Accounting Cycle Review 6 a-f On December 1, 2020, Bonita Company had the account balances shown below. Debit Cash $5,300 Accumulated Depreciation-Equipment Accounts Receivable 4,000 Accounts Payable Inventory 2,760 Owner's Capital Equipment 23,000 $35,060 Credit $1,300 3,600 30,160 $35,060 *(4,600 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 4,800 units of inventory on account at a cost of $0.74 per unit. 5 Sold 5,300 units of inventory on account for $0.90 per unit. (Bonita sold 4,600 of the $0.60 units and 700 of the $0.74.) 7 Granted the December 5 customer $150 credit for 200 units of inventory returned costing $100. These units were returned to inventory 17 Purchased 2,300 units of inventory for cash at $0.80 each. 22 Sold 3,600 units of inventory on account for $0.9 per unit. (Bonita sold 3,600 of the $0.74 units.) Adjustment data: 1. Accrued salaries payable $400. 2. Depreciation $400 per month. CALCULATOR PRINTER Your answer is correct. Journalize the December transactions and adjusting entries, assuming Bonita uses the perpetual inventory method. (Credit account tities are automatically indented when am Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Dec. 3 Inventory Accounts Payable Dec. 5 Accounts Receivable Debit Credit 3552 4770 3552