ACCOUNTING

Accounting Cycle Review 5 a-e3 (Part Level Submission] On December 1, 202 0, Blossom Distributing Companyr had the following account balances. Debit Credit Cash $7,000 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 $46300 $45,300 During December, the company completed the following summary 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. The cost of the merchandise sold was $3,800. 13 Purchased merchandise on account from Boehm Co. $8,500, terms 2110, n130. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,300, terms 3,!10, nl30. The cost of the merchandise sold was $8,000. 20 Paid salaries and wages $1,500. 23 Paid Boehm Co. in full, less discount. 2? Received collections in full, less discounts, from customers billed on December 18. (b) Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entries presented above. If the balance is zero (0), select date from drop down and enter 0 for the amount in the column for the normal balance for that account.) Cash v v Accounts Receivable v\fAccounts Payable Salaries and Wages Payable v Owner's Capital V Sales Revenue Sales Discounts