Question

^{I need to make the income statement.
On December 1, 2022, Ivanhoe Distributing Company had the following account balances. Debit Credit $6,500 $2,200 Accumulated Depreciation- Equipment Cash 3,900 Accounts Payable Accounts Receivable 3,800 Salaries and Wages Payable 11,300 Inventory 1,000 Supplies 1,200 Common Stock 15,000 Retained Earnings Equipment 22,000 22,900 $44,900 $44,900 During December, the company completed the following summary transactions. Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. Dec. 6 Received $1,900 cash from customers in payment of account (no discount allowed). 8 Sold merchandise for cash $5,600. The cost of the merchandise sold was $3,700. 10 Purchased merchandise on account from Hecht Co. $6,600, terms 2/10, n/30. 13 Purchased supplies for cash $2,000 15 Sold merchandise on account $9,900, terms 3/10, n/30. The cost of the merchandise sold was $6,500. 18 Paid salaries $1,300 20 23 Paid Hecht Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18 27}

Answer 1

JOURNAL ENTRIES FOR DECEMBER
DATE	ACCOUNT TITLES	DEBIT	CREDIT
6-Dec	Salaries Expense	600
	Salaries Payable	1000
	Cash		1600
8-Dec	Cash	1900
	Accounts Receivables		1900
10-Dec	Cash	5600
	Sales Revenue		5600
13-Dec	Purchases (Inventory)	6600
	Accounts Payable		6600
15-Dec	Supplies	2000
	Cash		2000
18-Dec	Account Receivables	9900
	Sales Revenue		9900
20-Dec	Salaries expense	1300
	Cash		1300
23-Dec	Account Payable	6600
	Cash		6468
	Discount Received		132
27-Dec	Cash	9603
	Discount Allowed	297
	Accounts Receivable		9900

Ivanhoe Distributing Company
INCOME STATEMENT
for the period ended Dec 31, 2022
REVENUE
Revenue	15500		(5600+9900)
Less: Discount Allowed	297
NET REVENUE (A)		15203
Other Income
Discount Received (B)		132
TOTAL REVENUE (A + B)		15335
EXPENSE
Cost of Good Sold
Opening Inventory	11300
Purchases	6600
Less: Closing Inventory	7700		(11300+6600-10200)
Cost of Good Sold		10200	(3700+6500)
Salaries Expense		1900	(600+1300)
TOTAL EXPENSES		12100
NET INCOME		3235

Answer 2

Post closing trial balance