Comprehensive Accounting Cycle Review 6 On December 1, 2017, Splish Brothers Inc. had the account balances shown below. Debits Cash Accounts Receivable Inventory (3,100 x $0.60) Equipment Credits $5,200 Accumulated Depreciation- Equipment $1.390 3,050 9,500 18,650 $32,590 3,830 Accounts Payable 1,860 Common Stock 21,700 Retained Earnings $32.590 The following transactions occurred during December Dec. 3 Purchased 4,100 units of inventory on account at a cost of $0.67 per unit. 5 Sold 4,500 units of inventory on account for so.90 per unit. (It sold 3,100 of the s0.60 units and 1.400 of the $0.67.) 7 Granted the December 5 customer $270 credit for 300 units of inventory returned costing $240. These units were returned to inventory. 17 Purchased 2,000 units of inventory for cash at $0.80 each. 22 Sold 1,900 units of inventory on account for $0.91 per unit. (It sold 1,900 of the $0.67 units.) Adjustment data: 1. Accrued salaries and wages payable $440. 2. Depreciation on equipment $180 per month. 3. Income tax expense was $190, to be paid next year