COMPREHENSIVE ACCOUNTING CYCLE REV ACRS-1 On December 1, 2017, Devine Distributing Company had the following account balances. Debit Credit s 7,200 Accumulated Depreciation- Accounts Receivable Inventory Supplies Equipment 4,600 12,000 1,200 Equipment Accounts Payable Salaries and Wages Payable S 2,200 4,500 1,000 15,000 24,300 $47,000 22,000 Common Stock $47,000 Retained Earnings During December, the company completed the following summary transactions. 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 discournt allowed) 10 Sold merchandise for cash $6,300. The cost of the merchandise sold was $4,100. 13 Purchased merchandise on account from Hecht Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $2,000. Sold merchadise on account $12,000,terms 3/10, n/30. The cost of the mers 18 chandise sold was $8,000. 20 Paid salaries $1,800 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Adjustment data: 1. Accrued salaries payable $800. 2. Depreciation $200 per month. 3. Supplies on hand $1,500. 4. Income tax due and unpaid at December 31 is $200. Instructions (a) Journalize the December transactions using a perpetual inventory system. (b) Enter the December 1 balances in the ledger T-accounts and post the December trans- actions. Use Cost of Goods Sold, Depreciation Expense, Salaries and Wages Expense, Sales Revenue, Sales Discounts, Supplies Expense, Income Tax Expense, and Income Taxes Payable (c) Journalize and post adjusting entries. (d) Prepare an adjusted trial balance. (e) Prepare an income statement and a retained earnings statement for December and a (d) Tota (e) Net classified balance sheet at December 31. ACRS-2 On November 1,2017, IKonk, Inc. had the following account balances. The com- pany uses the perpetual inventory method