On December 1, 2014, Jurczyk
Distributing Company had the following account balances.
File name: Jurczyk Distributing.xls File type: xls PRICE: $15
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Debit
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Credits
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Cash
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$7,200
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Accounts Receivable
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4,600
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Accumulated Depreciation-Equipment
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$2,200
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Inventory
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12,000
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Accounts payable
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4,500
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Supplies
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1,200
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Salaries and wages payable
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1,000
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Equipment
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22,000
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Common Stock
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30,000
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$47,000
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Retained Earning
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9,300
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$47,000
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$47,000
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During December, the company completed
the following summary transactions.
Dec. 6 Paid $1,600 for salaries and
wages due employees, of which $600 is for December and $1,000 is for November
salaries and wages payable.
8 Received $2,100 cash from customers
in payment of account (no discount allowed).
10 Sold merchandise for cash $6,600.
The cost of the merchandise sold was $4,100.
13 Purchased merchandise on account
from Gong Co. $9,000, terms 2/10, n/30.
15 Purchased supplies for cash $2,000.
18 Sold merchandise on account $12,000,
terms 3/10, n/30. The cost of the merchandise sold was $8,400.
20 Paid salaries and wages $1,800.
23 Paid Gong Co. in full, less
discount.
27 Received collections in full, less
discounts, from customers billed on December 18.
Adjustment data:
1. Accrued salaries and wages payable
$800.
2. Depreciation $200 per month.
3. Supplies on hand $1,700.
Instructions
(a) Journalize the December
transactions using a perpetual inventory system.
(b) Enter the December 1 balances in
the ledger T-accounts and post the December transactions.
Use Cost of Goods Sold, Depreciation
Expense, Salaries and Wages Expense, Sales Revenue, Sales Discounts, and
Supplies Expense.
(c) Journalize and post adjusting
entries.
(d) Prepare an adjusted trial balance.
(e) Prepare an income statement and a
retained earnings statement for December and a classified balance sheet at
December31.
TUTORIAL
PREVIEW
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(a)
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Journal entries
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Date
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Account Title
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Debit
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Credit
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Dec. 6
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Salaries and Wages Payable
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1,000
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Salaries and Wages Expense
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600
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Cash
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1,600
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8
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Cash
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2,100
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Accounts Receivable
|
|
2,100
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|
|
10
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Cash
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6,600
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Sales Revenue
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6,600
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Cost of Goods Sold
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4,100
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Inventory
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4,100
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