Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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journalize the december transaction  and  adjusting entries assuming bramble use the perpetual inventory method 

 

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On December 1, 2020, Bramble Printers had the account balances shown below.
Debit
Credit
Cash
£6.045
Accumulated Depreciation-Equipment
€ 1.950
Accounts Receivable
5,070
Accounts Payable
3,900
Inventory
2,535*
Share Capital-Ordinary
26,000
Equipment
27,300
Retained Earnings
9,100
£ 40,950
£ 40,950
(3,900 x£0.65)
The following transactions occurred during December:
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Transcribed Image Text:View Policies Show Attempt History Current Attempt in Progres On December 1, 2020, Bramble Printers had the account balances shown below. Debit Credit Cash £6.045 Accumulated Depreciation-Equipment € 1.950 Accounts Receivable 5,070 Accounts Payable 3,900 Inventory 2,535* Share Capital-Ordinary 26,000 Equipment 27,300 Retained Earnings 9,100 £ 40,950 £ 40,950 (3,900 x£0.65) The following transactions occurred during December:
estion O UI O
11.67/35
The following transactions occurred during December:
Dec. 3
Purchased 5,200 units of inventory on account at a cost of £0.72 per unit.
5.
Sold 5,720 units of inventory on account for £0.92 per unit. (It sold 3.900 of the E 0.65 units and 1,820 of the £0.72.)
7.
Granted the December 5 customer £ 239 credit for 260 units of inventory returned costing E 184. These units were
retumed to inventory.
17
Purchased 2,860 units of inventory for cash at E0.78 each,
22
Sold 2.600 units of inventory on account for £0.95 per unit. (It sold 2.600 of the E0.72 units.)
Adjustment data:
1.
Accrued salaries payable £ 520.
2.
Depreciation £ 260 per month.
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Transcribed Image Text:estion O UI O 11.67/35 The following transactions occurred during December: Dec. 3 Purchased 5,200 units of inventory on account at a cost of £0.72 per unit. 5. Sold 5,720 units of inventory on account for £0.92 per unit. (It sold 3.900 of the E 0.65 units and 1,820 of the £0.72.) 7. Granted the December 5 customer £ 239 credit for 260 units of inventory returned costing E 184. These units were retumed to inventory. 17 Purchased 2,860 units of inventory for cash at E0.78 each, 22 Sold 2.600 units of inventory on account for £0.95 per unit. (It sold 2.600 of the E0.72 units.) Adjustment data: 1. Accrued salaries payable £ 520. 2. Depreciation £ 260 per month.
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Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning