Accounting Cycle Review 5 a-e3 (Part Level Submission) On December 1, 2020, Blossom Distributing Company had the following account balances. Debit Credit Cash Accounts Receivable Inventory Supplies Equipment $7,000 Accumulated Depreciation-Equipment 4,600 Accounts Payable 11,500 Salaries and Wages Payable 1,200 Owner's Capital 22,000 $2,200 4,500 1,000 38,600 $46,300 $46,300 During December, the company completed the following summary transactions. Dec. 6 8 10 13 15 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. Received $1,800 cash from customers in payment of account (no discount allowed). Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,800. Purchased merchandise on account from Boehm Co. $8,500, terms 2/10, n/30. Purchased supplies for cash $1,600. Sold merchandise on account $12,300, terms 3/10, n/30. The cost of the merchandise sold was $8,000. Paid salaries and wages $1,500. Paid Boehm Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18. 18 20 23 27 Dec. 13 Purchases 8500 IX Accounts Payable 8500 (To record cost of goods sold) x Dec. 15 Purchases 1600 x x Cash 1600 X Dec. 18 Accounts Receivable 12300 x x! Sales Revenue 12300 Dec. 20 Salaries and Wages Expense 1500 x Cash 1500 (To record the sales revenue) X Accounts Payable Dec. 23 8500 x Cash 8330 Dec. 23 Accounts Payable 8500 X X Cash 8330 (To record cost of goods sold) Dec. 27 || Cash 11931 X Accounts Receivable 12300 X x X X