Enter the December 1 balances in the ledger T-accounts and post the December transactions.
Enter the December 1 balances in the ledger T-accounts and post the December transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
On December 1, 2022, Pharoah Distributing Company had the following account balances.
Debit
|
Credit
|
|||||
Cash | $7,200 | $2,420 | ||||
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. (
Cash
|
|||
Accounts Receivable
|
|||
Inventory
|
|||
Supplies
|
|||
Equipment
|
|||
Accumulated Depreciation—Equipment
|
|||
Accounts Payable
|
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Salaries and Wages Payable
|
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Owner’s Capital
|
|||
Sales Revenue
|
|||
Sales Discounts
|
|||
Cost of Goods Sold
|
|||
Salaries and Wages Expense
|
|||
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