Question

On December 1, 2017, Waylon Company had the account balances shown below.     Debit     Credit Cash $ 4,800  Accumulated Depreciation—Equipment $ 1,500 Accounts Receivable 3,900  Accounts Payable 3,000 Inventory 1,800* Common Stock 10,000 Equipment  21,000  Retained Earnings  17,000     $31,500      $31,500 * ( 3,000 × $ 0.60 ) (3,000×$0.60) The following transactions occurred during December.
Dec. 3. Purchased 4,000 units of inventory on account at a cost of $0.72 per unit.  
Dec 5. Sold 4,400 units of inventory on account for $0.90 per unit. (Waylon sold 3,000 of the $0.60 units and 1,400 of the $0.72.)
Dec.  7. Granted the December 5 customer $180 credit for 200 units of inventory returned costing $144. These units were returned to inventory.
Dec. 17. Purchased 2,200 units of inventory for cash at $0.80 each.
Dec.  22 Sold 2,000 units of inventory on account for $0.95 per unit. (Waylon sold 2,000 of the $0.72 units.)
Adjustment data: Accrued salaries and wages payable $400. Depreciation on equipment $200 per month. Income tax expense was $215, to be paid next year.
1.Journal Entries- All journal entries should be on the same tab- regular, adjusting, & closing

2.General Ledger/T-Accounts- You can choose which one you want to use.

3. Trial Balances- All three should be on the same tab

4.Income Statement

5.Retained Earnings Statement

6.Balance Sheet

7.Computation of COGS and Ending Inventory Using LIFO

8.Computation of COGS and Ending Inventory Using FIFO

Answer 1