On December 1, 2017, Fullerton Company had the following account balances. Debit Credit Cash $18,200 Accumulated DepreciationEquipment $3,000 Notes Receivable 2,200 Accounts Payable 6,100 Accounts Receivable 7,500 Owners Capital 64,400 Inventory 16,000 $73,500 Prepaid Insurance 1,600 Equipment 28,000 $73,500 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. $12,000, terms 1/10, n/30. 17 Sold merchandise on account $16,000, terms 2/10, n/30. The cost of the merchandise sold was $10,000. 19 Paid salaries $2,200. 22 Paid Vance Co. in full, less 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). Adjustment data: 1. Depreciation $200 per month. 2. Insurance expired $400.