actice Assignment Gradebook ORION Downloadable eTextbook nment CALCULATOR FULL S

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actice Assignment Gradebook ORION Downloadable eTextbook nment CALCULATOR FULL SCREEN Comprehensive Accounting Cycle Review 6 On December 1, 2017, Sheffield Corp. had the account balances shown below. Debits Cash Accounts Receivable Inventory (3,200 x $0.60) Equipment Credits $4,390 Accumulated Depreciation-Equipment $1,400 2,940 9,400 18,730 $32,470 3,560 Accounts Payable 1,920 Common Stock 22,600 Retained Earnings $32,470 The following transactions occurred during December. Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.76 per unit. 5 Sold 4,600 units of inventory on account for $0.90 per unit. (It sold 3,200 of the $0.60 units and 1,400 of the so.76.) 7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $150. These units were returned to inventory. 17 Purchased 2,200 units of inventory for cash at $0.80 each. 22 Sold 2,000 units of inventory on account for $0.99 per unit. (It sold 2,000 of the $0.76 units.) Adjustment data: 1. Accrued salaries and wages payable $330. 2. Depreciation on equipment $190 per month 3. Income tax expense was $230, to be paid next year. Journalize the December transactions and adjusting entries, assuming Sheffield Corp, uses the perpetual Inventory method. (Credit account titles All Rights Reserved. A Division of 2ohn Wiley &Sona; Ins

Explanation / Answer

In Relate your requirement we wish to Submit belowmentioned:

Journal entries Date Description DR($ ) CR($ ) Dec 03 Inventory A/C 3192 To Accounts Payable 3192 Dec 05 Accounts Receivable A/C 4140 To Inventory A/c 2984 To Retained Earnings A/C 1156 Dec 07 Inventory A/C 150 Retained Earnings A/C 30 To Accounts Receivable A/C 180 Dec 17 Inventory A/c 1760 To Cash 1760 Dec 22 Accounts Receivable A/C 1980 To Inventory A/c 1520 To Retained Earnings A/C 460 Dec 31 Wages a/C 330 To Accrued salaries & Wages payable 330 Dec 31 Depreciation A/C 190 To Accumlated depreciation 190 Dec 31 Income Tax A/c 230 To income Tax Payable 230 Dec 31 Retained Earnings A/C 750 To Wagees 330 To depreciation 190 To Income tax 230 Current assets Cash 2630 Account receivable 9500 Inventory 2518 Total of current asset 14648 Property Plant & Equipment Equipment 22600 Less: Accumlated Provision -1590 21010 Total Assets 35658 Current liablities accounts payable 6132 salaries & wages payable 330 Income tax Payable 230 Total Of current Liablities 6692 stakeholder equity Common stock 9400 Retained earnings 19566 28966 Total liabilities & Shareholder Equity 35658 Under FIFO Method Ending Inventory 2518 Cost of Good Sold 4504 Under LIFO Ending Inventory 1990 Cost of Good Sold 5032

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