On December 1, 2022, Crane Distributing Company had the following account balances. Debit Credit Cash $6,300 Accumulated Depreciation-Equipment $2,200 Accounts Receivable 3,700 Accounts Payable 3,600 Inventory 11,100 Salaries and Wages Payable 1,000 Supplies 15,000 1,200 22,000 $44,300 Common Stock Retained Earnings Equipment 22,500 $44,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. 8 Received $1.900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $5,400. The cost of the merchandise sold was $3,500. 13 Purchased merchandise on account from Hecht Co. $6,200, terms 2/10, 1/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $9,300, terms 3/10,n/30. The cost of the merchandise sold was $6,100. 20 Paid salaries $1,100. 23 Paid Hecht Co. in full, less discount 27 Received collections in full, less discounts, from customers billed on December 18. Your Answer Correct Answer - Your answer is partially correct. Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit | Dec.6 Salaries and Wages Expense - 600 Salaries and Wages Payable 1000 - Your answer is partially correct. Adjustment data: 1. Accrued salaries payable $600. 2. Depreciation $200 per month. 3. Supplies on hand $1,500. 4. Income tax due and unpaid at December 31 is $100. Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Salaries and Wages Expense 600 Salaries and Wages Payable 600 Depreciation Expense Accumulated Depreciation Equipment 200 Supplies Expense 1500 Supplies 1500 Income Tax Expense 100 Income Taxes Payable 100 Post the above adjusting entries. (Post entries in the order of journal entries presented above.) 12/1 Bal. 12/8 12/10 12/27 12/31 Bal. Cash 6,300 12/6 1.900 12/15 5,400 12/20 9,02112/23 11,845 1,600 2,000 1,100 6,076 12/1 Bal. 12/18 Accounts Receivable 3,700 12/8 9,300 12/27 1,800 1.900 9,300 12/31 Bal. Inventory 12/1 Bal. 12/13 11,100 12/10 6,200 12/18 12/23 7,576 3,500 6,100 124 12/31 Bal. Supplies 12/1 Bal. 1.200 1,200 12/1 Bal. 12/18 12/31 Bal. Accounts Receivable 3,700 12/8 9,300 12/27 1,900 9.300 1,800 Inventory 12/1 Bal. 12/13 3.500 11,100 12/10 6,200 12/18 12/23 7,576 6,100 124 12/31 Bal. Supplies 12/1 Bal. 1.200 12/15 2.000 12/31 Bal. 3200 Equipment 22,000 12/1 Bal. 12/31 Bal. 22.000 Accumulated Depreciation-Equipment 12/1 Bal. 2,200 || 12/31 Bal. 2200 Accounts Payable 12/23 6,200 12/1 Bal. 12/13 12/31 Bal. 3,600 6,200 3.600 Salaries and Wages Payable 1.000 12/1 Bal. 12/6 1,000 12/31 Bal. 2011 Common Stock 12/1 Bal. 12/31 Bal. 15.000 15,000 Retained Earnings 12/1 Bal. 12/31 Bal. 22.500 22.500 Sales Revenue 12/10 12/18 12/31 Bal. 5.400 9.300 14,700 Salee Dieunte Sales Revenue 12/10 12/18 12/31 Bal. 5,400 9,300 14,700 Sales Discounts 279 12/27 12/31 Bal. 279 12/10 12/18 12/31 Bal. Cost of Goods Sold 3,500 6,1001 9,600 Salaries and Wages Expense 12/6 600 12/20 1,100 12/31 Bal. 1700 Income Taxes Payable 12/31 Bal. 100 100 Depreciation Expense 12/1 Bal. 200 12/31 Bal. 200 Supplies Expense 12/1 Bal. 1500 12/31 Bal. 1500 Income Tax Expense 12/1 Bal. 100 12/31 Bal. 100 e Textbook and Media List of Accounts Save for Later