On December 1, 2020, Concord Company had the account balances shown below. Debit Credit Cash $5,100 Accumulated Depreciation Equipment $1,300 Accounts Receivable 4,800 Accounts Payable 3,000 Inventory 2,580* Owner's Capital 31,180 Equipment 23,000 $35,480 $35,480 *(4,300 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,700 units of inventory on account for $0.94 per unit. (Concord sold 4,300 of the $0.60 units and 400 of the $0.78.) 7 Granted the December 5 customer $171 credit for 200 units of inventory returned costing $114. These units were returned to inventory. 17 Purchased 2,000 units of inventory for cash at $0.84 each. 22 Sold 3,300 units of inventory on account for $0.99 per unit. (Concord sold 3,300 of the $0.78 units.) Adjustment data: 1. Accrued salaries payable $500. 2. Depreciation $280 per month. Your answer is partially correct. Try again. Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entrie above.) Cash bec. 1 Bal. 35480 Dec. 17 Dec. 5 Accounts Receivable Dec. 5 Dec. 7 Dec. 22 Inventory Dec. 3 Dec. 5 Dec. 7 Dec. 17 Dec. 22 Equipment Dec. 31 Accounts Payable Dec 3 Accumulated Depreciation--Equipment Dec. 31 Salaries and Wages Payable Salaries and Wages Payable Owner's Capital Sales Revenue Salaries and Wages Expense Cost of Goods Sold II MI NUDIT Sales Returns & Allowances Depreciation Expense Your answer is partially correct. Try again. Prepare an adjusted trial balance as of December 31, 2020. Debit Credit TCash Accounts Receivable Inventory Equipment TAccumulated Depreciation-Equipment TAccounts Payable TSalaries and Wages Payable JONN DIONO DOTTO Towner's Capital Sales Revenue Cost of Goods Sold Sales Returns and Allowances Salaries and Wages Expense Depreciation Expense Totals Your answer is partially correct. Try again. Prepare an income statement for December 2020. x Your answer is incorrect. Try again. (e) Compute ending inventory and cost of goods sold under FIFO, assuming Concord Company uses the periodic inventory system. X Ending Inventory $ X Cost of Goods Sold (f) Compute ending inventory and cost of goods sold under LIFO, assuming Concord Company uses the periodic inventory system. X Ending Inventory Cost of Goods Sold Sales Revenues Less Sales Returns and Allowances Total Revenues TCost of Goods Sold Total Revenues $ Assets Current Assets Cash Accounts Receivable X Total Assets Total Liabilities and Accounts Payable Less Liabilities and Owner's Equity Current Liabilities TAccounts Payable Salaries and Wages Payable Total Liabilities Total Current Liabilit Your answer is incorrect. Try again. (e) Compute ending inventory and cost of goods sold under FIFO, assuming Concord Company uses the periodic inventory system Ending Inventory Cost of Goods Sold