On December 1, 2017, Rodriguez Distributing Company had the following account balances. Debit Credit Cash $7,000 Accumulated
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Question:
On December 1, 2017, Rodriguez Distributing Company had the following account balances.
Debit | Credit | |||||
Cash | $7,000 | Accumulated Depreciation—Equipment | $2,420 | |||
Accounts Receivable | 4,700 | Accounts Payable | 4,500 | |||
Inventory | 12,200 | Salaries and Wages Payable | 1,000 | |||
Supplies | 1,200 | Owner’s Capital | 41,380 | |||
Equipment | 24,200 | |||||
$49,300 | $49,300 |
During December, the company completed the following summary transactions.
Dec. 6 | Paid $1,550 for salaries and wages due employees, of which $550 is for December and $1,000 is for November salaries and wages payable. | |
8 | Received $2,000 cash from customers in payment of account (no discount allowed). | |
10 | Sold merchandise for cash for $6,800. The cost of the merchandise sold was $3,800. | |
13 | Purchased merchandise on account from Boehm Co. $8,900, terms 2/10, n/30. | |
15 | Purchased supplies for cash for $1,600. | |
18 | Sold merchandise on account for $12,800, terms 3/10, n/30. The cost of the merchandise sold was $8,300. | |
20 | Paid salaries and wages of $1,800. | |
23 | Paid Boehm Co. in full, less discount. | |
27 | Received collections in full, less discounts, from customers billed on December 18. |
Journalize the December transactions using a perpetual inventory system.
Enter the December 1 balances in the ledger T-accounts and post the December transactions.
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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