On December 1, 2022, 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. Prepare an adjusted trial balance.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On December 1, 2022, 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.

Prepare an adjusted trial balance.

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