On December 1, 2017, Rodriguez Distributing Company had the following account ba
ID: 2484256 • Letter: O
Question
On December 1, 2017, Rodriguez Distributing Company had the following account balances.
Debit
Credit
During December, the company completed the following summary transactions.
Journalize the December transactions using a perpetual inventory system.
Enter the December 1 balances in the ledger T-accounts and post the December transactions.
Debit
Credit
Cash $7,000 Accumulated Depreciation—Equipment $2,420 Accounts Receivable 4,700 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,200 Owner’s Capital 41,380 Equipment 24,200 $49,300 $49,300Explanation / Answer
1.
Date
Account titles
Explanation
Debit
Credit
Dec-06
Salaries Expense
$ 550.00
Salaries Payable
$ 1,050.00
Cash
$ 1,550.00
Dec-08
Cash
$ 2,000.00
Accounts Receivable
$ 2,000.00
Dec-10
Cash
$ 6,800.00
Sales
$ 6,800.00
Cost of Goods Sold
$ 3,800.00
Inventory
$ 3,800.00
Dec-13
Inventory
$ 8,900.00
Accounts Payable
$ 8,900.00
Dec-15
Supplies
$ 1,600.00
Cash
$ 1,600.00
Dec-18
Accounts Receivable
$ 12,800.00
$ 12,800.00
Sales
Cost of Goods Sold
$ 8,300.00
Inventory
$ 8,300.00
Dec-20
Salaries Expense
$ 1,800.00
Cash
$ 1,800.00
Dec-23
Accounts Payable
$ 8,900.00
Cash
$ 8,722.00
Inventory
($8,900 *2%)
$ 178.00
Dec-27
Cash
$ 12,416.00
Sales Discounts
($12,800 * 3%)
$ 384.00
Accounts Receivable
$ 12,800.00
2.
Cash
Accumulated depreciaiton - Equipment
Debit
Credit
Debit
Credit
Dec 1 Balance
$ 7,000
Dec-06
$ 1,550
Dec 1 Balance
$ 2,420
Dec-08
$ 2,000
Dec-15
$ 1,600
Dec 31 Balance
$ 2,420
Dec-10
$ 6,800
Dec-20
$ 1,800
Dec-27
$ 12,416
Dec-23
$ 8,722
Dec 31 Balance
$ 14,544
Accounts payable
Accounts receivable
Debit
Credit
Debit
Credit
Dec-23
$ 8,900
Dec 1 Balance
$ 4,500
Dec 1 Balance
$ 4,700
Dec-08
$ 2,000
Dec-13
$ 8,900
Dec-18
$ 12,800
Dec-27
$ 12,800
Dec 31 Balance
$ 4,500
Dec 31 Balance
$ 2,700
Salaries and wages payable
Inventory
Debit
Credit
Debit
Credit
Dec-06
$ 1,000
Dec 1 Balance
$ 1,000
Dec 1 Balance
$ 12,200
Dec-10
$ 3,800
Dec 31 Balance
$ 0
Dec-13
$ 8,900
Dec-18
$ 8,300
Dec-23
$ 178
Dec 31 Balance
$ 8,822
Owner's capital
Debit
Credit
Supplies
Dec 1 Balance
$ 41,380
Debit
Credit
Dec 31 Balance
$ 41,380
Dec 1 Balance
$ 1,200
Dec-15
$ 1,600
Dec 31 Balance
$ 2,800
Equipment
Debit
Credit
Dec 1 Balance
$ 24,200
Dec 31 Balance
$ 24,200
Date
Account titles
Explanation
Debit
Credit
Dec-06
Salaries Expense
$ 550.00
Salaries Payable
$ 1,050.00
Cash
$ 1,550.00
Dec-08
Cash
$ 2,000.00
Accounts Receivable
$ 2,000.00
Dec-10
Cash
$ 6,800.00
Sales
$ 6,800.00
Cost of Goods Sold
$ 3,800.00
Inventory
$ 3,800.00
Dec-13
Inventory
$ 8,900.00
Accounts Payable
$ 8,900.00
Dec-15
Supplies
$ 1,600.00
Cash
$ 1,600.00
Dec-18
Accounts Receivable
$ 12,800.00
$ 12,800.00
Sales
Cost of Goods Sold
$ 8,300.00
Inventory
$ 8,300.00
Dec-20
Salaries Expense
$ 1,800.00
Cash
$ 1,800.00
Dec-23
Accounts Payable
$ 8,900.00
Cash
$ 8,722.00
Inventory
($8,900 *2%)
$ 178.00
Dec-27
Cash
$ 12,416.00
Sales Discounts
($12,800 * 3%)
$ 384.00
Accounts Receivable
$ 12,800.00
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