During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. Received $1,900 cash from customers in payment of account (no discount allowed). 8 10 Sold merchandise for cash $5,500. The cost of the merchandise sold was $3,600. 13. Purchased merchandise on account from Hecht Co. $6,400, terms 2/10, n/30. 15 Purchased supplies for cash $2,000. Sold merchandise on account $9,600, terms 3/10, n/30. The cost of the merchandise sold was $6,300. Paid salaries $1,200. Paid Hecht Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18. 18 20 23 27

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Journalize the December transactions using a perpetual inventory system. (Credit occount titles are automatically indented when 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.)

 

On December 1, 2022, Cullumber Distributing Company had the following account balances.
Cash
Accounts Receivable
Inventory
Supplies
Equipment
Debit
$6,400
3,800
11,200
1,200
22,000
$44,600
Accumulated Depreciation-Equipment
Accounts Payable
Salaries and Wages Payable
Common Stock
Retained Earnings
Credit
$2,200
3,700
1,000
15,000
22,700
$44,600
Transcribed Image Text:On December 1, 2022, Cullumber Distributing Company had the following account balances. Cash Accounts Receivable Inventory Supplies Equipment Debit $6,400 3,800 11,200 1,200 22,000 $44,600 Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Credit $2,200 3,700 1,000 15,000 22,700 $44,600
During December, the company completed the following summary transactions.
Dec. 6
Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable.
Received $1,900 cash from customers in payment of account (no discount allowed).
8
10
Sold merchandise for cash $5,500. The cost of the merchandise sold was $3,600.
13.
Purchased merchandise on account from Hecht Co. $6,400, terms 2/10, n/30.
15 Purchased supplies for cash $2,000.
Sold merchandise on account $9,600, terms 3/10, n/30. The cost of the merchandise sold was $6,300.
Paid salaries $1,200.
Paid Hecht Co. in full, less discount.
Received collections in full, less discounts, from customers billed on December 18.
18
20
23
27
Transcribed Image Text:During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. Received $1,900 cash from customers in payment of account (no discount allowed). 8 10 Sold merchandise for cash $5,500. The cost of the merchandise sold was $3,600. 13. Purchased merchandise on account from Hecht Co. $6,400, terms 2/10, n/30. 15 Purchased supplies for cash $2,000. Sold merchandise on account $9,600, terms 3/10, n/30. The cost of the merchandise sold was $6,300. Paid salaries $1,200. Paid Hecht Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18. 18 20 23 27
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