On December 1, 2020, Monty Corp. had the following account balances. Debit Credit $18,900 Accumulated Depreciation-Equipment $3,000 6,100 52,500 13,500 $75,100 Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment 2,500 Accounts Payable 7,000 Common Stock 16,800 Retained Earnings 1,600 28,300 $75,100 During December, the company completed the following transaction:s Dec. 7 Received $3,700 cash from customers in payment of account (no discount allowed) 12 Purchased merchandise on account from Vance Co. $11,900, terms 1/10, n/30 17 Sold merchandise on account $16,400, terms 2/10, n/30. The cost of the merchandise sold was $9,100 19 Paid salaries $2,300 22 Paid Vance Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17 31 Received $2,800 cash from customers in payment of account (no discount allowed) Adjustment data 1. Depreciation $200 per month 2. Insurance expired $410 Your answer is partially correct. Try again Post the adjusting entries to the ledger T-accounts. (Post entries in the order of journal entries presented in the previous part.) Cash 18,900 12/19 3,700 12/22 16,072 231 12/1 Bal 12/7 12/26 12/31 12/31 2,300 11,781 50 2,800 Notes Receivable 2,500 2/31 12/1 Bal 50 650 Accounts Receivable 7,000 12/7 16,400 12/26 12/1 Bal 3,700 16,400 2,800 12/31 12/31 Inventory 16,800 12/17 11,900 12/22 9,100 119 12/1 Bal 12/12 Prepaid Insurance 1,600T12/31 12/1 Bal Equipment 28,300 12/1 Bal Accumulated Depreciation-Equipment 12/1 Bal 3,000 12/31 Accounts Payable 11,90012/1 Bal 12/12 6,100 12/22 11,900 Common Stock 12/1 Bal 52,500 Retained Earnings 12/1 Bal 13,500 Sales Revenue 16,400