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College Coasters is a San Diego-based merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1 Cash 59,800 Accounts Receivable 1,900 Inventory 500 Prepaid Rent 540 Equipment 66e Accumulated Depreciation 11e Accounts Payable 1,380 Salaries and Wages Payable 300 Income Taxes Payable e Connon stock 6,400 Retained Earnings 2,600 Sales Revenue 14,150 Cost of Goods sold 7,57 Rent Expense 990 Salaries and Wages Expense 1,600 Depreciation Expense 110 Incone Tax Expense @ Office Expense 1,300 The company buys coasters from one supplier. All amounts In Accounts Payable on December 1 are owed to that supplier The inventory on December 1 consisted of 1.000 coasters, all of which were purchased in a batch on July 10 at a unt cost of 5050 College Coasters records its inventory using perpetual inventory accounts and the FIFO cost flow method Dunng December, the company entered into the following transactions Some of these transactions are explained in greater detail below Purchased 400 coasters on account from the regular supplier on 121 at a unit cost of $0 52. with terms of 1/60 b. Purchased 1000 coasters on account from the regular supplier on 12/2 at a unit cost of $0.55, with terms of n/60 Sold 1,900 coasters on account on 12/3 at a unit price of $1.10. d. Collected $970 from customers on account on 12/4 e Paid the supplier $1,380 cash on account on 12/18 1. Pald employees $490 on 12/23, of which $270 related to work done in November and $220 was for wages up to December 22 9.Loaded 100 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona. Hawant. The sale was made FOB desunction with terms of n/60 Other relevant information includes the following at 12/31 n College Coasters has not yet recorded $190 of office expenses incurred in December on account The company estimates that the equipment depreciates at a rate of $9 per month One month of depreciation needs to be recorded Wages for the period from December 23-31 are $100 and will be paid on January 15 k. The $540 of Prepaid Rent relates to a six-month period ending on May 31 of next year. The company incurred $700 of income tax but has made no tax payments this year. m. No shrinkage or damage was discovered when the inventory was counted on December 31 n. The company did not declare dividends and there were no transactions involving common stock
Requirement General Journal General Ledger Trial Balance income Statement Balance Sheet Analysis Prepare the journal entries to record the transactions (a) through (n). Review the accounts as show Balance tabs. (If no entry is required for a transaction/event, select "No journal entry required" int View transaction list Journal entry worksheet 1 2 3 4 ол 6 02 7 8 15 . Purchased 400 coasters on account from the regular supplier on 12/1 at a unit cost of $0.52, with terms of n/60. Record the transaction. Note: Enter debits before credits General Journal Debit Credit Date December 01 Record entry Clear entry View general journal < Requirement General Ledger >
Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analys Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' then populate the balances in those accounts from the trial balance. However, you will need to of the net income or loss for the year ended December 31. Unadjusted COLLEGE COASTERS Income Statement For the Year Ended December 31 < Trial Balance Balance Sheet >
Unadjusted COLLEGE COASTERS Balance Sheet As of December 31 Income Stratament Anature
Requirement General General Journal Income Ledger Trial Balance Balance Sheet Analysis Statement Calculate the inventory turnover ratio and days to sell, assuming that inventory was $500 on January 1 of this year. (Use 365 days a year. Round your intermediate calculations and final answers to 1 decimal place.) Inventory Turnover Ratio times per year Days to Set days < Balance Sheet