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Posted: March 17th, 2023
On december 1, 2014, jurczyk distributing company had the following
On December 1, 2014, Jurczyk Distributing Company had the following account balances.
|
|
Debit |
|
Credits |
|
Cash |
$7,200 |
|
|
|
Accounts Receivable |
4,600 |
Accumulated Depreciation-Equipment |
$2,200 |
|
Inventory |
12,000 |
Accounts payable |
4,500 |
|
Supplies |
1,200 |
Salaries and wages payable |
1,000 |
|
Equipment |
22,000 |
Common Stock |
30,000 |
|
|
$47,000 |
Retained Earning |
9,300 |
|
|
$47,000 |
|
$47,000 |
During December, the company completed the following summary transactions.
Dec. 6 Paid $1,600 for salaries and wages due employees, of which $600 is for December and $1,000 is for November salaries and wages payable.
8 Received $2,100 cash from customers in payment of account (no discount allowed).
10 Sold merchandise for cash $6,600. The cost of the merchandise sold was $4,100.
13 Purchased merchandise on account from Gong Co. $9,000, terms 2/10, n/30.
15 Purchased supplies for cash $2,000.
18 Sold merchandise on account $12,000, terms 3/10, n/30. The cost of the merchandise sold was $8,400.
20 Paid salaries and wages $1,800.
23 Paid Gong Co. in full, less discount.
27 Received collections in full, less discounts, from customers billed on December 18.
Adjustment data:
1. Accrued salaries and wages payable $800.
2. Depreciation $200 per month.
3. Supplies on hand $1,700.
Instructions
(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 transactions.
Use Cost of Goods Sold, Depreciation Expense, Salaries and Wages Expense, Sales Revenue, Sales Discounts, and Supplies Expense.
(c) Journalize and post adjusting entries.
(d) Prepare an adjusted trial balance.
(e) Prepare an income statement and a retained earnings statement for December and a classified balance sheet at December31.
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