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During December, the company completed the following transactions. Dec. 7 Received $3,600 cash from customers...

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Accounting

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During December, the company completed the following transactions.

Dec. 7 Received $3,600 cash from customers in payment of account (no discount allowed).

12 Purchased merchandise on account from Klump Co. $12,000, terms 1/10, n/30.

17 Sold merchandise on account $15,000, terms 2/10, n/30. The cost of the merchandise sold was $10,000.

19 Paid salaries $2,500.

22 Paid Klump Co. in full, less discount.

26 Received collections in full, less discounts, from customers billed on December 17.

Adjustment data:

1. Depreciation $200 per month.

2. Insurance expired $400.

3. Income tax expense was $425. It was unpaid at December 31.

Journalize the transactions.

Prepare BS, CF (direct) and IS.

Please write all steps detally and explain all steps.And also i want to ask you what means 1/10, n/30; 2/10, n/30 ? Please explain all this questions.

On December 1, 2012, Bluemound Company had the following account balances. Debits Credits Cash $18,200 Accumulated Depreciation- Notes Receivable 2,200 Equipment $ 3,000 Accounts Receivable 7,500 Accounts Payable 6,100 Inventory 16,000 Common Stock 20,000 Prepaid Insurance 1,600 Retained Earnings 44,400 Equipment 28,000 $73,500 $73,500

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