On December 1, 2020, Sheridan Company had the following account balances. Debit Credit Cash $7,500 $2,530 Accumulated Depreciation-Equipment Accounts Payable Accounts Receivable 4.700 4,700 Inventory 11,800 Salaries and Wages Payable 1,200 Supplies 1,500 Common Stock 30,000 Equipment 25,300 Retained Earnings 12,370 $50,800 $50,800 During December, the company completed the following summary transactions. Dec. 6 Paid $2,050 for salaries and wages due employees, of which $850 is for December and $1,200 is for November salaries and wages payable. 8 Received $1,800 cash from customers in payment of account (no discount allowed). 10 13 Sold merchandise for cash $6,700. The cost of the merchandise sold was $3,800. Purchased merchandise on account from Maglio Co. $8,900, terms 2/10, n/30. Purchased supplies for cash $1,800. 15 18 Sold merchandise on account $12,700, terms 3/10,n/30. The cost of the merchandise sold was $8,200. Paid salaries and wages $1,600. 20 23 Paid Maglio Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Sheridan Company Adjusted Trial Balance December 31, 2020 Debit Credit Cash $ 7500 $ Accounts Receivable 4700 Inventory 11800 Supplies 1500 Equipment 25300 Accumulated Depreciation-Equipment 2530 Accounts Payable 4700 Common Stock 30000 Retained Earnings 12370 Salaries and Wages Payable um Cost of Goods Sold Sales Revenue Purchase Discounts Supplies Expense Salaries and Wages Expense Depreciation Expense Totals $ $