On December 1, 2022, Rodriguez Distributing Company had the following account balances. Dec. 6 Paid $1,600 for

Question:

On December 1, 2022, Rodriguez Distributing Company had the following account balances.

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 $2,200 cash from customers in payment of account (no discount allowed).
10  Sold merchandise for cash $6,300. The cost of the merchandise sold was $4,100.
13  Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30.
15  Purchased supplies for cash $2,000.
18  Sold merchandise on account $15,000, terms 3/10, n/30. The cost of the merchandise sold was $10,000.
20  Paid salaries and wages $1,800.
23  Paid Boehm 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 were $840.
2. Depreciation was $200 per month.
3. Supplies on hand were $1,500.


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  these additional accounts: 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 an owner's equity statement for December and a classified balance sheet at December 31.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Accounting Principles

ISBN: 9781119707110

14th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell

Question Posted: