On December 1, 2020, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation—Equipment $2,640 Accounts Receivable 4,900 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,300 Owner’s Capital 44,160 Equipment 26,400 $52,300 $52,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,800, terms 3/10, n/30. The cost of the merchandise sold was $8,300. 20 Paid salaries and wages $1,700. 23 Paid Boehm Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Adjustment data: 1. Accrued salaries and wages payable $650. 2. Depreciation $240 per month. 3. Supplies on hand $1,600. Journalize adjusting entries.
On December 1, 2020, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation—Equipment $2,640 Accounts Receivable 4,900 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,300 Owner’s Capital 44,160 Equipment 26,400 $52,300 $52,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,800, terms 3/10, n/30. The cost of the merchandise sold was $8,300. 20 Paid salaries and wages $1,700. 23 Paid Boehm Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Adjustment data: 1. Accrued salaries and wages payable $650. 2. Depreciation $240 per month. 3. Supplies on hand $1,600. Journalize adjusting entries.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
On December 1, 2020, Sheridan Distributing Company had the following account balances.
Debit
|
Credit
|
|||||
Cash | $7,500 | $2,640 | ||||
4,900 | Accounts Payable | 4,500 | ||||
Inventory | 12,200 | Salaries and Wages Payable | 1,000 | |||
Supplies | 1,300 | Owner’s Capital | 44,160 | |||
Equipment | 26,400 |
|
||||
$52,300 | $52,300 |
During December, the company completed the following summary transactions.
Dec. 6 | Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. | |
8 | Received $1,900 cash from customers in payment of account (no discount allowed). | |
10 | Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. | |
13 | Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. | |
15 | Purchased supplies for cash $1,600. | |
18 | Sold merchandise on account $12,800, terms 3/10, n/30. The cost of the merchandise sold was $8,300. | |
20 | Paid salaries and wages $1,700. | |
23 | Paid Boehm Co. in full, less discount. | |
27 | Received collections in full, less discounts, from customers billed on December 18. |
Adjustment data:
1. | Accrued salaries and wages payable $650. | |
2. | Depreciation $240 per month. | |
3. | Supplies on hand $1,600. |
Journalize
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