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On December 1, 2022, Matthias Company had the following account balances. Debit Credit Cash $4,400 Accumulated Depreciation-Equipment $1,400 Accounts Receivable 4,000 Accounts Payable 3,200 Inventory 1,740 Common Stock 20,400 Equipment 22,600 Retained Earnings 7,740 $32,740 $32,740 *(2,900 x $0.60) The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.73 per unit. 5 7 17 22 Sold 4,600 units of inventory on account for $1.00 per unit. (Matthias sold 2,900 of the $0.60 units and 1,700 of the $0.73.) Granted the December 5 customer $300 credit for 300 units of inventory returned costing $216. These units were returned to inventory. Purchased 2,000 units of inventory for cash at $0.80 each. Sold 1,600 units of inventory on account for $1.05 per unit. (Matthias sold 1,600 of the $0.73 units.) Adjustment data: 1. Accrued salaries payable $430. 2. Depreciation $200 per month.

On December 1, 2022, Matthias Company had the following account balances. Debit Credit Cash $4,400 Accumulated Depreciation-Equipment $1,400 Accounts Receivable 4,000 Accounts Payable 3,200 Inventory 1,740 Common Stock 20,400 Equipment 22,600 Retained Earnings 7,740 $32,740 $32,740 *(2,900 x $0.60) The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.73 per unit. 5 7 17 22 Sold 4,600 units of inventory on account for $1.00 per unit. (Matthias sold 2,900 of the $0.60 units and 1,700 of the $0.73.) Granted the December 5 customer $300 credit for 300 units of inventory returned costing $216. These units were returned to inventory. Purchased 2,000 units of inventory for cash at $0.80 each. Sold 1,600 units of inventory on account for $1.05 per unit. (Matthias sold 1,600 of the $0.73 units.) Adjustment data: 1. Accrued salaries payable $430. 2. Depreciation $200 per month.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...
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Enter the december 1 balances in the ledger t-accounts

On December 1, 2022, Matthias Company had the following account balances. Debit Credit Cash $4,400 Accumulated Depreciation-Equipment $1,400 Accounts Receivable 4,000 Accounts Payable 3,200 Inventory 1,740 Common Stock 20,400 Equipment 22,600 Retained Earnings 7,740 $32,740 $32,740 *(2,900 x $0.60) The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.73 per unit. N 2 || 7 Sold 4,600 units of inventory on account for $1.00 per unit. (Matthias sold 2,900 of the $0.60 units and 1,700 of the $0.73.) Granted the December 5 customer $300 credit for 300 units of inventory returned costing $216. These units were returned to inventory. 17 Purchased 2,000 units of inventory for cash at $0.80 each. 72 22 Sold 1,600 units of inventory on account for $1.05 per unit. (Matthias sold 1,600 of the $0.73 units.) Adjustment data: 1. Accrued salaries payable $430. 2. Depreciation $200 per month.
Transcribed Image Text:On December 1, 2022, Matthias Company had the following account balances. Debit Credit Cash $4,400 Accumulated Depreciation-Equipment $1,400 Accounts Receivable 4,000 Accounts Payable 3,200 Inventory 1,740 Common Stock 20,400 Equipment 22,600 Retained Earnings 7,740 $32,740 $32,740 *(2,900 x $0.60) The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.73 per unit. N 2 || 7 Sold 4,600 units of inventory on account for $1.00 per unit. (Matthias sold 2,900 of the $0.60 units and 1,700 of the $0.73.) Granted the December 5 customer $300 credit for 300 units of inventory returned costing $216. These units were returned to inventory. 17 Purchased 2,000 units of inventory for cash at $0.80 each. 72 22 Sold 1,600 units of inventory on account for $1.05 per unit. (Matthias sold 1,600 of the $0.73 units.) Adjustment data: 1. Accrued salaries payable $430. 2. Depreciation $200 per month.
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