Comprehensive Accounting Cycle Review 5-1 (Part Level Submission) On December 1, 2017, Devine Distributing Company had the following account balances. Debit Cash Accounts Receivable Inventory Supplies Equipment Credit $2,250 4,500 1,000 15,100 25,350 $48,200 $7,400 Accumulated Depreciation-Equipment 5,600 Accounts Payable 11,500 Salaries and Wages Payable 1,200 Common Stock 22,500 Retained Earnings $48,200 During December, the company completed the following summary transactions Dec. 6 Paid $1,900 for salaries due employees, of which $900 is for December and $1,000 is for November salaries payable 8 Received $1,800 cash from customers in payment of account (no discount allowed) 10 Sold merchandise for cash $6,500. The cost of te merchandise sold was $4,200 13 Purchased merchandise on account from Hecht Co. $9,200, terms 2/10, n/30 15 Purchased supplies for cash $1,700 18 Sold merchandise on account $12,600, terms 3/10, n/30. The cost of the merchandise sold was $8,200 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 (a) Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 6