On December 1, 2022, Sheridan Distributing Company had the following account balances.     Debit       Credit Cash   $7,500   Accumulated Depreciation—Equipment   $2,640 Accounts Receivable   4,900   Accounts Payable   4,500 Inventory   12,200   Salaries and Wages Payable   1,000 Supplies   1,300   Owner’s Capital   44,160 Equipment   26,400             $52,300       $52,300 During December, the company completed the following summary transactions. Dec. 6   Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8   Received $1,900 cash from customers in payment of account (no discount allowed). 10   Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13   Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15   Purchased supplies for cash $1,600. 18   Sold merchandise on account $12,800, terms 3/10, n/30. The cost of the merchandise sold was $8,300. 20   Paid salaries and wages $1,700. 23   Paid Boehm Co. in full, less discount. 27   Received collections in full, less discounts, from customers billed on December 18.   Adjustment data: 1.   Accrued salaries and wages payable were $650. 2.   Depreciation was $240 per month. 3.   Supplies on hand were $1,600. Journalize adjusting entries. (List all debit entries before credit entries. 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.)

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 3E: Visual Inspection Noble Companys accounting records provided the following changes in account...
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On December 1, 2022, Sheridan Distributing Company had the following account balances.

   
Debit
     
Credit
Cash
  $7,500  
Accumulated Depreciation—Equipment
  $2,640
Accounts Receivable
  4,900  
Accounts Payable
  4,500
Inventory
  12,200  
Salaries and Wages Payable
  1,000
Supplies
  1,300  
Owner’s Capital
  44,160
Equipment
  26,400      
 
    $52,300       $52,300


During December, the company completed the following summary transactions.

Dec. 6   Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable.
8   Received $1,900 cash from customers in payment of account (no discount allowed).
10   Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900.
13   Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30.
15   Purchased supplies for cash $1,600.
18   Sold merchandise on account $12,800, terms 3/10, n/30. The cost of the merchandise sold was $8,300.
20   Paid salaries and wages $1,700.
23   Paid Boehm Co. in full, less discount.
27  

Received collections in full, less discounts, from customers billed on December 18.

 

Adjustment data:

1.   Accrued salaries and wages payable were $650.
2.   Depreciation was $240 per month.
3.   Supplies on hand were $1,600.


Journalize adjusting entries(List all debit entries before credit entries. 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.)

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