What is the answer to Part (c)
Comprehensive Accounting Cycle Review 5-01 (Part Level Submission) On December 1, 2022, Sandhill Distributing Company had the following account balances. Debit Credit Cash Accounts Receivable Inventory $2,200 4,400 1,000 $7,100 Accumulated Depreciation-Equipment 4.500 Accounts Payable 11,900 Salaries and Wages Payable 1,200 Common Stock 22,000 Retained Earnings $46,700 Supplies Equipment 24,100 $46,700 During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,200. The cost of the merchandise sold was $4,300. 13 Purchased merchandise on account from Hecht Co. $7,800, terms 2/10, n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $11,700, terms 3/10, n/30. The cost of the merchandise sold was $7,700. 20 Paid salaries $1,900. 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Debit Credit Account Titles and Explanation Salaries and Wages Expense Dec 6 V 600 Salaries and Wages Payable 1,000 Cash 1,600 Dec. 8V Cash 1,900 Accounts Receivable 1,900 Dec. 107 Cash 6,200 Accounts Receivable 6,200 (To record the sales revenue.) Cost of Goods Sold 4,3001 4,300 Inventory (To record cost of goods sold.) Dec. 137 Inventory 7,800 Accounts Payable 7,800 Dec. 15 V Supplies 2,000 Cash 2,000 Dec. 187 Accounts Receivable 11,7001 Sales Revenue 11,700 (To record the sales revenue.) Cost of Goods Sold 7,700 7,7001 Inventory (To record cost of goods sold.) Dec. 20 V Salaries and Wages Expense 1.900 Cash 1.900 Dec. 23 V Accounts Payable 7,800 Inventory 156 Cash 7,644 Dec. 27 V Cash 11,349 Sales Discounts 351 Accumulated Depreciation-Buildings 11,700 Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entries presented above.) Cash Accounts Receivable Inventory > > Salaries and Wages Payable Sales Discounts Cost of Goods Sold Salaries and Wages Expense (c) Adjustment data: 1. 2. 3. Accrued salaries payable $900. Depreciation $200 per month Supplies on hand $1,500. Income tax due and unpaid at December 31 is $100. Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. Post the above adjusting entries. (Post entries in the order of journal entries presente 12/1 Bal. 1,600 12/8 2,000 12/10 1,900 7,644 12/27 12/31 Bal. Cash 7,100|12/6 1,900 12/15 6,200 12/20 11,34912/23 13,405 Accounts Receivable 4,500 12/8 11,700 12/27 2,600 1,900 12/1 Bal. 12/18 11,700 12/31 Bal. 12/1 Bal. Inventory 11,900 12/10 7,800 12/18 4,300 7,700 12/13 12/23 156 12/31 Bal. 7,544 Supplies 12/1 Bal. 1,200 12/15 2,000 12/1 Bal. 12/31 Bal. Equipment 22,000 22,000 Accumulated Depreciation-Equipment 12/1 Bal. 2,200 12/23 4,400 7,800 Accounts Payable 7,800 12/1 Bal. 12/13 12/31 Bal. Salaries and Wages Payable 1,000 12/1 Bal. 4,400 12/6 1,000 Common Stock 12/1 Bal. 12/31 Bal. 15,000 15.000 24,100 24,100 Retained Earnings 12/1 Bal. 12/31 Bal. Sales Revenue 12/10 12/18 6,200 11,700 17,900 12/31 Bal. Sales Discounts 351 12/27 12/31 Bal. 12/10 12/18 351 Cost of Goods Sold 4,300 7,700 12,000 Salaries and Wages Expense 600 12/31 Bal. 12/6 12/20 1,900 Income Taxes Payable Depreciation Expense Supplies Expense Income Tax Expense
