For this exam, omit all general journal entry explanations. Ensure to include correct dollar signs, underlines & double underlines. Question 1: 40% points: On December 1, 2014, Flip Distributing Company had the following account balances. No additional owner investments or withdrawals were made during 2014. Account Debit Account Credit Cash $7,200 Accu. Depn., Equipment $2,200 Accounts Receivable 4,600 Accounts Payable 4,500 Inventory 12,000 Salaries & Wages Payable 1,000 Supplies 1,200 Owner's Capital 39,300 Equipment 22,000 Total $47,000 Total $47,000 During December, the company completed the following transactions. All end-of-the month adjusting entries were made on November 30, 2014. Dec. 6 Paid $1,600 for salaries and wages due employees, of which $600 is for December and $1,000 is for November salaries and wages payable. Dec. 8 Received $1,900 cash from customers in payment of account (no discount allowed). Dec. 10 Sold merchandise for cash $6,300. The cost of the merchandise sold was $4,100. Dec. 13 Purchased merchandise on account from Flim Co. $9,000, terms 2/10, n/30. Dec. 15 Purchased supplies for cash $2,000. Dec. 18 Sold merchandise on account $12,000, terms 3/10, n/30. The cost of the merchandise sold was $8,000. Dec. 20 Paid salaries and wages $1,800. Dec. 23 Paid Flim Co. in full, less discount. Dec. 27 Received collections in full, less discounts, from customers billed on December 18. December adjusting entry data: 1. Accrued salaries and wages payable $800. 2. Depreciation $200 per month. 3. Supplies on hand $1,500. Instructions: a. Prepare in journal form, without explanations, the December transactions using a perpetual inventory system. b. Prepare in journal form, without explanations, the December adjusting entries. c. Prepare a December adjusted trial balance. d. Prepare a classified balance sheet for year ending December 31, 2014. e. Prepare in journal form, without explanation, the closing entries for the year ended December 31, 2014