On December 1 2015 Prosen Distributing Company had the

following
On December 1, 2015, Prosen Distributing Company had the following account balances.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 $1,900 cash from customers in payment of account (no
discount allowed).10 Sold merchandise for cash $6,300. The cost of the merchandise sold was
$4,100.13 Purchased merchandise on account from Maglio 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 $8,000.20 Paid salaries and wages $1,800.23 Paid
Maglio 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 $1,500.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.
View Solution:
On December 1 2015 Prosen Distributing Company had the following
SOLUTION-- http://solutiondone.online/downloads/on-december-1-2015-prosen-distributing-
company-had-the-following/

Unlock answers here solutiondone.online

Powered by TCPDF (www.tcpdf.org)