Comprehensive Accounting Cycle Review 6
On December 1, 2017, Carla Vista Co. had the account balances
shown below.
Debits |
Credits |
|||||
Cash | $4,640 | Accumulated Depreciation—Equipment | $1,380 | |||
Accounts Receivable | 3,760 | Accounts Payable | 2,900 | |||
Inventory (2,700 x $0.50) | 1,350 | Common Stock | 10,800 | |||
Equipment | 19,400 | Retained Earnings | 14,070 | |||
$29,150 | $29,150 |
The following transactions occurred during December.
Dec. 3 | Purchased 3,700 units of inventory on account at a cost of $0.78 per unit. | |
5 | Sold 4,100 units of inventory on account for $0.90 per unit. (It sold 2,700 of the $0.50 units and 1,400 of the $0.78.) | |
7 | Granted the December 5 customer $270 credit for 300 units of inventory returned costing $240. These units were returned to inventory. | |
17 | Purchased 2,200 units of inventory for cash at $0.80 each. | |
22 | Sold 2,100 units of inventory on account for $0.88 per unit. (It sold 2,100 of the $0.78 units.) |
Adjustment data:
1. | Accrued salaries and wages payable $400. | |
2. | Depreciation on equipment $200 per month. | |
3. | Income tax expense was $200, to be paid next year. |
Prepare an adjusted trial balance as of December 31, 2017.
ADJUSTED TRIAL BALANCE | ||
Debit | Credit | |
Cash | $ 2,880.00 | |
Accounts Receivable | $ 9,028.00 | |
Inventory | $ 908.00 | |
Equipment | $ 19,400.00 | |
Accounts Payable | $ 5,786.00 | |
Acc Dep - Equipment | $ 1,580.00 | |
Salaries payable | $ 400.00 | |
Common stock | $ 10,800.00 | |
Income tax payable | $ 200.00 | |
Retained earnings | $ 14,070.00 | |
Sales revenue | $ 1,848.00 | |
Salaries expenses | $ 400.00 | |
Cost of goods sold | $ 1,398.00 | |
Sales return | $ 270.00 | |
Depreciation | $ 200.00 | |
Income tax expenses | $ 200.00 | |
$ 34,684.00 | $ 34,684.00 | |
Hope this helps, if not please let know in comments. We expert here put lots of effort to give correct and quality answer to students. Please mark the answer as helpful for the efforts put, it will mean alot. Thanks
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Carla Vista Co. had the account balances...
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Carla Vista Co. had the account balances shown below. Debits Credits Cash $4,640 Accumulated Depreciation—Equipment $1,380 Accounts Receivable 3,760 Accounts Payable 2,900 Inventory (2,700 x $0.50) 1,350 Common Stock 10,800 Equipment 19,400 Retained Earnings 14,070 $29,150 $29,150 The following transactions occurred during December. Dec. 3 Purchased 3,700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on account for $0.90 per unit....
Comprehensive Accounting Cycle Review 6
On December 1, 2017, Carla Vista Co. had the account balances
shown below.
Debits
Credits
Cash
$4,640
Accumulated Depreciation—Equipment
$1,380
Accounts Receivable
3,760
Accounts Payable
2,900
Inventory (2,700 x $0.50)
1,350
Common Stock
10,800
Equipment
19,400
Retained Earnings
14,070
$29,150
$29,150
The following transactions occurred during December.
Dec. 3
Purchased 3,700 units of inventory on account at a cost of
$0.78 per unit.
5
Sold 4,100 units of inventory on account for $0.90 per unit....
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Carla Vista Co. had the account balances shown below. Debits Credits Cash $4,640 Accumulated Depreciation—Equipment $1,380 Accounts Receivable 3,760 Accounts Payable 2,900 Inventory (2,700 x $0.50) 1,350 Common Stock 10,800 Equipment 19,400 Retained Earnings 14,070 $29,150 $29,150 The following transactions occurred during December. Dec. 3 Purchased 3,700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on account for $0.90 per unit....
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Carla Vista Co. had the account balances shown below. Debits Credits Cash $4,640 Accumulated Depreciation—Equipment $1,380 Accounts Receivable 3,760 Accounts Payable 2,900 Inventory (2,700 x $0.50) 1,350 Common Stock 10,800 Equipment 19,400 Retained Earnings 14,070 $29,150 $29,150 The following transactions occurred during December. Dec. 3 Purchased 3,700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on account for $0.90 per unit....
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Carla Vista Co. had the account balances shown below. Debits Credits Cash $4,640 Accumulated Depreciation—Equipment $1,380 Accounts Receivable 3,760 Accounts Payable 2,900 Inventory (2,700 x $0.50) 1,350 Common Stock 10,800 Equipment 19,400 Retained Earnings 14,070 $29,150 $29,150 The following transactions occurred during December. Dec. 3 Purchased 3,700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on account for $0.90 per unit....
Comprehensive Accounting Cycle Review 6
On December 1, 2017, Carla Vista Co. had the account balances
shown below.
Debits
Credits
Cash
$4,640
Accumulated Depreciation—Equipment
$1,380
Accounts Receivable
3,760
Accounts Payable
2,900
Inventory (2,700 x $0.50)
1,350
Common Stock
10,800
Equipment
19,400
Retained Earnings
14,070
$29,150
$29,150
The following transactions occurred during December.
Dec. 3
Purchased 3,700 units of inventory on account at a cost of
$0.78 per unit.
5
Sold 4,100 units of inventory on account for $0.90 per unit....
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Shamrock, Inc. had the account balances shown below. Debits Credits Cash $5,230 Accumulated Depreciation—Equipment $1,490 Accounts Receivable 3,590 Accounts Payable 3,260 Inventory (2,900 x $0.60) 1,740 Common Stock 9,500 Equipment 20,300 Retained Earnings 16,610 $30,860 $30,860 The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.68 per unit. 5 Sold 4,300 units of inventory on account for $0.80 per unit. (It...
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Shamrock, Inc. had the account balances shown below. Debits Credits Cash $5,230 Accumulated Depreciation—Equipment $1,490 Accounts Receivable 3,590 Accounts Payable 3,260 Inventory (2,900 x $0.60) 1,740 Common Stock 9,500 Equipment 20,300 Retained Earnings 16,610 $30,860 $30,860 The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.68 per unit. 5 Sold 4,300 units of inventory on account for $0.80 per unit. (It...
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Shamrock, Inc. had the account balances shown below. Debits Credits Cash $5,230 Accumulated Depreciation—Equipment $1,490 Accounts Receivable 3,590 Accounts Payable 3,260 Inventory (2,900 x $0.60) 1,740 Common Stock 9,500 Equipment 20,300 Retained Earnings 16,610 $30,860 $30,860 The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.68 per unit. 5 Sold 4,300 units of inventory on account for $0.80 per unit. (It...
Comprehensive Accounting Cycle Review 6
On December 1, 2017, Shamrock, Inc. had the account balances shown
below.
Debits
Credits
Cash
$5,230
Accumulated Depreciation—Equipment
$1,490
Accounts Receivable
3,590
Accounts Payable
3,260
Inventory (2,900 x $0.60)
1,740
Common Stock
9,500
Equipment
20,300
Retained Earnings
16,610
$30,860
$30,860
The following transactions occurred during December.
Dec. 3
Purchased 3,900 units of inventory on account at a cost of
$0.68 per unit.
5
Sold 4,300 units of inventory on account for $0.80 per unit.
(It...