On December 1, 2022, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,900 $2,200 Accumulated Depreciation-Equipment Accounts Payable Accounts Receivable 5,300 5,200 Inventory 12,700 Salaries and Wages Payable 1.000 Supplies 1,200 Common Stock 15,000 Equipment 22,000 Retained Earnings 25,700 $49,100 $49,100 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. Received $1,900 cash from customers in payment of account (no discount allowed). 00 10 Sold merchandise for cash $7,000. The cost of the merchandise sold was $5,100. 13 Purchased merchandise on account from Hecht Co. $9,400, terms 2/10,n/30. 15 18 Purchased supplies for cash $2,000. Sold merchandise on account $14,100, terms 3/10,n/30. The cost of the merchandise sold was $9,300. Paid salaries $2,700. 20 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18. Adjustment data: 1. Accrued salaries payable $700. 2. Depreciation $200 per month. Supplies on hand $1,500. 3. 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. Notes Payable 700 Salaries and Wages Payable 700 2. 3. OOOOO . 4. Post the above adjusting entries. (Post entries in the order of journal entries presented above.) Cash 12/1 Bal. 7,900 12/6 1,600 12/8 1,900 | 12/15 2,000 12/10 7,000 12/20 2,700 12/27 13,677 12/23 9,212 12/31 Bal. 14,965 Accounts Receivable 12/1 Bal. 5,300 12/8 1,900 12/18 14,100 | 12/27 14,100 12/31 Bal. 3,400 Inventory 12/1 Bal. 12,700 12/10 5,100 12/13 9,400 | 12/18 9,300 12/23 188 12/31 Bal. 7,512 Supplies 12/1 Bal. 1,200 12/15 2,000 Equipment 12/1 Bal. 22.000 12/31 Bal. 22.000 Accumulated Depreciation-Equipment 12/1 Bal. 2,200 10 Accounts Payable 12/23 9,400 12/1 Bal. 5,200 12/13 9,400 12/31 Bal. 5,200 Salaries and Wages Payable 12/6 1,000 12/1 Bal. 1,000 Common Stock 12/1 Bal. 15,000 12/31 Bal. 15,000 Retained Earnings 12/1 Bal. 25,700 12/31 Bal. 25,700 Sales Revenue 12/10 7,000 12/18 14,100 12/31 Bal. 21,100 Sales Discounts 12/27 423 12/31 Bal. 423 Cost of Goods Sold 12/10 5.100 12/18 9,300 12/31 Bal. 14,400 Salaries and Wages Expense 12/6 600 12/20 2,700 DE Income Taxes Payable Income Taxes Payable Depreciation Expense DO Supplies Expense Income Tax Expense