7:00 PM COMPREHENSIVE ACCOUNTING CYCLE RE ACRS-1 on December 1, 2017, Devine Distributing Company had the following account balances. Debit Credit Cash 7,200 Accumulated Depreciation- 2,200 4,600 Accounts Receivable. Equipment 4,500 Inventory 12,000 Accounts Payable Supplies 1,200 Salaries and Wages Payable 1,000 Equipment 22,000 Common Stock 15,000 Retained Earnings 24,300 $47,000 $47,000 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 $1.900 cash from customers in payment of account (no discount allowed) 10 Sold merchandise for cash, $6,300. The cost of the merchandise sold was $4.100. 13 Purchased merchandise on account from Hecht Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $2,000. 18 Sold me chandise on account $12,000, terms 310, n/30. The cost of the mer chandise sold was $8,000. Paid salaries $1,800. Paid Hecht Co. in full, less discount. Received collections in full. less discounts, from customers billed on December 18, Adjustment data 1. Accrued salaries payable $800. 2. Depreciation $200 per month. 3. Supplies on hand $1,500. 4. Income tax due and unpaid at December 31 is $200. Instructions