an office supplies specialty store, prepares its master budget on a quarterly basis. The ollowing data have been assembled to assist in preparing the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings Debits $ 48,000 206,400 58,950 358,000 Credits $ 87,525 500,000 83,825 $ 671,350 $ 671,350