Income Statement December 31, 2017 On December 1, 2017, Prosen Distributing Company had the following account balances. Debit Cash Accounts Receivable $7,500 5,500 11,800 Inventory Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Credit $2,420 4,500 1,100 30,000 12.380 $50,400 1,400 24,200 $50,400 During December, the company completed the following summary transactions. Dec. 6 8 10 Paid $1,700 for salaries and wages due employees, of which $600 is for December and $1,100 is for November salaries and wages payable. Received $1,800 cash from customers in payment of account (no discount allowed). Sold merchandise for cash $6,400. The cost of the merchandise sold was $3,800. Purchased merchandise on account from Maglio Co. $8.700, terms 2/10, 1/30. Purchased supplies for cash $1,800. Sold merchandise on account $12,400, terms 3/10,n/30. The cost of the merchandise sold was $8,000. Paid salaries and wages $1.200 13 15 18 20 -11 1,100 Inventory Supplies Equipment 11,800 1,400 24,200 $50,400 Salaries and Wages Payable Common Stock Retained Earnings 30.000 12,380 $50,400 During December, the company completed the following summary transactions. Dec. 6 8 10 13 15 Paid $1,700 for salaries and wages due employees, of which $600 is for December and $1,100 is for November salaries and wages payable Received $1,800 cash from customers in payment of account (no discount allowed). Sold merchandise for cash $6,400. The cost of the merchandise sold was $3,800. Purchased merchandise on account from Maglio Co. $8.700, terms 2/10, 1/30. Purchased supplies for cash $1,800. Sold merchandise on account $12,400, terms 3/10,n/30. The cost of the merchandise sold was $8,000, Paid salaries and wages $1,700. Paid Maglio Co. in full less discount. Received collections in full less discounts, from customers billed on December 18. 18 20 23 27 Question 1 of 1 - / 1 Adjustment data: 1. 2 3. Accrued salaries and wages payable $500. Depreciation $220 per month. Supplies on hand $1,500. Journalize adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Debit Credit Dec 31 500 Account Titles and Explanation Salaries and Wages Expense Salaries and Wages Payable Depreciation Expense 500 Dec. 31 220 Accumulated Depreciation Equipment 220 Dec 31 2 Supplies Expense 1700 Supplies 1700 FO@G