,300 12/18 12/23 8,100 186 12/31 Bal. 9,214 Supplies 12/1 Bal. 1,300 12/15 2,000 . 12/1 Bal. Equipment 22,000 22,000 12/31 Bal. Accumulated Depreciation Equipment 12/1 Bal. 2,200 CALCULATOR STANDARD VIEW PRINTER Accumulated Depreciation-Equipment 12/1 Bal. 2,200 12/23 Accounts Payable 9,300 12/1 Bal. 12/13 4,800 9,300 4,800 12/31 Bal. Salaries and Wages Payable 1,000 12/1 Bal. 12/6 1,000 + Retained Earnings 12/1 Bal. 11,000 12/31 Bal. 11,000 Sales Revenue 12/10 12/18 6,000 12,000 18,000 12/31 Bal. Sales Discounts 360 12/27 12/31 Bal. 360 Cost of Goods Sold 4,000 12/10 12/18 8 100 CALCULATOR STANDARD VIEW PRINTER Cost of Goods Sold 12/10 12/18 4,000 8,100 12,100 12/31 Bal. Depreciation Expense Salaries and Wages Expense 12/6 600 12/20 1,900 . Supplies Expense + Prepare an adjusted trial balance. PROSEN DISTRIBUTING COMPANY Adjusted Trial Balance December 31, 2019 Debit Credit Weygandt, Financial Accounting, 10e 010:272:F CALCULATOR STANDARD VIEW PRINTER PROSEN DISTRIBUTING COMPANY Adjusted Trial Balance December 31, 2019 Debit Credit y $ JS Weygandt, Financial Accounting, 10e 010:272:FI CALCULATOR STANDARD VIEW PRINTER V Prepare an income statement for December. PROSEN DISTRIBUTING COMPANY Income Statement + n 1 Em dy Prepare an retained earnings statement for December PROSEN DISTRIBUTING COMPANY Retained Earnings Statement US Weygandt, Financial Accounting, 10e 010:272:FII CALCULATOR STANDARD VIEW PRINTER VI ES 4 $ Prepare an retained earnings statement for December. PROSEN DISTRIBUTING COMPANY Retained Earnings Statement e-f $ lem udy Prepare a classified balance sheet at December 31. (List Current Assets in order of liquidity.) PROSEN DISTRIBUTING COMPANY Balance Sheet Assets Weygandt, Financial Accounting, 10e 010:272:F CALCULATOR STANDARD VIEW PRINTER CES PROSEN DISTRIBUTING COMPANY Balance Sheet Assets d. + $ lem e-f blem + Study Liabilities and Stockholder's Equity 010:272:11 CALCULATOR STANDARD VIEW PRINTER VE $ 4 Liabilities and Stockholder's Equity Hly. Question Attempts: o bf 3 used SAVE FOR LATER Debit $7,000 4,900 Cash Accounts Receivable Inventory Supplies Equipment 11,600 Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Credit $2,530 4,500 1,100 30,000 11,970 $50,100 1,300 25,300 $50,100 During December, the company completed the following summary transactions: Dec. 6 8 10 13 15 Paid $1,800 for salaries and wages due employees, of which $ 700 is for December and $1,100 is for November salaries and wages payable. Received $1,800 cash from customers in payment of account (no discount allowed). Sold merchandise for cash $6,800. The cost of the merchandise sold was $3,900. Purchased merchandise on account from Maglio Co. $8,800, terms 2/10, n/30. Purchased supplies for cash $1,800. Sold merchandise on account $12, 100, terms 3/10, n/30. The cost of the merchandise sold was $8,000. Paid salaries and wages $2,000. Paid Maglio Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18. 