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On December 1, 2010, Sleezer Distributing Company had the following account balances

On December 1, 2010, Sleezer Distributing Company had the following account balances
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Solution Guide / Answer Key:

ACCOUNTING
At the end of December the company had the following balances
Chapter 5 Comprehensive Problem (CP5) On December 1, 2010, Sleezer Distributing Company had the following account balances.

Debits
Cash 7,300
Accounts Receivable 5,600
Merchandise Inventory 12,000
Supplies 1,200
Equipment 22,000
Total: $48,100

Credits
Accumulated Depreciation 2,200
Accounts Payable 4,600
Salaries Payable 1,000
Common Stock 15,000
Retained Earnings 25,300
Total: $48,100

During December the company completed the following summary transactions.
Paid 1,600 for salaries to employees 600 for December and 1,000 for the month of November salaries payable,
Received 1,800 cash form customers in payment of account no discount,
Sold merchandise for cash 6,000 The cost of the merchandise was 4000.,
Purchased merchandise on account for 9,000 terms 2/10.n/30 .
Purchased supplies for cash 2,000,
Sold merchandise on account 12,000 terms 1/10,n/30 The cost of the merchandise sold was 1,800.,
Paid salaries 1,800.,
Paid purchase for 9,000 minus discount,
Received collections in full less discount from customers 12,000 terms 1/10

Adjustment Data:
Accrued salaries payable 600
Depreciation 300 a month
Supplies on hand 1500
Income Tax due and unpaid at end of December is 200

Instructions
Journalize the December transactions
Enter the balances in T accounts and post December transactions
Journalize and post adjustments
Prepare trial balance
Prepare Income statement and retained earnings statement for the month of December
Kimmel Weygandt Kieso
Check:
Totals: 66,200
Net Income: 680
Ending cash balance 12,760
Merchandise inventory 8,820
Adjusting trial balance totals 66,200
Net Income 680
Total Assets 46,380

 

FILE: MS WORD

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