1. Prepare General Journal 2. Prepare Unadjusted Income Statement 3. Prepare Una
ID: 2419978 • Letter: 1
Question
1. Prepare General Journal
2. Prepare Unadjusted Income Statement
3. Prepare Unadjusted Balance Sheet
4. Calculate Inventory Turnover Ratio/Days to sell in 2014. Assume that inventory was $500 on January 1, 2014
College Coasters is a San Antonio-based merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1 Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense $ 10,005 2,000 500 600 810 110 1,500 300 6,500 3,030 15,985 8,900 1,100 2,000 110 Salaries and Wages Expense Depreciation Expense nco me Tax Expense Office Expenses 1,400Explanation / Answer
Dear user ans 1 has various sub parts so I have answered that and question 2
Date Account Title Dr Cr 1-Dec Inventory (Coaster) 260 Accounts payable 260 2-Dec Inventory (Coaster) 550 Accounts payable 550 3-Dec Accounts Receivable 1800 Sales Revenue 1800 4-Dec Cash 1000 Accounts Receivable 1000 18-Dec Accounts payable 1600 Cash 1600 23-Dec salaries & Wages Expense 200 Salaries & Wages payable 300 Cash 500 31-Dec Accounts Receivable rate not given of 100 coasters sales revenue 31-Dec Office Expenses 200 cash 200 31-Dec Depreciation expenses 10 Accumulated depreciation 10 31-Dec salaries & Wages Expense 100 Salaries & Wages payable 100 31-Dec Rent expense (600/6) 100 Prepaid Rent 100 31-Dec Income Tax expense 789 Inxome tax payable 789 Unadjusted Income Statement Sales Revenue 17785 Cost of Good Sold 8900 Rent Expense 1200 Salaries & Wages expenses 2300 Depreciation expense 120 Office Expense 1600 5220 Income before taxes 3665 Income Tax 789 Net Income 2876Related Questions
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