Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. journalize the december transactions using a perpe

Journalize the December transactions using a perpetual inventory system. On December 1, 2022, Sunland...

70.2K

Verified Solution

Question

Accounting

image

image

Journalize the December transactions using a perpetual inventory system.

On December 1, 2022, Sunland Distributing Company had the following account balances. Debit Credit Cash $8,000 Accumulated Depreciation-Equipment $2,200 Accounts Receivable 5,400 Accounts Payable 5,300 Inventory 12,800 Salaries and Wages Payable 1,000 Supplies 1,200 Common Stock 15,000 Equipment 22,000 Retained Earnings 25,900 $49,400 $49,400 During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. Received $1,900 cash from customers in payment of account (no discount allowed). 8 10 Sold merchandise for cash $7,100. The cost of the merchandise sold was $5,200. Purchased merchandise on account from Hecht Co.$9,600, terms 2/10, n/30. 13 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $14,400, terms 3/10,n/30. The cost of the merchandise sold was $9,500. Paid salaries $2,800. 20 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

After choosing the topic for a research assignment: Staff motivation and the impact on productivity State the...

General Management
Q

In the text Taylor proposes a complementary model of stress response Dickerson and Kemeny s...

Biology
Q

There must be variation within the population The variation must be heritable O The reproductive...

Biology
Q

A magnetic field B 0 61 is directed upward through a circular loop of diameter...

Physics
Q

Simplify 1 cos 48cos 50 sin 40sin 50 A cos 8 B sin 0 C...

Geometry
Q

Assume that Papau New Guinea has a domestic investment of 1500 billion private domestic savings...

Basic Math
Q

Suppose he wanted to expand his garden so that the area would become a larger...

Algebra
Q

Mh2Q13 m%252Fmghmiddleware.. MH Lab...

Accounting
Q

Pro forma balance sheetPeabody & Peabody has 2015 sales of $10.2 million. It wishes to...

Accounting
Q

How can businesses avoid being trapped in outdated strategies? Please give examples

Accounting
Q

From the following transactions for Edna Co., when appropriate, journalize, record, post, and prepare a...

Accounting
Q

(Enter your answers as whole numbers) Plant property and equipment note (Enter your answers as...

Accounting