Comprehensive Problem 8 On December 1, 2017, Fullerton Company had the following account balances. Debit Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Credit $17,800 Accumulated Depreciation-Equipment $2,900 6,100 64,500 $73,500 2,000 Accounts Payable 7,400 Owner's Capital 17,000 1,700 27,600 $73,500 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. $12,400, terms 1/10, n/30. 17 Sold merchandise on account $15,000, terms 2/10, n/30. The cost of the merchandise sold was $9,s0. 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 $2,600 cash from customers in payment of account (no discount allowed). Adjustment data: 1. Depreciation $200 per month. 2. Insurance expired $400 ournalize the December transactions. (Assume a perpetual inventory system.) (Credit account titles are automa Date Account Titles and Explanation Debit Credit