on december 1, 2012, Compay had the following account balances: Debit: Credit: C
ID: 2352864 • Letter: O
Question
on december 1, 2012, Compay had the following account balances:Debit: Credit:
Cash $7200 Accumulated Depreciation-
Accounts Receivable 4600 Equipment 2200
Inventory 12000 Accounts Payable 4500
Supplies 1200 Salaries and Wages Payable 1000
Equipment 22000 Common Stock 15000
Total 47000 Retained Earnings 24300
Total 47000
During December, the company completed the following summary transaction
Dec. 6 Paid $1600 for salaries due emplyees of which $600 is for decmeber and $1000 is for November salaries payable.
Dec. 8 Received $1900 cash from customers in payment of account(no discount allowed)
Dec. 10 Sold merchandise for cash $6300. The cost of the merchandise sold was $4100.
Dec. 13 Purchased merchandise on account from Gong Co. $9000 terns 2/10, n/30.
Dec. 15 Purchased supplies for cash $2000
Dec. 18 Sold merchandise on account $12000 terms 3/10, n/30. The cost of the merchandise sold was $8000.
Dec. 20 Paid salaries $1800.
Dec. 23 Paid Gong. Co in full, less discount.
Dec. 27 Received collections in full, less discounts, from customers billed on December 18.
Adjustment data:
1. Accrued salaries payable $800
2. Depreciation $200 per month.
3. Supplies on hand $1500
4. Income tax due and unpaid at December 31 is $200
(a.) journalize the december transactions using a perpetual inventory system.
(b.) enter the december 1 balances in the ledger T accounts and post the December actions. Use Cost of goods sold, Depreciation Expense, Salaries and Wages Expense, Sales Revenues, Sales Discounts, Supplies Expense, Income Tax Expense, and Income Taxes Payable.
(c.) Journalize and post adjusting entries.
(d.) Prepare an adjusted trial balance.
(e.) Prepare an income statement and a retained earning statemnt for December and a classified balance sheet at December 31.
Explanation / Answer
I'm looking for help with (b) enter the december 1 balances in the ledger T accounts and post the December actions. Use Cost of goods sold, Depreciation Expense, Salaries and Wages Expense, Sales Revenues, Sales Discounts, Supplies Expense, Income Tax Expense, and Income Taxes Payable.
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