Comprehensive On November 30, 2013, Davis Company had the following account balances: Debit Credit Debit Credit Cash $ 3,090 Common Stock, No-par (2,000 shares) $20,000 Accounts Receivable 9,900 Retained Earnings (1/1/2013) 42,400 Allowance for Doubtful Dividends $ 2,000 Accounts $ 100 Inventory 17,750 Sales Revenue 76,000 Supplies 1,400 Sales Returns 6,300 Land 9,000 Cost of Goods Sold 36,860 Buildings and Equipment 42,000 Salaries Expense 12,500 Accumulated Depreciation 4,200 Advertising Expense 8,100 Accounts Payable 10,700 Other Expenses 4,500 During the month of December, Davis entered into the following transactions: Date Dec. 4 7 11 14 18 20 21 27 28 131 Transaction Made cash sales of $3,000; the cost of the inventory sold was $1,800. Purchased $2,400 of inventory on credit. Customer returned $600 (retail price) of inventory for credit to its account; the cost of the inventory returned was $360. Collected $900 of accounts receivable. Sold land for $7,800; the land originally cost $5,000. Made credit sales of $4,000; the cost of the inventory sold was $2,400. Returned $360 of defective inventory to supplier for credit to the Davis Company's account and reduced the inventory account. Purchased $1,250 of inventory for cash. Paid $1,100 of accounts payable. Purchased land at a cost of $6,000; made a $1,000 down payment and signed a 12%, 2-year note for the balance.