n December 1, 2022, Pharoah Distributing Company had the following account balances. Debit Credit Cash $7,200 Accumulated Depreciation—Equipment $2,420 Accounts Receivable 4,800 Accounts Payable 5,000 Inventory 12,100 Salaries and Wages Payable 1,200 Supplies 1,400 Owner’s Capital 41,080 Equipment 24,200 $49,700 $49,700 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $600 is for December and $1,200 is for November salaries and wages payable. 8 Received $2,000 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,800. The cost of the merchandise sold was $4,100. 13 Purchased merchandise on account from Sheridan Co. $8,500, terms 2/10, n/30. 15 Purchased supplies for cash $1,700. 18 Sold merchandise on account $12,500, terms 3/10, n/30. The cost of the merchandise sold was $8,100. 20 Paid salaries and wages $1,600. 23 Paid Sheridan Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Adjustment data: 1. Salaries and wages incurred but not yet paid $800. 2. Depreciation $220 per month. 3. Supplies on hand $1,700. Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credi

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 10DQ

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On December 1, 2022, Pharoah Distributing Company had the following account balances.

	Debit		Credit
Cash	$7,200	Accumulated Depreciation—Equipment	$2,420
Accounts Receivable	4,800	Accounts Payable	5,000
Inventory	12,100	Salaries and Wages Payable	1,200
Supplies	1,400	Owner’s Capital	41,080
Equipment	24,200
	$49,700		$49,700

During December, the company completed the following summary transactions.

Dec. 6		Paid $1,800 for salaries and wages due employees, of which $600 is for December and $1,200 is for November salaries and wages payable.
8		Received $2,000 cash from customers in payment of account (no discount allowed).
10		Sold merchandise for cash $6,800. The cost of the merchandise sold was $4,100.
13		Purchased merchandise on account from Sheridan Co. $8,500, terms 2/10, n/30.
15		Purchased supplies for cash $1,700.
18		Sold merchandise on account $12,500, terms 3/10, n/30. The cost of the merchandise sold was $8,100.
20		Paid salaries and wages $1,600.
23		Paid Sheridan Co. in full, less discount.
27		Received collections in full, less discounts, from customers billed on December 18.

Adjustment data:

1.		Salaries and wages incurred but not yet paid $800.
2.		Depreciation $220 per month.
3.		Supplies on hand $1,700.

Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit

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