Comprehensive Problem 7 (Part Level Submission) On December 1, 2017, Fullerton Company had the following account balances Debit Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurancee Equipment Credit $17,800 Accumulated Depreciation-Equipment $2,900 6,200 52,400 11,000 $72,500 2,500 Accounts Payable 7,100 Common Stock 15,900 Retained Earnings 1,600 27,600 $72,500 During December, the company completed the following transactions. Dec. 7 Received $3,600 cash from customers in payment of account (no discount allowed) 12 Purchased merchandise on account from Vance Co. $12,900, terms 1/10, n/30 17 Sold merchandise on account $16,300, terms 2/10, n/30. The cost of the merchandise sold was $9,200 19 Paid salaries $2,100 22 Paid Vance Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17 31 Received $2,800 cash from customers in payment of account (no discount allowed) Adjustment data 1. Depreciation $200 per month 2. Insurance expired $400