Gabriel - Solution - Account Balances Cash A\/R Inventory(3,200 x $.56 Equipment Adjustments 16,700 3,650 1,792 21,100 43,242 Accumulated Depreciation

Gabriel - Solution - Account Balances Cash A/R...

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12/1/2015 Account Balances Cash 16,700 Accumulated Depreciation 11,300 A/R 3,650 A/P 2,850 Inventory (3,200 x $.56) 1,792 Common Stock 10,800 Equipment 21,100 Retained Earnings 18,292 43,242 43,242 12/3/2015 Purchased 4,000 of inventory on account at $.65 per unit. 12/5/2015 Sold 4,800 units of inventory on account for $.90 per unit. FIFO. 12/7/2015 Granted $270 credit for 300 units of inventory returned. 12/17/2015 Purchased 2,400 units of inventory for cash at $.82 each 12/22/2015 Sold 2,200 units of inventory on account for $.95 per unit. FIFO. Adjustments: Accrued Salaries Payable $400 Depreciation $280/month Income Tax Expense $500, to be paid next year a. Journalize the December Transactions and adjusting entries. Date Account Debit Credit 12/3/2015 Inventory 2,600 A/P 2,600 12/5/2015 A/R 4,320 Revenue 4,320 Inventory 3,232 Cost of Goods Sold 3,232 12/7/2015 Sales Returns 270 Inventory 270 A/R 270 Cost of Goods Sold 270 12/17/2015 Inventory 1,968 Cash 1,968 12/22/2015 A/R 2,090 Revenue 2,090 Inventory 1,980 Cost of Goods Sold 1,980 Adj. 1 Accrued Salary Expense 400 Salaries Payable 400 Adj. 2 Depreciation Expense 280 Accumulated Depreciation 280 Adj. 3 Accrued Income Taxes 500
Income Taxes Payable

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