On December 1, 2020, Sheridan Company had the account balances shown below. Debit Credit Cash $5,300 Accounts Receivable Accumulated Depreciation-Equipment Accounts Payable Owner's Capital $1,100 4,000 28,400 Inventory Equipment 3,200 3,000* 22,000 $33,500 $33,500 *(5,000 x $0.60) The following transactions occurred during December: Dec. 3 Purchased 4,800 units of inventory on account at a cost of $0.70 per unit. 5 Sold 5,300 units of inventory on account for $0.86 per unit. (Sheridan sold 5,000 of the $0.60 units and 300 of the $0.70.) 7 Granted the December 5 customer $153 credit for 200 units of inventory returned costing $102. These units were returned to inventory. 17 Purchased 2,400 units of inventory for cash at $0.76 each. 22 Sold 4,000 units of inventory on account for $0.91 per unit. (Sheridan sold 4,000 of the $0.70 units.) Adjustment data: 1. Accrued salaries payable $600. 2. Depreciation $280 per month. Journalize the December transactions and adjusting entries, assuming Sheridan uses the perpetual inventory method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 3 Inventory 3360 Accounts Payable 3360 Dec. 5 Accounts Receivable 4558 Sales Revenue 4558 (To record sales revenue.) Dec. 5 Cost of Goods Sold 3210 3210 Inventory (To record cost of goods sold.) Dec. 7 Sales Returns and Allowances 153 Accounts Receivable 153 (To record sales returns.) Dec. 7 Inventory 102 Cost of Goods Sold 102 (To record cost of sales returns.) Dec. 17 v Inventory 1824 Cash 1824 Dec. 22 v Accounts Receivable 3640 Sales Revenue 3640 (To record sales revenue.) Dec. 22 v Cost of Goods Sold 2800 Inventory 2800 (To record cost of goods sold.) Dec. 31 v Salaries and Wages Expense 600 Salaries and Wages Payable 600 (To record accrued expense.) Dec. 31 v Depreciation Expense 280 Accumulated Depreciation Equipment 280 (To record depreciation expense.) 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.) Cash Accounts Receivable