Question

On December 1, 2022, Crane Distributing Company had the following account balances. Debit Credit Cash $6,300 Accumulated Depreciation-Equipment $2,200 Accounts Receivable 3,700 Accounts Payable 3,600 Inventory 11,100 Salaries and Wages Payable 1,000 Supplies 15,000 1,200 22,000 $44,300 Common Stock Retained Earnings Equipment 22,500 $44,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. 8 Received $1.900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $5,400. The cost of the merchandise sold was $3,500. 13 Purchased merchandise on account from Hecht Co. $6,200, terms 2/10, 1/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $9,300, terms 3/10,n/30. The cost of the merchandise sold was $6,100. 20 Paid salaries $1,100. 23 Paid Hecht Co. in full, less discount 27 Received collections in full, less discounts, from customers billed on December 18. Your Answer Correct Answer - Your answer is partially correct. Journalize the December transactions using a perpetual inventory system. (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.) Date Account Titles and Explanation Debit Credit | Dec.6 Salaries and Wages Expense - 600 Salaries and Wages Payable 1000

Answer 1

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