Comprehensive Problem 5 On December 1, 2017, Prosen Distributing Company had the following account balances Debit Credit Cash Accounts Receivable Inventory Supplies Equipment $2,310 4,900 1,100 30,000 10,490 $48,800 $7,500 Accumulated Depreciation-Equipment 5,000 Accounts Payable 11,900 Salaries and Wages Payable 1,300 Common Stock 23,100 Retained Earnings $48,800 During December, the company completed the following summary transactions Dec. 6 8 10 13 15 18 20 23 27 Paid $2,000 for salaries and wages due employees, of which $900 is for December and $1,100 is for November salaries and wages payable Received $1,900 cash from customers in payment of account (no discount allowed) Sold merchandise for cash $6,300. The cost of the merchandise sold was $4,000 Purchased merchandise on account from Maglio Co. $8,900, terms 2/10, n/30 Purchased supplies for cash $1,700 Sold merchandise on account $12,400, terms 3/10, n/30. The cost of the merchandise sold was $8,000 Paid salaries and wages $1,600 Paid Maglio Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18