Please help! It would be greatly appreciated! On December 1, 2017, Wildhorse Co.
ID: 2400689 • Letter: P
Question
Please help! It would be greatly appreciated!
On December 1, 2017, Wildhorse Co. had the account balances shown below Debits Cash Accounts Receivable Inventory (3,100 x $0.60 Equipment Credits $4,580 Accumulated Depreciation-Equipment $1,490 3,240 10,900 17,630 $33,260 4,020 Accounts Payable 1,860 Common Stock 22,800 Retained Earnings $33,260 The following transactions occurred during December. Dec. 3 Purchased 4,100 units of inventory on account at a cost of $0.67 per unit. 5 Sold 4,500 units of inventory on account for $0.90 per unit. (It sold 3,100 of the $0.60 units and 1,400 of the $0.67.) 7 Granted the December 5 customer $270 credit for 300 units of inventory returned costing $240. These units were returned to inventory 17 Purchased 2,500 units of inventory for cash at $0.70 each 22 Sold 2,400 units of inventory on account for $0.86 per unit. (It sold 2,400 of the $0.67 units.) Adjustment data: 1. Accrued salaries and wages payable $390. 2. Depreciation on equipment $190 per month 3. Income tax expense was $230, to be paid next year.Explanation / Answer
Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. Cash Debit Credit Beginning 4580 Dec 17 1750 Closing 2830 Accounts Receivable Debit Credit Beginning 4020 Dec 7 270 Dec 5 4050 Dec 22 2064 Closing 9864 Inventory Debit Credit Beginning 1860 Dec 5 2798 Dec 3 2747 Dec 22 1608 Dec 7 240 Dec 17 1750 Closing 2191 Equipment Debit Credit Beginning 22800 Closing 22800 Accounts Payable Debit Credit Beginning 3240 Dec 3 2747 Closing 5987 Acc Dep-Equipment Debit Credit Beginning 1490 Dec 31 190 Salaries and Wages Payable Debit Credit Dec 31 390 Closing 390 Common Stock Debit Credit Beginning 10900 Closing 10900 Income Tax Payable Debit Credit Dec 31 230 Closing 230 Retained Earning Debit Credit Beginning 17630 Closing 17630 Sales Revenue Debit Credit Dec 5 4050 Dec 22 2064 Retained Earning 6114 Salaries and Wages Exp Debit Credit Dec 31 390 Retained Earning 390 Cost of Goods Sold Debit Credit Dec 5 2798 Dec 7 240 Dec 22 1608 Retained Earning 4166 Sales Return and Allowance Debit Credit Dec 7 270 Retained Earning 270 Depreciaton Expense Debit Credit Dec 31 190 Retained Earning 190 Income Tax Expense Debit Credit Dec 31 230 Retained Earning 230