Ace Retailers is a company which imports and sells small household appliances and uses the perpetual inventory method. The Ace Retailers inventory balance is shown below. 12,000 Inventory (600 appliances based on the following detail: 300 appliances from beginning inventory costing $18.00 each 300 appliances from a June 1 purchase costing $22.00 each) Dec. 1 Purchased additional equipment for $120,000. Paid $70,000 cash and signed a 5 year note payable for the balance. The principal and interest is payable on maturity of the note. Dec. 3 Dec. 11 Sold 50 appliances at $30 each on account, terms 2/10, net 30. Ace Retailers uses the FIFO method of inventory costing. The customer from Dec. 3 paid his account in full. Received a $3,000 cash deposit from a customer for an order of 100 appliances. The appliances will not be sold and delivered to the customer until February of next year. Paid $3,600 cash for the insurance for next year (coverage starts on January 1st of next year). Dec. 15 Dec. 29 Date each journal entry and leave a space between journal entries (no explanations). Date Account Name Debit Credit Dec. 1 Dec. 3 Dec. 11 Dec. 15 Dec. 29