Comprehensive Problem Assignment

Comprehensive Problem Assignment

Comprehensive Problem 5 (Part Level Submission) On December 1, 2017, Prosen Distributing Company had the following account balances. Cash Accounts Receivable Inventory Supplies Equipment Debit $7,000 4,800 11,600 1,500 23,100 $48,000 Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Credit $2,310 4,900 1,100 30,000 9,690 $48,000 During December, the company completed the following summary transactions Dec. 6 8 10 13 15 18 20 23 27 Paid $1,750 for salaries and wages due employees, of which $650 is for December and $1,100 is for November salaries and wages payable. Received $2,000 cash from customers in payment of account (no discount allowed). Sold merchandise for cash $6,800. The cost of the merchandise sold was $4,200. Purchased merchandise on account from Maglio Co. $9,000, terms 2/10, n/30. Purchased supplies for cash $1,800. Sold merchandise on account $12,900, terms 3/10, n/30. The cost of the merchandise sold was $8,200.

Comprehensive Problem Assignment

Comprehensive Problem Assignment

 

Paid salaries and wages $1,900. Paid Maglio Co. in full, less discount. Received collections in full, fewer discounts, from customers billed on December 18. We were unable to transcribe this image. 20 Salaries and Wages Expense Cash 1,900 Dec. 23 Accounts Payable Inventory 180 Cash 8,820 Dec. 27 TCash TSales Discounts | Accounts Receivable 12,900 SHOW LIST OF ACCOUNTS (b) Your answer is correct. Enter the December 1 balances in the ledger T-accounts and post the December transactions.

(Post entries in the order of jour Cash 12/6 1,750 1,800 A0A0 12/20 SOKOLO 1,900 12,513 || 8,820 T 12/ Bal. Accounts Receivable T 12/1 Bal. IT 4,800 IT 2/8 2,000 12,900 IT 12,900 T 12/31 Bal. = 1 2,800 Inventory T 12/1 al. IT 11,600 T IT 4,200 9,000 AT 8,200 180 T 12/31 Bal. 8,0201 Supplies T 12/1 Bal. It 1,500 ||| 1,800 II Equipment 11 al. 11 23,100 † 12/31 Bal. A 23,100 | Accumulated Depreciation Equipment 2,310 /1 Bal. Accounts Payable 1 /1 Bal. IT 4,900 9,000 4,900 T 12/31 Bal. TT Salaries and Wages Payable 1,100 T 12/1 Bal. I 1,100 -UUIII +-UU Common Stock Bal. I 30,000 30,000 1 Bal. Retained Earnings 9,690 TT 9,690 Bal.

Sales Revenue 10 AT 6,800 T 12/18 IT 12,900 AIAN ELEITET BIET DILLI LILI LILIE 19,700 || 12/31 Bal. HIT Sales Discount 387 III 12/31 387 Cost of Goods Sold 4,200 T 8,200 T 12,4001 Salaries and Wages Expense 650 T 12/2 1,900 Adjustment data: 1. 2. 3. Accrued salaries and wages payable $500. Depreciation $210 per month. Supplies on hand $1,500. Journalize adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Comprehensive Problem Assignment

Comprehensive Problem Assignment

 

No. Date Account Titles and Explanation Debit Credit TSalaries and Wages Expen Salaries and Wages Pay 500 2. 2. Dec. 31 8 TDepreciation Expense Depreciation Expense Accumulated Depreciation 210 3. Dec. 31 8 supplies Supplies 1,800 Post adjusting entries. (Post entries in the order of journal entries presented above.) 12/1 Bal. 12/8 12/10 12/27 12/31 Bal. 1,750 1,800 1,900 8,820 Cash 7,000 12/6 2,000 12/15 6,800|12/20 12,513 12/23 14,043 Accounts Receivable 4,800 12/8 12,900 12/27 2,800 Inventory 11,600 12/10 9,000 12/18 12/1 Bal. 12/18 12/31 Bal. 2,000 12,900 12/1 Bal. 12/13 4,200 8,200 180 12/31 Bal. 12/23 8,020 Supplies 12/1 Bal. 1,500T 12/31 1,800 12/15 1,800T T 12/31 Bal. 12/1 Bal. 12/31 Bal. 1,500 M Equipment 23,100 23,100

Accumulated Depreciation Equipment 12/1 Bal. 2,310 | 12/31 210 2,520 12/23 T 12/31 Bal. Accounts Payable 9,000 12/1 Bal. 12/13 12/31 Bal. Salaries and Wages Payable 1,100 12/1 Bal. 4,900 9,000 4,900 12/6 1,100 | 12/31 27 500 500 30,000 30,000 N 12/31 Bal. Common Stock 12/1 Bal. 12/31 Bal. Retained Earnings 12/1 Bal. 12/31 Bal. Sales Revenue 12/10 12/18 9,690 9,690 6,800 12,900 180 12/31 Bal. 12/23 8,020 Supplies 12/1 Bal. 1,500T 12/31 1,800 12/15 1,800T T 12/31 Bal. 12/1 Bal. 12/31 Bal. 1,500 M Equipment 23,100 23,100

Accumulated Depreciation Equipment 12/1 Bal. 2,310 | 12/31 210 2,520 12/23 T 12/31 Bal. Accounts Payable 9,000 12/1 Bal. 12/13 12/31 Bal. Salaries and Wages Payable 1,100 12/1 Bal. 4,900 9,000 4,900 12/6 1,100 | 12/31 27 500 500 30,000 30,000 N 12/31 Bal. Common Stock 12/1 Bal. 12/31 Bal. Retained Earnings 12/1 Bal. 12/31 Bal. Sales Revenue 12/10 12/18 9,690 9,690 6,800 12,900 19,700 12/27 12/31 Bal. 12/31 Bal. Sales Discount 387 387 Cost of Goods Sold 4,200 8,200 12,400 Depreciation Expense 12/10 12/18 12/31

Bal. T 12/31 AT T 12/31 Bal. Salaries and Wages Expense 12/6 1,900 12/20 12/312 112/31 Bal. A month.io 50 3,050 IT Supplies Expense T 12/31 A T 12/31 Bal. 1,800 J]. TIET III.. December 31, 2017, Debit Credit Cash 14043 TAccounts Receivable | 2800 Inventory 8020 TSupplies | 1500 equipment 23,100 TAccumulated Depreciation 2520 TAccounts Payable 4900 TSalaries and Wages Payab 500 記VVVVVVVVVVVVV 記PPPP ELL PH PPPT VN515 TCommon Stock 30,000 TRetained Earnings 9690 Sales Revenue 19700 Sales Discounts 387 TCost of Goods Sold 12400 Depreciation Expense 210 TSalaries and Wages Expense 3050 Supplies Expense 1800 Totals 67310 67310 Prepare an income statement. PROSEN DISTRIBUTING COMPANY Income Statement.

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