**Unadjusted Trial Balance at December 1**- **Cash**: $9,400- **Accounts Receivable**: $1,980- **Inventory**: $500- **Prepaid Rent**: $540- **Equipment**: $640- **Accumulated Depreciation**: $90- **Accounts Payable**: $1,400- **Salaries and Wages Payable**: $300- **Income Taxes Payable**: $0- **Common Stock**: $5,900- **Retained Earnings**: $2,700- **Sales Revenue**: $15,560- **Cost of Goods Sold**: $8,810- **Rent Expense**: $990- **Salaries and Wages Expense**: $1,800- **Depreciation Expense**: $90- **Income Tax Expense**: $0- **Office Expense**: $1,200**Inventory Information:**- The company purchases coasters from a single supplier. - On December 1, all amounts in Accounts Payable are due to that supplier.- The inventory as of December 1 consisted of 1,000 coasters, purchased in a batch on July 10 at a unit cost of $0.50.- The company uses perpetual inventory accounts and the FIFO cost flow method for accounting.**Transactions in December:**- The company engaged in various transactions during December. Details of some of these transactions are provided further in the documentation.This trial balance helps record and formalize the financial position of the company as of the specified date, providing a basis for further financial analysis and decision-making within the organization. ### December Transactions for College Coasters**Transactions Overview**1. **Inventory Purchases** - **a.** Purchased 400 coasters on account on 12/1 at $0.52 each, terms n/60. - **b.** Purchased 900 coasters on account on 12/2 at $0.55 each, terms n/60.2. **Sales and Collections** - **c.** Sold 2,000 coasters on account on 12/3 at $1.10 each. - **d.** Collected $850 from customers on account on 12/4.3. **Payments** - **e.** Paid the supplier $1,500 cash on account on 12/18. - **f.** Paid employees $440 on 12/23 ($260 for November work, $180 for work up to 12/22).4. **Shipping** - **g.** Loaded 80 coasters on a cargo ship on 12/31 to Kona, Hawaii, FOB destination, terms n/60.**Additional Year-End Information as of 12/31**- **h.** Office expenses of $160 for December not yet recorded.- **i.** Equipment depreciation at $9/month; record one month of depreciation.- **j.** Wages from 12/23-12/31 amount to $100, payable on 1/15.- **k.** $540 prepaid rent covers six months, ending 5/31 next year.- **l.** $700 income tax incurred with no payments yet made.- **m.** No inventory shrinkage or damage at year-end.- **n.** No dividends declared, no common stock transactions.**Navigation Menu**- Requirement- General Journal- General Ledger- Trial Balance- Income Statement- Balance Sheet- Analysis**Page Navigation**- Prev: 2 of 2- Next

Name: **Unadjusted Trial Balance at December 1**- **Cash**: $9,400- **Accou
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Description: **Unadjusted Trial Balance at December 1**- **Cash**: $9,400- **Accounts Receivable**: $1,980- **Inventory**: $500- **Prepaid Rent**: $540- **Equipment**: $640- **Accumulated Depreciation**: $90- **Accounts Payable**: $1,400- **Salaries and Wages Pa

Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Business

Accounting

following balances in its unadjusted trial balance at December 1. $ 9,400 1,980 500 Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable 540 640 90 1,400 300 Common Stock Retained Earnings Sales Revenue Cost of Goods Sold 5,900 2,700 15,560 8,810 Rent Expense Salaries and Wages Expense Depreciation Expense Income Tax Expense Office Expense 990 1,800 90 1, 200 The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory on December 1 consisted of 1,000 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.50. College Coasters records its inventory using perpetual inventory accounts and the FIF0 cost flow method. During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below.

following balances in its unadjusted trial balance at December 1. $ 9,400 1,980 500 Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable 540 640 90 1,400 300 Common Stock Retained Earnings Sales Revenue Cost of Goods Sold 5,900 2,700 15,560 8,810 Rent Expense Salaries and Wages Expense Depreciation Expense Income Tax Expense Office Expense 990 1,800 90 1, 200 The company buys coasters from one supplier. All amounts in Accounts Payable on December 1 are owed to that supplier. The inventory on December 1 consisted of 1,000 coasters, all of which were purchased in a batch on July 10 at a unit cost of $0.50. College Coasters records its inventory using perpetual inventory accounts and the FIF0 cost flow method. During December, the company entered into the following transactions. Some of these transactions are explained in greater detail below.

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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Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…
Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 days 61-120 days Over 120 days past due past due past due Accounts receivable Amount $84,000 $11,000 $7,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category Total uncollectible
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Subject: acounting
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Required information The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the rear ended December 31: Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense $ 171,000 19,530 252,000 44,400 19,600 7,410 42,600 the gross profit percentage in the current year improve, or decline, relative to 39% gross profit percentage in the prior year? > Improve > Decline