On December 1, 2020, Lily Company had the following account balances. Debit Credit Cash $17,700 Accumulated Depreciation-Equipment $3,000 Notes Receivable 2,000 Accounts Payable 6,200 Accounts Receivable 7,400 Owner's Capital 64,400 Inventory 16,600 $73,600 Prepaid Insurance 1,600 Equipment 28,300 $73,600 Dec. 7 12 17 During December, the company completed the following transactions. Received $3,700 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Vance Co. $12,000, terms 1/10, n/30. Sold merchandise on account $15,700, terms 2/10, n/30. The cost of the merchandise sold was $9,200. 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. MacBook Air esc * F2 80 F3 ds G A 4 F6 F7 FB D F10 Post the entries to the ledger T-accounts. (Post entries in the order of journal entries presented in the previous part.) Cash 12/1 Bal. 17,700 12/19 2,200 12/7 3,700 12/22 11,880 12/26 15,386 12/31 2,600 12/1 Bal. Notes Receivable 2,000 Accounts Receivable 12/1 Bal. 7,400 12/7 3,700 12/17 15,700 12/26 15,700 MacBook Air