i just need help with the ones that are wrong

College Coasters is a San Diego-based merchandiser specializing in logo adomed drink coasters. The company reported the following balances in its unadjusted trial balance at December 1 Cash $ 9,600 Accounts Receivable 1,700 Inventory 360 Prepaid Rent 720 Equipment 860 Accumulated Depreciation 100 Accounts Payable 1,340 Salaries and Wages Payable 300 Income Taxes Payable B Common Stock 5,300 Retained Earnings 2,700 Sales Revenue 15,290 Cast of Goods Sold 8,370 Sent Expense 1,320 Salaries and Mages Expense 1,500 Depreciation Expense 100 Income Tax Expense office Expense 1,200 The company buys coasters from one suppliet All amounts in Accounts Payable on December 1 are owed to that supplier The Inventory on December 1 consisted of 900 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.40. College Coasters records its inventory using perpetual inventory accounts and the FFO cost flow method During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below a Purchased 400 coasters on account from the regular supplier on 12/1 at a unit cost of $0 42. with terms of n/60 Purchased 1000 coasters on account from the regular supplier on 1272 at a unit cost of $0.45, with terms of n160 c Sold 1700 coasters on account on 12/3 at a unit price of $100 d. Collected $900 from customers on account on 1214 e Paid the supplier 51.420 cash on account on 12/18 Paid employees $450 on 12/23, of which $250 related to work done in November and $200 was for wages up to December 22 Loaded 100 coasters on a cargo ship on 12/31 to be delivered the following week to a customer in Kona, Hawaii. The sale was made FOB destination with terms of n/60 Other relevant information includes the following at 12331 JUICY CIEVOLUCIUSIC VIWY O JE h College Coasters has not yet recorded $190 of office expenses incurred in December on account. 2. The company estimates that the equipment depreciates at a rate of $10 per month One month of depreciation needs to be recorded Wages for the period from December 23-31 are $100 and will be paid on January 15 k. The $720 of Prepaid Rent relates to a six-month period ending on May 31 of next year. The company incurred $800 of income tax but has made no tax payments this year. m. No shrinkage or damage was discovered when the inventory was counted on December 31 n. The company did not declare dividends and there were no transactions involving common stock. Answer is not complete. Requirement General General Trial Balance Income Journal Ledger Balance Sheet Analysis Statement Prepare the journal entries to record the transactions (a) through (n). Review the accounts as shown in the General Ledger and Trial Balance tabs. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Credit Debit 168 1 December 01 Inventory Accounts Payable 168 2 December 02 450 Inventory Accounts Payable 450 3 December 03 1.700 Accounts Receivable Sales Revenue 1.700 5 4 December 03 Cost of Goods Sold . 23183 Check my work mode: This shows what is correct or incorrect for the wor Debit creant NO Late General Journal 168 1 December 01 Inventory Accounts Payable 168 2 2 December 02 450 Inventory Accounts Payable 450 3 December 03 Accounts Receivable > 1,700 Sales Revenue 1,700 4 December 03 > 2,318 Cost of Goods Sold Inventory O 2,318 5 December 04 Cash 900 > Accounts Receivable 900 December 18 Accounts Payable Cash 1,420 > > IS 1.420 7 December 23 250 Salaries and Wages Payable Salaries and Wages Payable Cash 200 O 450 8 December 31 No Journal Entry Required > 9 December 31 Office Expenses Accounts Payable 190 > 190 > > 250 7 December 23 200 Salaries and Wages Payable Salaries and Wages Payable Cash 450 8 December 31 No Journal Entry Required > 190 > 9 December 31 Office Expenses Accounts Payable 190 10 December 31 10 > Depreciation Expense Accumulated Depreciation-Equipment 10 11 December 31 > 100 Salaries and Wages Expense Salaries and Wages Payable C 100 12 December 31 Income Tax Expense Income Taxes Payable 720 X x 720 13 December 31 No Journal Entry Required 3 14 December 31 No Journal Entry Required 15 December 31 No Joumal Entry Required Answer is not complete. Balance Sheet Income Statement General Ledger Trial Balance General Journal Requirement Choose the appropriate accounts to be reported on the income statement. Select the 'adj then populate the balances in those accounts from the trial balance. However, you will ne of the net income or loss for the year ended December 31. Adjusted COLLEGE COASTERS Income Statement For the Year Ended December 31 Revenues Sales Revenue 72 Cost of Goods Sold 16.990 10.688 6,302 Gross Profit $ Operating Expenses Rent Expense Salaries and Wages Expense Depreciation Expense Office Expenses 1,320 1,900 110 1,390 0 $ Total Operating Expenses Other Operating Expenses Income Tax Expense Net Income 4,720 1,582 720 12.270 $ will appear for each account, based on your selection. However, you will need to enter the amount of the Equipment (Net of accumulated depreciation), Common stock and Retained earnings as of December 31. Adjusted COLLEGE COASTERS Balance Sheet As of December 31 Assets Current Assets Cash 8,630 Accounts Receivable 2 500 Inventory (1,340) Prepaid Rent 720 Total Current Assets 10,510 Accumulated Depreciation - Equipment 110 x Total Assets 10.620 Liabilities Current Liabilities Accounts Payable 728 Salaries and Wages Payable (50) Income Taxes Payable 720 Total Current Liabilities >$ 1 398 Stockholders' Equity Common Stock 6 300 Retained Earnings 2,700 Total Stockholders' Equity 9,000 Total Liabilities and Stockholders' Equity IS 10.398 XOOOOOO + E 00 000 4 The company estimates that the equipment depreciates at a rate of $10 per month One month of depreciation needs to be recorded J. Wages for the period from December 23-31 are $100 and will be paid on January 15 k The $720 of Prepaid Rent relates to a six-month period ending on May 31 of next year 7. The company incurred $800 of income tax but has made no tax payments this year m No shrinkage or damage was discovered when the inventory was counted on December 31 n. The company did not declare dividends and there were no transactions involving common stock Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis Calculate the inventory turnover ratio and days to sell, assuming that inventory was $360 on January 1 of this year. (Use 365 days a year. Round your intermediate calculations and final answers to 1 decimal place.) Inventory Turnover Ratio Days to Sell 126 times per year 289 days