Enter the december 1 balances in the ledger t-accounts On December 1, 2022, Matthias Company had the following account balances.DebitCreditCash$4,400Accumulated Depreciation-Equipment$1,400Accounts Receivable4,000Accounts Payable3,200Inventory1,740Common Stock20,400Equipment22,600Retained Earnings7,740$32,740$32,740*(2,900 x $0.60)The following transactions occurred during December.Dec. 3Purchased 3,900 units of inventory on account at a cost of $0.73 per unit.N2||7Sold 4,600 units of inventory on account for $1.00 per unit. (Matthias sold 2,900 of the $0.60 units and 1,700 of the$0.73.)Granted the December 5 customer $300 credit for 300 units of inventory returned costing $216. These units werereturned to inventory.17 Purchased 2,000 units of inventory for cash at $0.80 each.7222Sold 1,600 units of inventory on account for $1.05 per unit. (Matthias sold 1,600 of the $0.73 units.)Adjustment data:1.Accrued salaries payable $430.2.Depreciation $200 per month.

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Description: Enter the december 1 balances in the ledger t-accounts On December 1, 2022, Matthias Company had the following account balances.DebitCreditCash$4,400Accumulated Depreciation-Equipment$1,400Accounts Receivable4,000Accounts Payable3,200Inventory1,740Co

T ledger accounts, also known as T-accounts, are a simple and visual way of representing individual…

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On December 1, 2022, Matthias Company had the following account balances. Debit Credit Cash $4,400 Accumulated Depreciation-Equipment $1,400 Accounts Receivable 4,000 Accounts Payable 3,200 Inventory 1,740 Common Stock 20,400 Equipment 22,600 Retained Earnings 7,740 $32,740 $32,740 *(2,900 x $0.60) The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.73 per unit. 5 7 17 22 Sold 4,600 units of inventory on account for $1.00 per unit. (Matthias sold 2,900 of the $0.60 units and 1,700 of the $0.73.) Granted the December 5 customer $300 credit for 300 units of inventory returned costing $216. These units were returned to inventory. Purchased 2,000 units of inventory for cash at $0.80 each. Sold 1,600 units of inventory on account for $1.05 per unit. (Matthias sold 1,600 of the $0.73 units.) Adjustment data: 1. Accrued salaries payable $430. 2. Depreciation $200 per month.

On December 1, 2022, Matthias Company had the following account balances. Debit Credit Cash $4,400 Accumulated Depreciation-Equipment $1,400 Accounts Receivable 4,000 Accounts Payable 3,200 Inventory 1,740 Common Stock 20,400 Equipment 22,600 Retained Earnings 7,740 $32,740 $32,740 *(2,900 x $0.60) The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.73 per unit. 5 7 17 22 Sold 4,600 units of inventory on account for $1.00 per unit. (Matthias sold 2,900 of the $0.60 units and 1,700 of the $0.73.) Granted the December 5 customer $300 credit for 300 units of inventory returned costing $216. These units were returned to inventory. Purchased 2,000 units of inventory for cash at $0.80 each. Sold 1,600 units of inventory on account for $1.05 per unit. (Matthias sold 1,600 of the $0.73 units.) Adjustment data: 1. Accrued salaries payable $430. 2. Depreciation $200 per month.

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

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Question

Enter the december 1 balances in the ledger t-accounts

On December 1, 2022, Matthias Company had the following account balances.
Debit
Credit
Cash
$4,400
Accumulated Depreciation-Equipment
$1,400
Accounts Receivable
4,000
Accounts Payable
3,200
Inventory
1,740
Common Stock
20,400
Equipment
22,600
Retained Earnings
7,740
$32,740
$32,740
*(2,900 x $0.60)
The following transactions occurred during December.
Dec. 3
Purchased 3,900 units of inventory on account at a cost of $0.73 per unit.
N
2
||
7
Sold 4,600 units of inventory on account for $1.00 per unit. (Matthias sold 2,900 of the $0.60 units and 1,700 of the
$0.73.)
Granted the December 5 customer $300 credit for 300 units of inventory returned costing $216. These units were
returned to inventory.
17 Purchased 2,000 units of inventory for cash at $0.80 each.
72
22
Sold 1,600 units of inventory on account for $1.05 per unit. (Matthias sold 1,600 of the $0.73 units.)
Adjustment data:
1.
Accrued salaries payable $430.
2.
Depreciation $200 per month.

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