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On December 1, 2022, Vaughn Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment Dec. 3 *(3,200 x $0.60) The following transactions occurred during December: 1. 5 2. 7 17 22 Debit $5,000 4,400 1,920 21,000 $32,320 Adjustment data: Accumulated Depreciation-Equipment Accounts Payable Owner's Capital Credit $1,200 3,800 27,320 Purchased 5,200 units of inventory on account at a cost of $0.74 per unit. Sold 5,500 units of inventory on account for $0.90 per unit. (Vaughn sold 3,200 of the $0.60 units and 2,300 of the $0.74.) Recognized accrued salaries payable $300. Recognized depreciation $240 per month. $32,320 Granted the December 5 customer $177 credit for 200 units of inventory returned costing $118. These units were returned to inventory. Purchased 2,300 units of inventory for cash at $0.80 each. Sold 2,400 units of inventory on account for $0.95 per unit. (Vaughn sold 2,400 of the $0.74 units.)

On December 1, 2022, Vaughn Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment Dec. 3 *(3,200 x $0.60) The following transactions occurred during December: 1. 5 2. 7 17 22 Debit $5,000 4,400 1,920 21,000 $32,320 Adjustment data: Accumulated Depreciation-Equipment Accounts Payable Owner's Capital Credit $1,200 3,800 27,320 Purchased 5,200 units of inventory on account at a cost of $0.74 per unit. Sold 5,500 units of inventory on account for $0.90 per unit. (Vaughn sold 3,200 of the $0.60 units and 2,300 of the $0.74.) Recognized accrued salaries payable $300. Recognized depreciation $240 per month. $32,320 Granted the December 5 customer $177 credit for 200 units of inventory returned costing $118. These units were returned to inventory. Purchased 2,300 units of inventory for cash at $0.80 each. Sold 2,400 units of inventory on account for $0.95 per unit. (Vaughn sold 2,400 of the $0.74 units.)

FINANCIAL ACCOUNTING
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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On December 1, 2022, Vaughn Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment *(3,200 x $0.60) Dec. 3 5 7 2. 17 The following transactions occurred during December: 22 Debit $5,000 Accumulated Depreciation-Equipment Accounts Payable Owner's Capital Adjustment data: 4,400 1,920 21,000 $32,320 Credit 1. Recognized accrued salaries payable $300. Recognized depreciation $240 per month. $1,200 3,800 27,320 Purchased 5,200 units of inventory on account at a cost of $0.74 per unit. Sold 5,500 units of inventory on account for $0.90 per unit. (Vaughn sold 3,200 of the $0.60 units and 2,300 of the $0.74.) $32,320 Granted the December 5 customer $177 credit for 200 units of inventory returned costing $118. These units were returned to inventory. Purchased 2,300 units of inventory for cash at $0.80 each. Sold 2,400 units of inventory on account for $0.95 per unit. (Vaughn sold 2,400 of the $0.74 units.)
Transcribed Image Text:On December 1, 2022, Vaughn Company had the account balances shown below. Cash Accounts Receivable Inventory Equipment *(3,200 x $0.60) Dec. 3 5 7 2. 17 The following transactions occurred during December: 22 Debit $5,000 Accumulated Depreciation-Equipment Accounts Payable Owner's Capital Adjustment data: 4,400 1,920 21,000 $32,320 Credit 1. Recognized accrued salaries payable $300. Recognized depreciation $240 per month. $1,200 3,800 27,320 Purchased 5,200 units of inventory on account at a cost of $0.74 per unit. Sold 5,500 units of inventory on account for $0.90 per unit. (Vaughn sold 3,200 of the $0.60 units and 2,300 of the $0.74.) $32,320 Granted the December 5 customer $177 credit for 200 units of inventory returned costing $118. These units were returned to inventory. Purchased 2,300 units of inventory for cash at $0.80 each. Sold 2,400 units of inventory on account for $0.95 per unit. (Vaughn sold 2,400 of the $0.74 units.)
Prepare an adjusted trial balance as of December 31, 2022. Totals Net Sales Less CORONADO COMPANY Adjusted Trial Balance : Sales Returns and Allowances CORONADO COMPANY Income Statement tA $ tA Debit Prepare a multiple-step income statement for December 2022. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) $ LA $ tA $ Credit
Transcribed Image Text:Prepare an adjusted trial balance as of December 31, 2022. Totals Net Sales Less CORONADO COMPANY Adjusted Trial Balance : Sales Returns and Allowances CORONADO COMPANY Income Statement tA $ tA Debit Prepare a multiple-step income statement for December 2022. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) $ LA $ tA $ Credit
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