Journalize the December transactions. (Assume a perpetual inventory system.) (Credit account titles are automatically inder Date Account Titles and Explanation Debit Credit Dec, 2 cash 3600 Comprehensive Accounting Cycle Review 7 a-f, 91-92 (Part Level Submission) On December 1, 2020, Pharoah Company had the following account balances. Debit Credit Cash $18.500 Accumulated Depreciation-Equipment $3.100 Notes Receivable 2,100 Accounts Payable 6.100 Accounts Receivable 7,700 Common Stock 50,500 Inventory 15,100 Retained Earnings 14,100 Prepaid Insurance 1.600 $73.800 Equipment 28.800 573,800 Accounts Receivable 3600 Dec 12 Inventory 11700 Accounts Payable 11700 Dec. 17 Accounts Receivable 15700 Sales Revenue 15700 (To record sales) 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. $11.700. terms 1/10. n/30. 17 Sold merchandise on account $15.700, terms 2/10, 1/30. The cost of the merchandise sold was $9.500. 19 Paid salaries $2,200. 22 Paid Vance Co. in full, loss discount. 26 Received collections in full, less discounts, from customers billed on December 17 31 Received $2,700 cash from customers in payment of account (no discount allowed). Dec 17 cost of Goods Sold 9500 Inventory 9500 (To record cost of goods sold Adjustment data: Dec. 19 7 Salaries and Wages Expense 2200 1. Depreciation $210 per month. 2. Insurance expired $400 Cash 2200 Dec. 22 Accounts Payable 11700 Enter the December balances in the ledger accounts and post the December transactions. (Post entries in the order of journal entries presented in the previous part.) Inventory 117 Cash - Cash 11583 3600 12/19 2200 TDec, 26 Cash 15386 153 12/20 12/31 27001 Sales Discounts 314 Accounts Receivable 15700 Notes Receivable Dec. 31 Cash 2700 Accounts Receivable Accounts Receivable 2700 12/12 15700 12/7 15700 2700 12/31 Trwertory 12/12 11700 12/17 9500 y 113 Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable 11700 12/12 12/23 11700 7 Common Stock Retained Earnings Sales Revenue 15700 12/17 Sites Discounts 314 Cost of Goods Sold 195001 Salaries and Wages Expense 2200 12/17 12:19