Accounting Cycle Review 6 a-s, d1-d2, e-f (Part Level Submission) On December 1, 2020, Matthias Company had the account balances shown below. Debit Credit Cash $4,800 Accumulated Depreciation Equipment $1,500 Accounts Receivabla 1,200 Accounts Payable 3,000 Inventory 1,680 Common Stock 19,700 Equipment 21,800 Retained Earnings 8,280 $32,480 $32,480 +(2,800 x $0.60) The following transactions occurred during December Dec. 3 Purchased 4,000 units of inventory an account at a cost of $0.67 per unit. 5 Sold 4,100 units of inventory an account for $0.90 per unit (Matthias sald 2,900 of the $0.60 units and 1,300 of the $0.67.) 7 Granted the December 5 customer $270 credit for 300 units of inventory returned casting $180. These units were returned to inventory. 17 Purchased 2,100 units of Inventory for cash at $0.80 each. 22 Sold 2,300 units of Inventory an account for $0.95 per unit (Matthias sold 2,300 of the $0.57 units.) Adjustment data: 1. Accrued salaries payable $380. 2. Depreciation $190 per month. Your answer is correct. Journalize the December transactions, assuming Matthias uses the perpetual inventary method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the , account ttles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 3 Inventory 2680 Accounts Payable 2680 Dec. 5 Accounts Receivable 3690 3690 Sales Revenue (To record sales revenue) Cost of Goods Sold 2551 2551 Inventory (To record cost of goods sold) Dec. 7 Sales Returns and Allowances 270 270 Accounts Receivable (To record sales return) Inventory 180 Cost of Goods Sold 180 (c) Prepare an adjusted trial balance as of December 31, 2020. Collapse question part COMPANY Adjusted Trial Balance December 31, 2020 Debit Credit Cash $ $ Accounts Receivable Inventory Equipment Accumulated Depreciation Equipme Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Depreciation Expense $ Attempts: 0 of 1 used