On December 1, 2017, Devine Distributing Company had the following account balances Debit Credit Cash Accounts Receivable Inventory Supplies Equipment $2,540 4,700 1,100 14,500 27,760 $50,600 $7,500Accumulated Depreciation-Equipment 4,900 Accounts Payable 11,600 Salaries and Wages Payable 1,200 Common Stock 25,400 Retained Earnings $50,600 During December, the company completed the following summary transactions. Dec. 6 Paid $1,700 for salaries due employees, of which $600 is for December and $1,100 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 $4,000 13 Purchased merchandise on account from Hecht Co. $8,800, terms 2/10, n/30. 15 Purchased supplies for cash $1,800 18 Sold merchandise on account $12,700, terms 3/10, n/30. The cost of the merchandise sold was $8,100. 20 Paid salaries $1,800. 23 Paid Hecht Co. in full, less discount. 27Received collections in full, less discounts, from customers billed on December 18