Homework SourseI am struggling with a TAccount Please help Comprehensive Ac
I am struggling with a T-Account. Please help!
Comprehensive Accounting Cycle Review 5-1 (Part Level Submission) On December 1, 2017, Devine Distributing Company had the following account balances Debit Cash Accounts Receivable Inventory Supplies Equipment Credit $7,300 Accumulated Depreciation-Equipment $2,200 4,800 1,000 15,100 25,100 $48,200 5,000 12,400 Accounts Payable Salaries and Wages Payable 1,500 Common Stock 22,000 Retained Earnings $48,200 During December, the company completed the following summary transactions. Dec. 6 8 10 13 15 18 20 23 27 Paid $1,900 for salaries due employees, of which $900 is for December and $1,000 is for November salaries payable Received $1,800 cash from customers in payment of account (no discount allowed). Sold merchandise for cash $6,700. The cost of the merchandise sold was $3,900 Purchased merchandise on account from Hecht Co. $9,400, terms 2/10, n/30 Purchased supplies for cash $1,800 Sold merchandise on account $12,400, terms 3/10, n/30. The cost of the merchandise sold was $8,200 Paid salaries $1,600 Paid Hecht Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18Solution
Account Receivable :-
12/1 (op. balance)
5000
12/8
1800
12/18
12400
12/27
12400
12/31 (Balance)
3200
Inventory :-
12/1 (op. balance)
12400
12/10
3900
12/13
9400
12/18
8200
12/23
188
12/31(Balance)
9512
Supplies :-
12/1 (op. balance)
1500
12/15
1800
12/31(Balance)
3300
Equipment :-
12/1 (op. balance)
22000
12/31 (Balance)
22000
Accumulated Depreciation :-
12/1 (op. balance)
2200
12/31 (Balance)
2200
Accounts Payable :-
12/23
9400
12/1 (op Bal)
4800
12/13
9400
12/31 (Balance)
4800
Salaries & Wages Payable :-
12/6
1000
12/1 (op Bal)
1000
Common Stock :-
12/1 (op Bal)
15100
12/31 (Balance)
15100
Retained Earnings :-
12/1 (op Bal)
25100
12/31 (Balance)
25100
| 12/1 (op. balance) | 5000 | 12/8 | 1800 |
| 12/18 | 12400 | 12/27 | 12400 |
| 12/31 (Balance) | 3200 |
