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ry Bookmarks Develop Window Help edugen.wileyplus.com/edugen/student/mainfr.uni ileyPLUS assignment 12-Google Docs Weygandt, Financial & Managerial Accounting, 1e ice Assignment Gradebook ORION ent CALCULATOR Comprehensive Problem 7 (Part Level Submission) On December 1, 2014, Westmoreland Company had the following account balances. Debits $19,930 Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment 2,200 Accumulated Depreciation-Equipment 7,580 Accounts Payable 16,850 Common Stock 1,600 Retained Earnings 31,400 $3,240 6,040 48,100 22,180 $79,560 $79,560 During December, the company completed the following transactions Dec. 7 Received $3,510 cash from customers in payment of account (no discount allowed). 12 Purchased merchandise on account from Alice Co. $13,100, terms 1/10, n/30. 17 Sold merchandise on account $15,800, terms 2/10, n/30. The cost of the merchandise sold was $10,440. 19 Paid salaries $2,110 22 Paid Alice Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17. 31 Received $2,710 cash from customers in payment of account (no discount allowed). (a) dournalize the December transactions. (Assume a perpetual inventory system.) (Credit account titles are automatically not indent manually.) Date Account Tides and Expl Dec. 7 Cash Debit Credit Policy | 2000-2012.hohnwileyhSons. Inc. All Rignts Reserved. A Division oflohnwterasens.Inc.

Explanation / Answer

a) Journal Entries Date Accounting titles & Explanations Debit Credit 7-Dec Cash 3,510 Account receivable 3,510 12-Dec Merchandise inventory 13,100 Accounts payable 13,100 17-Dec Accounts receivable 15,800 sales 15,800 cost of goods sold 10,440 Merchandise inventory 10,440 19-Dec Salary expense 2,110 cash 2,110 22-Dec Accounts payable 13,100 Merchandise inventory (13100*1%) 131 Cash 12969 26-Dec Cash 15484 Sales discount (15,800*2%) 316 Accounts receivable 15,800 31-Dec Cash 2,710 Account receivable 2,710 b) Cash 1-Dec 19,930 7-Dec 3,510 19-Dec 2,110 26-Dec 15,484 22-Dec 13,100 31-Dec 2,710 Notes receivable 1-Dec 2,200 Accounts receivable 1-Dec 7,580 7-Dec 3,510 17-Dec 15,800 26-Dec 15,800 31-Dec 2,710 Inventory 1-Dec 16,850 17-Dec 10,440 12-Dec 13,100 22-Dec 131 prepaid insurance 1-Dec 1,600 Equipment 1-Dec 31,400 Accumulated depreciation-Equipment 1-Dec 3,240 Accounts payable 22-Dec 13,100 1-Dec 6,040 12-Dec 13,100 Common stock 1-Dec 48,100 Retained earnings 1-Dec 22,180 cost of goods sold 17-Dec 10,440 Salary expense 19-Dec 2,110 Sales discount 26-Dec 316

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