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On December 1, 2022, Matthias Company had the following account balances. Cash Accounts Receivable Inventory Equipment *(2,900 x $0.60) Dec. 3 5 7 The following transactions occurred during December. 17 Debit Date $4,300 3,700 1,740 Dec. 31 20,300 $30,040 (1) Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings (2) Granted the December 5 customer $270 credit for 300 units of inventory returned costing $216. These units were returned to inventory. Purchased 2,500 units of inventory for cash at $0.80 each. 22 Sold 2,500 units of inventory on account for $0.95 per unit. (Matthias sold 2,500 of the $0.74 units.) Credit $1,600 Purchased 3,900 units of inventory on account at a cost of $0.74 per unit. Sold 4,200 units of inventory on account for $0.90 per unit. (Matthias sold 2,900 of the $0.60 units and 1,300 of the $0.74.) Journalize the December transactions, assuming Matthias uses the perpetual inventory method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) 2,900 Journalize the adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation 18,200 (To record accrued expense) 7,340 (To record depreciation expense) $30,040 Debit Credit

On December 1, 2022, Matthias Company had the following account balances. Cash Accounts Receivable Inventory Equipment *(2,900 x $0.60) Dec. 3 5 7 The following transactions occurred during December. 17 Debit Date $4,300 3,700 1,740 Dec. 31 20,300 $30,040 (1) Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings (2) Granted the December 5 customer $270 credit for 300 units of inventory returned costing $216. These units were returned to inventory. Purchased 2,500 units of inventory for cash at $0.80 each. 22 Sold 2,500 units of inventory on account for $0.95 per unit. (Matthias sold 2,500 of the $0.74 units.) Credit $1,600 Purchased 3,900 units of inventory on account at a cost of $0.74 per unit. Sold 4,200 units of inventory on account for $0.90 per unit. (Matthias sold 2,900 of the $0.60 units and 1,300 of the $0.74.) Journalize the December transactions, assuming Matthias uses the perpetual inventory method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) 2,900 Journalize the adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation 18,200 (To record accrued expense) 7,340 (To record depreciation expense) $30,040 Debit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer in text form please (without image), Note: .Every entry should have narration please
On December 1, 2022, Matthias Company had the following account balances. Cash Accounts Receivable Inventory Equipment *(2,900 x $0.60) Dec. 3 5 7 17 22 The following transactions occurred during December. Date Debit Dec. 31 $4,300 3,700 1,740 20,300 (1) $30,040 (2) Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings Credit $1,600 Purchased 3,900 units of inventory on account at a cost of $0.74 per unit. Sold 4,200 units of inventory on account for $0.90 per unit. (Matthias sold 2,900 of the $0.60 units and 1,300 of the $0.74.) Journalize the December transactions, assuming Matthias uses the perpetual inventory method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) 2,900 Granted the December 5 customer $270 credit for 300 units of inventory returned costing $216. These units were returned to inventory. Purchased 2,500 units of inventory for cash at $0.80 each. Sold 2,500 units of inventory on account for $0.95 per unit. (Matthias sold 2,500 of the $0.74 units.) Journalize the adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation 18,200 (To record accrued expense) 7,340 (To record depreciation expense) $30,040 Debit Credit
Transcribed Image Text:On December 1, 2022, Matthias Company had the following account balances. Cash Accounts Receivable Inventory Equipment *(2,900 x $0.60) Dec. 3 5 7 17 22 The following transactions occurred during December. Date Debit Dec. 31 $4,300 3,700 1,740 20,300 (1) $30,040 (2) Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings Credit $1,600 Purchased 3,900 units of inventory on account at a cost of $0.74 per unit. Sold 4,200 units of inventory on account for $0.90 per unit. (Matthias sold 2,900 of the $0.60 units and 1,300 of the $0.74.) Journalize the December transactions, assuming Matthias uses the perpetual inventory method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) 2,900 Granted the December 5 customer $270 credit for 300 units of inventory returned costing $216. These units were returned to inventory. Purchased 2,500 units of inventory for cash at $0.80 each. Sold 2,500 units of inventory on account for $0.95 per unit. (Matthias sold 2,500 of the $0.74 units.) Journalize the adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation 18,200 (To record accrued expense) 7,340 (To record depreciation expense) $30,040 Debit Credit
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