CALCULATOR PRINTER VERSION B. 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.) Cash . . . Accounts Receivable . Inventory + Comprehensive Accounting Cycle Review 5-01 On December 1, 2022, Sheridan Distributing Company had the following account balances. Cash Accounts Receivable Inventory Supplies Equipment Debit $7,900 Accumulated Depreciation-Equipment 5,300 Accounts Payable 12,700 Salaries and Wages Payable 1,200 Common Stock 22,000 Retained Earnings $49,100 Credit $2,200 5,200 1,000 15,000 25,700 $49,100 During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $7,000. The cost of the merchandise sold was $5,100. 13 Purchased merchandise on account from Hecht Co. $9,400, terms 2/10, n/30. Purchased supplies for cash $2,000. Sold merchandise on account $14,100, terms 3/10, n/30. The cost of the merchandise sold was $9,300. Paid salaries $2,700. 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. 15 18 20