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Journalize the December transactions using a perpetual inventory system. On December 1, 2017, Devine Distributing Company had the following account balances. Debit Credit Cash $7,000

Journalize the December transactions using a perpetual inventory system.

On December 1, 2017, Devine Distributing Company had the following account balances.

Debit Credit

Cash $7,000 Accumulated DepreciationEquipment $2,200

Accounts Receivable 5,000 Accounts Payable 4,700

Inventory 12,400 Salaries and Wages Payable 1,000

Supplies 1,300 Common Stock 15,400

Equipment 22,000 Retained Earnings 24,400

$47,700 47,700

During December, the company completed the following summary transactions.

Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable.

8 Received $1,800 cash from customers in payment of account (no discount allowed).

10 Sold merchandise for cash $6,900. The cost of the merchandise sold was $3,900.

13 Purchased merchandise on account from Hecht Co. $8,700, terms 2/10, n/30.

15 Purchased supplies for cash $1,800.

18 Sold merchandise on account $12,400, terms 3/10, n/30. The cost of the merchandise sold was $8,000.

20 Paid salaries $1,700.

23 Paid Hecht Co. in full, less discount.

27 Received collections in full, less discounts, from customers billed on December 18.

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