On December 1, 2022, Pharoah Distributing Company had the following account balances. Debit Credit Cash $6,700 $2,200 Accumulated Depreciation-Equipment Accounts Payable Accounts Receivable 4,100 4.000 Inventory 11,500 1,000 Salaries and Wages Payable Common Stock Supplies 1,200 15,000 Equipment 22,000 Retained Earnings 23,300 $45,500 $45,500 During December, the company completed the following summary transactions. Dec. 6 8 10 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 $5,800. The cost of the merchandise sold was $3,900. Purchased merchandise on account from Hecht Co. $7,000, terms 2/10,n/30. Purchased supplies for cash $2,000. Sold merchandise on account $10,500, terms 3/10,n/30. The cost of the merchandise sold was $6,900. 13 15 18 20 23 Paid salaries $1,500. Paid Hecht Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18. 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