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On December 1, 2022 Sheridan Company had the following account balances. Debits Credits Cash $18,900 Accumulated Depreciation-Equipment $3,320 Notes Receivable 2,180 Accounts Payable 6,210 Accounts

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed On December 1, 2022 Sheridan Company had the following account balances. Debits Credits Cash $18,900 Accumulated Depreciation-Equipment $3,320 Notes Receivable 2,180 Accounts Payable 6,210 Accounts Receivable 7,680 Common Stock 47,600 Inventory 15,700 Retained Earnings 21,120 Prepaid Insurance 1,790 Equipment 32,000 $78,250 $78,250 During December, the company completed the following transactions. During December, the company completed the following transactions. Dec. 7 Received $3,800 cash from customers in payment of account (no discount allowed). 12 17 Purchased merchandise on account from Green Co. $11,800, terms 1/10, n/30. Sold merchandise on account $16,300, terms 2/10, n/30. The cost of the merchandise sold was $10.500. 19 Paid salaries $1,770, 22 Paid Green Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17. 31 Received $2,780 cash from customers in payment of account (no discount allowed). 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 Notes Receivable Account Decaluable Accounts Receivable Inventory Prepaid Insurance Equipment Equipment Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings Retained Earnings Sales Revenue Sales Discounts Cost of Goods Sold Salaries and Wages Expense

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