ACCOUNTING

Accounting Cycle Review 5 a-e3 (Part Level Submission) On December 1, 2020, Blossom Distributing Company.r had the following account balances. Debit Credit Cash $2,000 Accumulated DepreciationEquipment $2,200 Accounts Receivable 4,600 Accounts Payable 4,500 Inventory 11,500 Salaries and Wages Payable 1,000 Supplies 1,200 Owner's Capital 38,600 Equipment 22,000 $46.30!} $45,300 During December, the compa nv completed the following summarvr transactions. Dec. 6 Paid $1,500 for salaries and wages due employees, of which $500 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,800 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. 111e cost of the merchandise sold was $3,800. 13 Purchased merchandise on account from Boehm Co. $8,500, terms 2,110, n130. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,300, terms 3(10, n,-'30. The cost of the merchandise sold was $8,000. 20 Paid salaries and wages $1,500. 23 Paid Boehm Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Dec. 13 v Purchases 8500 X Accounts Payable 8500 (To record cost of goods sold) x Dec. 15 v Purchases 1600 x X Cash 1600 x x Dec. 18 v Accounts Receivable 12300 Sales Revenue 12300 x Dec. 20 v Salaries and Wages Expense 1500 x X Cash 1500 (To record the sales revenue) x Dec. 23 v Accounts Payable 8500 x X Cash 8330X X Dec. 23 v Accounts Payable 8500 Cash 8330 (To record cost of goods sold) x Dec. 27 v Cash 11931 x X Accounts Receivable 12300 X X X v X