Fill a form in 3 easy steps - less than 5 mins.
Posted: March 17th, 2023
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.
You Want Quality and That’s What We Deliver
Our writing team is assembled through a rigorous selection process, where we handpick accomplished writers with specialized expertise in distinct subject areas and a proven track record in academic writing. Each writer brings a unique blend of knowledge and skills to the table, ensuring that our content is not only informative but also engaging and accessible to a general college student audience
Competitive pricing is a cornerstone of our service, where we balance affordability with exceptional quality. In offering the best writers at rates that rival other writing services, we ensure that students can access top-notch content without breaking the bank unnecessarily. Our fair and transparent pricing structure is designed to provide value for money, making us a go-to choice for students seeking high-quality writing services at an affordable price.
Academic integrity is paramount to our writing service, which is why we produce original research and writing content for every paper. Each piece of work is carefully written from scratch, ensuring that every sentence, paragraph, and page is authentic and free from plagiarism. Our rigorous quality control process involves thorough scanning of every final draft, guaranteeing that the content meets the highest standards of originality and academic integrity. With keen attention to citation and referencing, we ensure that every source is properly credited, giving you complete peace of mind. We also have the best plagiarism checkers like safeassign and turnitin thus providing similarity score for each paper.
When you decide to place an order with Dissertation Help, here is what happens: