On December 1, 2022, Pharoah Distributing Company had the following account balances. Debit CreditCash $7,200 Accumulated Depreciation—Equipment $2,420Accounts Receivable 4,800 Accounts Payable 5,000Inventory 12,100 Salaries and Wages Payable 1,200Supplies 1,400 Owner’s Capital 41,080Equipment 24,200 $49,700 $49,700During December, the company completed the following summary transactions.Dec. 6 Paid $1,800 for salaries and wages due employees, of which $600 is for December and $1,200 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 $6,800. The cost of the merchandise sold was $4,100.13 Purchased merchandise on account from Sheridan Co. $8,500, terms 2/10, n/30.15 Purchased supplies for cash $1,700.18 Sold merchandise on account $12,500, terms 3/10, n/30. The cost of the merchandise sold was $8,100.20 Paid salaries and wages $1,600.23 Paid Sheridan Co. in full, less discount.27 Received collections in full, less discounts, from customers billed on December 18.Adjustment data:1. Salaries and wages incurred but not yet paid $800.2. Depreciation $220 per month.3. Supplies on hand $1,700.Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entries presented above. If the balance is zero (0), select date from drop down and enter 0 for the amount in the column for the normal balance for that account.)Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation—Equipment Accounts Payable Salaries and Wages Payable Owner’s Capital Sales Revenue Sales Discounts Cost of Goods Sold Salaries and Wages Expense

T-Accounts are said to be ledger accounts that are prepared by using recordings from journal book.…

Answered: Enter the December 1 balances in the…

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

	Debit		Credit
Cash	$7,200	Accumulated Depreciation—Equipment	$2,420
Accounts Receivable	4,800	Accounts Payable	5,000
Inventory	12,100	Salaries and Wages Payable	1,200
Supplies	1,400	Owner’s Capital	41,080
Equipment	24,200
	$49,700		$49,700

During December, the company completed the following summary transactions.

Dec. 6		Paid $1,800 for salaries and wages due employees, of which $600 is for December and $1,200 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 $6,800. The cost of the merchandise sold was $4,100.
13		Purchased merchandise on account from Sheridan Co. $8,500, terms 2/10, n/30.
15		Purchased supplies for cash $1,700.
18		Sold merchandise on account $12,500, terms 3/10, n/30. The cost of the merchandise sold was $8,100.
20		Paid salaries and wages $1,600.
23		Paid Sheridan Co. in full, less discount.
27		Received collections in full, less discounts, from customers billed on December 18.

Adjustment data:

1.		Salaries and wages incurred but not yet paid $800.
2.		Depreciation $220 per month.
3.		Supplies on hand $1,700.

Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entries presented above. If the balance is zero (0), select date from drop down and enter 0 for the amount in the column for the normal balance for that account.)

Cash

Accounts Receivable

Inventory

Supplies

Equipment

Accumulated Depreciation—Equipment

Accounts Payable

Salaries and Wages Payable

Owner’s Capital

Sales Revenue

Sales Discounts

Cost of Goods Sold

Salaries and Wages Expense

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