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On December 1, 2022, Wildhorse Distributing Company had the following account balances. Cash Accounts Receivable Inventory Supplies Equipment Debit $8.300 5,700 13,100 1,200 22.000 $50,300 Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Credit $2.200 5,600 1,000 15,000 26,500 $50.300 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 $7,400. The cost of the merchandise sold was $5,500. 13 Purchased merchandise on account from Hecht Co. $10,200, terms 2/10,n/30. Purchased supplies for cash $2,000. Sold merchandise on account $15,300, terms 3/10, n/30. The cost of the merchandise sold was $10,100. Paid salaries $3,100 Paid Hecht Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18. 15 18 20 23 27 (c) Your answer is partially correct. Adjustment data: 1. 2. Accrued salaries payable $600. Depreciation $200 per month Supplies on hand $1.500. Income tax due and unpaid at December 31 is $100. 3. 4. Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation 1. Salaries and Wages Expense 600 Salaries and Wages Payable 600 2. Depreciation Expense 200 Accumulated Depreciation Equipment 200 3. Supplies Expense 2700 Supplies 2700 4. 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 Cash 8,300 12/6 1,900 12/15 7,400 12/20 14,841 12/23 15,745 1.600 2,000 3.100 9.996 12/27 12/31 Bal. 12/1 Bal. 12/18 12/31 Bal. Accounts Receivable 5,700 12/8 15,300 12/27 3.800 1,900 15,300 12/1 Bal 12/13 Inventory 13.100 12/10 10,200 12/18 12/23 7,496 5.500 10.100 204 12/31 Bal. Supplies 1.200 12/31 12/1 Bal. 12/15 2,000 12/31 Bal 800 Depreciation Expense 12/1 Bal. 200 12/31 Bal 200 Supplies Expense 12/1 Bal. 2700 12/31 Bal. 2700 Income Tax Expense 12/1 Bal. 12/31 Bal. Equipment 22.000 22.000 Accumulated Depreciation Equipment 12/1 Bal. . 2.200 12/31 Bal. V 2200 12/23 Accounts Payable 10.200 12/1 Bal. 12/13 12/31 Bal. 5,600 10.200 5,600 Salaries and Wages Payable 1,000 12/1 Bal. 12/6 1,000 12/31 Bal. 1000 Common Stock 12/1 Bal. . 12/31 Bal. 15.000 15,000 Retained Earnings 12/1 Bal. 12/31 Bal. 26,500 26,500 Sales Revenue 12/10 12/18 12/31 Bal. 7,400 15,300 22.700 12/27 12/31 Bal. Sales Discounts 459 459 12/10 12/18 12/31 Bal. Cost of Goods Sold 5.500 10,100 15,600 Salaries and Wages Expense 12/6 600 12/20 3,100 12/31 Bal 3700 Income Taxes Payable 12/31 V 100 12/31 Bal. V 100