21 May SP’19 ACC 110-010 / FinAcct CH 01-06 Project Comprehensive Accounting Cycle Review 6
On December 1, 2017, Vaughn Manufacturing had the account balances shown below.
DebitsCreditsCash$4,760Accumulated Depreciation—Equipment$1,390Accounts Receivable4,090Accounts Payable2,720Inventory (3,300 x $0.60)1,980Common Stock10,200Equipment22,700Retained Earnings19,220$33,530$33,530
The following transactions occurred during December.
Dec. 3Purchased 4,300 units of inventory on account at a cost of $0.77 per unit.5Sold 4,700 units of inventory on account for $0.90 per unit. (It sold 3,300 of the $0.60 units and 1,400 of the $0.77.)7Granted the December 5 customer $270 credit for 300 units of inventory returned costing $240. These units were returned to inventory.17Purchased 2,100 units of inventory for cash at $0.90 each.22Sold 2,000 units of inventory on account for $1.03 per unit. (It sold 2,000 of the $0.77 units.)
Adjustment data:
1.Accrued salaries and wages payable $480.2.Depreciation on equipment $220 per month.3.Income tax expense was $190, to be paid next year.
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