18 20 23 27 Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Date Account Titles and Explanation Debit Credit Dec. 6 Accounting Cycle Review 5 a-b, c1-c2, d, e1-e3 On December 1, 2019, Prosen Distributing Company had the following account balances. Debit Credit Cash $2,200 4,800 1,000 Accounts Receivable Inventory Supplies Equipment $6,900 Accumulated Depreciation-Equipment 4,600 Accounts Payable 12,200 Salaries and Wages Payable 1,300 Common Stock 22,000 Retained Earnings $47,000 28,000 11,000 $47,000 During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries and wages due employees, of which $600 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,800 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,000. The cost of the merchandise sold was $4,000. 13 Purchased merchandise on account from Maglio Co. $9,300, terms 2/10, n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $12,000, terms 3/10, n/30. The cost of the merchandise sold was $8,100. 20 Paid salaries and wages $1,900. 23 Paid Maglio Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Adjustment data: 1. 2. Accrued salaries and wages payable $800. Depreciation $200 per month. Supplies on hand $1,400. 3. Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 6 Date Account Titles and Explanation Debit Credit Dec. 6 (To record sales revenue.) dy. (To record cost of goods sold.) + (To record the sales revenue.) (To record cost of goods sold.) CALCULATOR STANDARD VIEW PR (To record the sales revenue.) (To record cost of goods sold.) Dec. 27 Enter the December 1 balances in the ledger T-accounts and post the December transactions. Use Cost of Goods Sold, Depreciation Expense, Salaries and Wages Exp Discounts, and Supplies Expense. (Post entries in the order of journal entries presented above. If an answer is zero, please enter 0. Do not leave any fie Cash + + + 010:272 CALCULATOR STANDARD VIEW PRINT Accounts Receivable - Inventory Supplies Equipment . Accumulated Depreciation Equipment Accounts Payable CALCULATOR STANDARD VIEW PRINTE Accounts Payable + Salaries and Wages Payable Retained Earnings Sales Revenue Sales Discounts Cost of Goods Sold CALCULATOR STANDARD VIEW PRINT Cost of Goods Sold Salaries and Wages Expense . + Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, account titles and enter o for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Dec. 31 2. 3 Post the adjusting entries. (Post entries in the order of journal entries presented above.) Cash 6,900 12/6 12/1 Bal. 1,600 CALCULATOR STANDARD VIEW PRINT Cash 6,900 12/6 12/1 Bal. 12/8 12/10 1,800 12/15 6,000 12/20 1,600 2,000 1,900 9,114 12/27 11,640 12/23 12/31 Bal. 11,726 12/1 Bal. 12/18 12/31 Bal. Accounts Receivable 4,600 12/8 12,000 12/27 1,800 12,000 2,800 4,000 12/1 Bal. 12/13 Inventory 12,200 12/10 9,300 12/18 12/23 8,100 186 12/31 Bal. 9,214 Supplies 12/1 Bal. 1,300 12/15 2,000 . 12/1 Bal. Equipment 22,000 22,000 12/31 Bal. Accumulated Depreciation Equipment 12/1 Bal. 2,200 CALCULATOR STANDARD VIEW PRINTER Accumulated Depreciation-Equipment 12/1 Bal. 2,200 12/23 Accounts Payable 9,300 12/1 Bal. 12/13 4,800 9,300 4,800 12/31 Bal. Salaries and Wages Payable 1,000 12/1 Bal. 12/6 1,000 + Retained Earnings 12/1 Bal. 11,000 12/31 Bal. 11,000 Sales Revenue 12/10 12/18 6,000 12,000 18,000 12/31 Bal. Sales Discounts 360 12/27 12/31 Bal. 360 Cost of Goods Sold 4,000 12/10 12/18 8 100 CALCULATOR STANDARD VIEW PRINTER Cost of Goods Sold 12/10 12/18 4,000 8,100 12,100 12/31 Bal. Depreciation Expense Salaries and Wages Expense 12/6 600 12/20 1,900 . Supplies Expense + Prepare an adjusted trial balance. PROSEN DISTRIBUTING COMPANY Adjusted Trial Balance December 31, 2019 Debit Credit