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On December 1, 2022, Oriole Distributing Company had the following account balances. Debit Credit Cash $6,600 Accumulated Depreciation-Equipment $2,200 3,900 Accounts Receivable Inventory Supplies 4,000
On December 1, 2022, Oriole Distributing Company had the following account balances. Debit Credit Cash $6,600 Accumulated Depreciation-Equipment $2,200 3,900 Accounts Receivable Inventory Supplies 4,000 11,400 Accounts Payable Salaries and Wages Payable Common Stock 1,200 22,000 1,000 15,000 23,100 Equipment Retained Earnings $45,200 $45,200 During December, the company completed the following summary transactions. Dec. 6 8 10 13 15 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable Received $1,900 cash from customers in payment of account (no discount allowed). Sold merchandise for cash $5,700. The cost of the merchandise sold was $3,800. Purchased merchandise on account from Hecht Co.$6,800, terms 2/10, 1/30. Purchased supplies for cash $2,000. Sold merchandise on account $10,200, terms 3/10,n/30. The cost of the merchandise sold was $6,700. Paid salaries $1,400. Paid Hecht Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18. 18 20 23 27 (b) 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 12/6 12/20 Accounts Receivable v v Inventory c Supplies Supplies v V Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Retained Earnings Sales Revenue Sales Discounts Cost of Goods Sold Salaries and Wages Expense
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