Journal Entries are recorded in the below table for the transactions done by the company in the December month.
Date of transaction | Particulars | Debit Amount (Dr) | Credit Amount (Cr) |
12/1/2017 | Inventory A/c Dr | $250 | |
To Accounts payable A/c | $250 | ||
(Being coasters purchased on account from the supplier) | |||
12/2/2017 | Inventory A/c Dr | $500 | |
To Accounts payable A/c | $500 | ||
(Being coasters purchased on account from the supplier) | |||
12/3/2017 | Accounts Receivable A/c Dr | $5000 | |
To Inventory A/c | $5000 | ||
(Being coasters sold on account) | |||
12/17/2017 | Cash A/c Dr | $4000 | |
To Accounts Receivable A/c | $4000 | ||
(Being cash collected from customers on account) | |||
12/18/2017 | Accounts payable A/c Dr | $2250 | |
To Cash A/c | $2250 | ||
(Being cash paid to the supplier account) | |||
12/13/2017 | Salary Outstanding A/c Dr | $500 | |
To Cash A/c | $500 | ||
(Being outstanding salary paid to the employees) | |||
12/31/2017 | Accounts Receivable A/c Dr | $250 | |
To Inventory | $250 | ||
(Being coasters sold on the account) |
Calculation of Inventory Balance: Opening Inventory 1000 units @ $0.5 + 500 units @ $0.5 + 1000 units @$0.5 - 2000 units @$0.5 - 100 units@ $0.5 = $200 ( 400 coasters remaining @$0.5 each)
Calculation of Accounts Payable Balance: Opening Balance $1500+$250+$500-$2250= $0 ( No Accounts Payable Balance)
Calculation of Accounts Receivables Balance: Opening Balance $2000+$5000-$4000+$250= $3250
Calculation of Cash Balance: Opening Balance $10005+$4000-$2250- $500 = $11255
There was no outstanding salary, as it has been paid through cash
Adjusted Trial Balance as of December 31,2017
Particulars | Debit (Dr) | Credit (Cr) |
Cash | 11255 | |
Accounts Receivable | 3250 | |
Inventory | 200 | |
Prepaid Rent | 600 | |
Equipment | 700 | |
Accumulated Depreciation | 110 | |
Accounts payable | 0 | |
Salaries & Wages Payable | 0 | |
Income & Tax Payable | 0 | |
Common Stock | 6500 | |
Retained Earnings | 3030 | |
Sales Revenue | 21125 | |
Cost of Goods sold | 10150 | |
Depreciation Expense | 110 | |
Income Tax Expense | 0 | |
Office Expense | 1400 | |
Rent Expense | 1100 | |
Salaries & Wages Expense | 2000 |
Total $30765 $30765
College Coasters, Inc. is a San Antonio, TX based merchandiser specializing in logo-adorned drink coasters. The...
CAN SOME ONE PLEASE ASSIST; 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$9,400Accounts Receivable1,780Inventory450Prepaid Rent540Equipment830Accumulated Depreciation100Accounts Payable1,230Salaries and Wages Payable300Income Taxes Payable0Common Stock5,900Retained Earnings2,700Sales Revenue13,980Cost of Goods Sold7,120Rent Expense990Salaries and Wages Expense1,700Depreciation Expense100Income Tax Expense0Office Expenses1,300 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 900...
Check my workCheck My Work button is now enabledItem 6Item 6 10 poinCollege 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 DecemberCash$9,400Accounts Receivable1,780Inventory450Prepaid Rent540Equipment830Accumulated Depreciation100Accounts Payable1,230Salaries and Wages Payable300Income Taxes Payable0Common Stock5,900Retained Earnings2,700Sales Revenue13,980Cost of Goods Sold7,120Rent Expense990Salaries and Wages Expense1,700Depreciation Expense100Income Tax Expense0Office Expenses1,300 The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory...
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. $ 9,600 1,920 500 480 620 110 1,400 300 Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Rent Expense Salaries and Wages Expense Depreciation Expense Income Tax Expense Office Expenses 5,800 2,600 15, 380...
