On December 1, 2020, Lily Company had the account balances shown below.

		Debit				Credit
Cash		$5,000		Accumulated DepreciationEquipment		$1,100
Accounts Receivable		3,200		Accounts Payable		3,200
Inventory		2,700*		Owners Capital		28,600
Equipment		22,000
		$32,900				$32,900

*(4,500 x $0.60) The following transactions occurred during December:

Dec. 3		Purchased 4,400 units of inventory on account at a cost of $0.70 per unit.
5		Sold 4,900 units of inventory on account for $0.86 per unit. (Lily sold 4,500 of the $0.60 units and 400 of the $0.70.)
7		Granted the December 5 customer $198 credit for 200 units of inventory returned costing $132. These units were returned to inventory.
17		Purchased 2,100 units of inventory for cash at $0.76 each.
22		Sold 3,500 units of inventory on account for $0.91 per unit. (Lily sold 3,500 of the $0.70 units.)

Adjustment data:

1.		Accrued salaries payable $700.
2.		Depreciation $240 per month.

Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entries presented above.)