8/20/2020 Comprehensive Accounting Cycle Review 5-1 (Part Level Submission) Print by: Misty McCurley AC201:AC2011NF1A2020 Principles Financial Accounting / AC201 - Extra Credit Opportunity 2 (Chapter 5 Comprehensive Problem) *Comprehensive Accounting Cycle Review 5-1 (Part Level Submission) On December 1, 2017, Devine Distributing Company had the following account balances. Debit Cash Accounts Receivable Inventory Supplies Equipment $7,300 5,000 12,400 1,500 22,000 $48,200 Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Credit $2,200 4,800 1,000 15,100 25,100 $48,200 During December, the company completed the following summary transactions. 10 Dec. Paid $1,900 for salaries due employees, of which $900 is for December and $1,000 is for 6 November salaries payable. 8 Received $1,800 cash from customers in payment of account (no discount allowed). Sold merchandise for cash $6,700. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Hecht Co. $9,400, terms 2/10, n/30. 15 Purchased supplies for cash $1,800. 18 Sold merchandise on account $12,400, terms 3/10, n/30. The cost of the merchandise sold was $8,200. 20 Paid salaries $1,600. 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. *(a) Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit