College Coasters is a San Diego–based merchandiser specializing in logo-adorned drink coasters. The company reported the following balances in its unadjusted trial balance at December 1.
Cash | $ | 9,800 |
Accounts Receivable | 1,820 | |
Inventory | 400 | |
Prepaid Rent | 540 | |
Equipment | 790 | |
Accumulated Depreciation | 90 | |
Accounts Payable | 1,340 | |
Salaries and Wages Payable | 300 | |
Income Taxes Payable | 0 | |
Common Stock | 5,300 | |
Retained Earnings | 2,500 | |
Sales Revenue | 16,830 | |
Cost of Goods Sold | 8,630 | |
Rent Expense | 990 | |
Salaries and Wages Expense | 2,000 | |
Depreciation Expense | 90 | |
Income Tax Expense | 0 | |
Office Expenses | 1,300 | |
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 $0.40.
College Coasters records its inventory using perpetual inventory
accounts and the FIFO cost flow method.
During December, the company entered into the following
transactions. Some of these transactions are explained in greater
detail below.
Other relevant information includes the following at 12/31:
General Journal tab - Prepare the journal entries to record the transactions (a) through (n). Review the accounts as shown in the General Ledger and Trial Balance tabs.
General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances in the General Ledger.
Answer:
Journal Entries in the Book of College Coasters :
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