\begin{tabular}{|c|c|c|c|} \hline Cash & $5,250 & Accumulated Depreciation-Equipment & $1,370 \\ \hline Accounts Receivable & 3,860 & Accounts Payable & 2,760 \\ \hline Inventory & 1,620 & Common Stock & 10,000 \\ \hline \multirow[t]{2}{*}{ Equipment } & 20,400 & Retained Earnings & 17,000 \\ \hline & $31,130 & & $31,130 \\ \hline \end{tabular} Date Account Titles and Explanation Debit Credit Dec. 3 Inventory Accounts Payable Dec. 5 Accounts Receivable Sales Revenue (To record sales revenue.) Cost of Goods Sold Inventory (To record cost of goods sold.) Dec. 7 Accounts Receivable Sales Returns and Allowances (To record sales return.) Inventory Cost of Goods Sold Dec. 17 v Inventory Cash Dec. 22 v Sales Revenue (To record sales revenue.) Cost of Goods Sold Inventory (To record cost of goods sold.) Dec. 31 Accounts Receivable Cost of Goods Sold Inventory (To record cost of goods sold.) Salaries and Wages Expense Salaries and Wages Payable 77 77 1,470 1,470 1,584 1,584 1,584 \begin{tabular}{|} \hline 1,584 \\ \hline \\ \hline \end{tabular} \begin{tabular}{|r|} \hline \\ \hline 1,584 \\ \hline \end{tabular} 1,584 420 420 Depreciation Expense 180 Accumulated Depreciation-Equipment 180 (To record depreciation expense.) Income Tax Expense 190 Income Tax Payable 190 (To record income tax expense.) Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entries presented above.) Inventory Equipment Accumulated Depreciation-Equipment Salaries and Wages Payable Income Taxes Payable Common Stock Income Tax Expense