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 acc $15,600, terms 2/10, n/30. The cost of the merchandise sold was 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. Journalize the December transactions. (Assume a perpetual inventory system.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 7 7 Cash Accounts Receivable Dec. 12 Inventory Accounts Payable Dec. 17 Accounts Receivable Sales Revenue (To record sales) Dec. 17 Cost of Goods Sold Inventory (To record cost of goods sold) Dec. 19 Salaries and Wages Expense Cash Dec. 22 v Accounts Payable Cash Dec. 26 Dec. 31 v Cash Accounts Receivable