Weygandt, Financial & Managerial Accounting, 2e Help I System Announcements PRIN

Question

Weygandt, Financial & Managerial Accounting, 2e Help I System Announcements PRINTER VERSIONB omprehensive Problem 5 (Part Level Submission) On December 1, 2017, Prosen Distributing Company had the following account balances. Debit Credit Cash $7,500 4,600 12,400 Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable $2,640 Accounts Receivable Inventory Supplies Equipment 4,900 1,000 30,000 13,760 $52,300 1,400 Common Stock 26,400 Retained Earnings $52,300 During December, the company completed the following summary transactions. Dec. Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages 6 payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,800. The cost of the merchandise sold was $4,200. 13 Purchased merchandise on account from Maglio Co. $8,900, terms 2/10, n/30. 15 Purchased supplies for cash $1,800. 18 Sold merchandise on account $12,600, terms 3/10, n/30. The cost of the merchandise sold was $8,200. 20 Paid salaries and wages $1,500. 23 Paid Maglio Co. in ful, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Your answer is partially correct. Try again

Explanation / Answer

Cash 12/1 Bal 7,500 12/8 1,900 12/6 1,800 12/10 6,800 12/15 1,800 12/27 12,222 12/20 1,500 12/23 8,722 12/ 31 Bal 14,600 Accounts Receivable 12/01 Bal 4,600 12/8 1,900 12/18 12,600 12/27 378 12/27 12,222 12/31 Bal 2,700 Inventory 12/01 Bal 12,400 12/10 4,200 12/13 8,900 12/18 8,200 12/23 178 12/31 Bal 8,722 Supplies 12/01 Bal 1,400 12/15 1,800 12/31 Bal 3,200 Equipment 12/01 Bal 26,400 12/31 Bal 26,400 Accumulated Depreciation : Equipment 12/01 Bal 2,640 12/31 Bal 2,640 Accounts Payable 12/23 178 12/01 Bal 4,900 12/23 8,722 12/13 8,900 12/31 Bal 4,900 Salaries and Wages Payable 12/06 1,000 12/01 Bal 1,000 12/31 Bal 0 Common Stock 12/01 Bal 30,000 12/31 Bal 30,000 Retained Earnings 12/01 Bal 13,760 Sales Revenue 12/10 6,800 12/18 12,600 12/31 Bal19,400 Sales Discounts 12/27 378 Cost of Goods Sold 12/10 4,200 12/18 8,200 12/31 12,400 Salaries and Wages Expense 12/06 800 12/20 1,500 12/31 Bal 2,300

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