Larkspur Equipment Co. closes its books regularly on December 31, but at the end of 2020 it held its cash book open so that a more favorable balance sheet could be prepared for credit purposes. Cash receipts and disbursements for the first 10 days of January were recorded as December transactions. The information is given below.

1.		January cash receipts recorded in the December cash book totaled $52,300, of which $29,600 represents cash sales, and $22,700 represents collections on account for which cash discounts of $342 were given.
2.		January cash disbursements recorded in the December check register liquidated accounts payable of $23,112 on which discounts of $236 were taken.
3.		The ledger has not been closed for 2020.
4.		The amount shown as inventory was determined by physical count on December 31, 2020.

The company uses the periodic method of inventory.

Prepare any entries you consider necessary to correct Larkspur's accounts at December 31. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31 Accounts Receivable Sales Revenue Cash Sales Discounts Dec. 31 Cash Accounts Payable