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On December 1 2015 Prosen Distributing Company Had The Following

This document provides accounting information for Prosen Distributing Company for the month of December 2015. It lists the company's account balances as of December 1, 2015 and summarizes transactions that occurred during the month, including paying salaries, receiving cash from customers, selling and purchasing merchandise, purchasing supplies, and collecting from customers. It also provides adjusting entries and instructions to journalize and post transactions, prepare adjusting entries, an adjusted trial balance, income statement, retained earnings statement, and classified balance sheet.

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84 views1 page

On December 1 2015 Prosen Distributing Company Had The Following

This document provides accounting information for Prosen Distributing Company for the month of December 2015. It lists the company's account balances as of December 1, 2015 and summarizes transactions that occurred during the month, including paying salaries, receiving cash from customers, selling and purchasing merchandise, purchasing supplies, and collecting from customers. It also provides adjusting entries and instructions to journalize and post transactions, prepare adjusting entries, an adjusted trial balance, income statement, retained earnings statement, and classified balance sheet.

Uploaded by

trilocksp Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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On December 1 2015 Prosen Distributing Company had the

following
On December 1, 2015, Prosen Distributing Company had the following account balances.During
December, the company completed the following summary transactions.Dec. 6 Paid $1,600 for
salaries and wages due employees, of which $600 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 $6,300. The cost of the merchandise sold was
$4,100.13 Purchased merchandise on account from Maglio Co. $9,000, terms 2/10, n/30.15
Purchased supplies for cash $2,000.18 Sold merchandise on account $12,000, terms 3/10,
n/30. The cost of the merchandise sold was $8,000.20 Paid salaries and wages $1,800.23 Paid
Maglio 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 $800.2.
Depreciation $200 per month.3. Supplies on hand $1,500.Instructions(a) Journalize the
December transactions using a perpetual inventory system.(b) Enter the December 1 balances
in the ledger T-accounts and post the December transactions.Use Cost of Goods Sold,
Depreciation Expense, Salaries and Wages Expense, Sales Revenue, Sales Discounts, and
Supplies Expense.(c) Journalize and post adjusting entries.(d) Prepare an adjusted trial
balance.(e) Prepare an income statement and a retained earnings statement for December and
a classified balance sheet at December31.
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On December 1 2015 Prosen Distributing Company had the following
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