Comprehensive Accounting Cycle Review 7 a-f, g1-g2 (Part Level Submission) On December 1, 2020, Swifty Corporation had the following account balances. Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Debit Credit $17,000 Accumulated Depreciation Equipment $3,100 2,100 Accounts Payable 6,100 7,400 Common Stock 53,500 16,100 Retained Earnings 10,500 1,600 $73,200 29,000 $73,200 During December, the company completed the following transactions. Dec. 7 Received $3,500 cash from customers in payment of account (no discount allowed). 12 Purchased merchandise on account from Vance Co. $12,000, terms 1/10, n/30. 17 Sold merchandise on account $15,600, terms 2/10, n/30. The cost of the merchandise sold was $9,700. 19 Paid salaries $2,300. 22 Paid Vance Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17. 31 Received $2,600 cash from customers in payment of account (no discount allowed). Adjustment data: 1. Depreciation $200 per month. 2. Insurance expired $410. Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entries presented in the previous part.) Cash V Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Discounts Cost of Goods Sold Salaries and Wages Expense