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 $ 9,800 Accounts Receivable 1,900 Inventory 500 Prepaid Rent 540 Equipment 660 Accumulated Depreciation 110 Accounts Payable 1,380 Salaries and Wages Payable 300 Income Taxes Payable 0 Common Stock 6,400 Retained Earnings 2,600 Sales Revenue 14,180 Cost of Goods Sold 7,570 Rent Expense 990 Salaries and Wages Expense 1,600 Depreciation Expense 110 Income...
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 $ 9,800 Accounts Receivable 1,900 Inventory 500 Prepaid Rent 540 Equipment 660 Accumulated Depreciation 110 Accounts Payable 1,380 Salaries and Wages Payable 300 Income Taxes Payable 0 Common Stock 6,400 Retained Earnings 2,600 Sales Revenue 14,180 Cost of Goods Sold 7,570 Rent Expense 990 Salaries and Wages Expense 1,600 Depreciation Expense 110 Income...
Want to post t accounts and get the post closing trial balance COLLEGE COASTERS, INC UNADJUSTED TRIAL BALANCE AS OF NOVEMBER 30, 2017 DR CR 10,005 2,000 500 600 700 CASH ACCOUNTS RECEIVABLE INVENTORY PREPAID RENT EQUIPMENT ACCUMULATED DEPRECIATION ACCOUNTS PAYABLE SALARIES &WAGES PAYABLE INCOME TAXES PAYABLE COMMON STOCK RETAINED EARNINGS SALES REVENUE COST OF GOODS SOLD DEPRECIATION EXPENSE INCOME TAX EXPENSE OFFICE EXPENSE RENT EXPENSE SALARIES&WAGES EXPENSE $110 1,500 300 6,500 3,030 15,875 8,900 110 1,400 1,100 2,000 $27,315...
Want post closing trial balance and related t accounts. Thanks COLLEGE COASTERS, INC UNADJUSTED TRIAL BALANCE AS OF NOVEMBER 30, 2017 DR CR 10,005 2,000 500 600 700 CASH ACCOUNTS RECEIVABLE INVENTORY PREPAID RENT EQUIPMENT ACCUMULATED DEPRECIATION ACCOUNTS PAYABLE SALARIES &WAGES PAYABLE INCOME TAXES PAYABLE COMMON STOCK RETAINED EARNINGS SALES REVENUE COST OF GOODS SOLD DEPRECIATION EXPENSE INCOME TAX EXPENSE OFFICE EXPENSE RENT EXPENSE SALARIES&WAGES EXPENSE $110 1,500 300 6,500 3,030 15,875 8,900 110 1,400 1,100 2,000 $27,315 27.31S $...
Almost done, just need help completing it: 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 $ 9,800 Accounts Receivable 1,900 Inventory 500 Prepaid Rent 540 Equipment 660 Accumulated Depreciation 110 Accounts Payable 1,380 Salaries and Wages Payable 300 Income Taxes Payable 0 Common Stock 6,400 Retained Earnings 2,600 Sales Revenue 14,180 Cost of Goods Sold 7,570 Rent Expense 990 Salaries and...
Looking for post closing trial balance COLLEGE COASTERS, INC UNADJUSTED TRIAL BALANCE AS OF NOVEMBER 30, 2017 DR CR 10,005 2,000 500 600 700 CASH ACCOUNTS RECEIVABLE INVENTORY PREPAID RENT EQUIPMENT ACCUMULATED DEPRECIATION ACCOUNTS PAYABLE SALARIES &WAGES PAYABLE INCOME TAXES PAYABLE COMMON STOCK RETAINED EARNINGS SALES REVENUE COST OF GOODS SOLD DEPRECIATION EXPENSE INCOME TAX EXPENSE OFFICE EXPENSE RENT EXPENSE SALARIES&WAGES EXPENSE $110 1,500 300 6,500 3,030 15,875 8,900 110 1,400 1,100 2,000 $27,315 27.31S $ We were unable to...
Journalize the following transactions that occurred in November 2018 for Sam's Adventure Land, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name.Sam's Adventure Land estimates sales returns at the Journalize the following transactions that occurred in November 2018 for Sam's Adventure Land, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor...