Comprehensive Problem 7 (Part Level Submission) On December 1, 2017, Fullerton C

Question

Comprehensive Problem 7 (Part Level Submission) On December 1, 2017, Fullerton Company had the following account balances. Debit $18,200 Accumulated Depreciation- Equipment $3,000 Credit Cash Notes Receivable Accounts Receivable 7,500 Common Stock Inventony Prepaid Insurance 1,600 Equipment 2,200 Accounts Payable 16,000 Retained Earnings 28,000 6,100 50,000 14.400 $73,500 ouring December: the company completed the folowing tranactions. Dec. 7 Received $3,600 cash from customers in payment of account (no discount allowed). 12 Purchased merchandise on account from Vance Co. $12,000, terms 1/10, n/30. 17 Sold merchandise on account $16.000, terms 2/10, n/30. The cost of the merchandise sold was $10,000. 19 Paid salaries $2,200. 22 Paid Vance Co. in full, less discount 26 Received collections in full, less discounts, from customers billed on December 17 31 Received $2,700 cash from customers in payment of account (no discount allowed). Adjustment data: 1. Depreciation $200 per month. 2. Insurance expired $400. l Your answer is correct. dournalize the December transactions. (Assume a perpetual inventory system.) Credit account titles are automatico

Explanation / Answer

Cash 1-Dec 18,200 19-Dec 2,200 7-Dec 3,600 22-Dec 11,880 26-Dec 15,680 31-Dec 2,700 End bal 26,100 Notes Receivable 1-Dec 2,200 Accounts receivable 1-Dec 7,500 7-Dec 3,600 17-Dec 16,000 26-Dec 16,000 31-Dec 2,700 31-Dec 1200 inventory 1-Dec 16,000 17-Dec 10,000 12-Dec 12,000 22-Dec 120 31-Dec 17,880 prepaid insurance 1-Dec 1,600 Equipment 1-Dec 28,000 Accumulated depreciation - Equipment 1-Dec 3,000 Accounts payable 22-Dec 12,000 1-Dec 6,100 12-Dec 12,000 31-Dec 6,100 Common stock 1-Dec 50,000 Retained earnings 1-Dec 14,400 Sales revenue 17-Dec 16,000 Sales discounts 26-Dec 320 cost of good sold 17-Dec 10,000 Salaries & wage expense 19-Dec 2,200

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.