Pool Corporation is the world's largest wholesale distributor of swimming pool supplies and equipment & services. It sells these products to swimming pool repair and service businesses like Penny's Pool Service & Supply Inc., swimming pool builders, and retail swimming pool stores. The majority of these customers are small, family-owned businesses like Penny's. Its trial balance for the last year ended December 31, 2019 is presented below: Account Titles Cash and cash equivalents Accounts receivable Supplies Product inventory Prepaid insurance Equipment Other non-current assets, net Accumulated depreciation Accounts payable Interest payable Rent payable Wages payable Property tax payable Long term notes payable Capital Retained earnings Debit $560,000 Credit 65,000 25,000 125,000 20,000 143,000 2,000 $ 21,000 25,000 0 0 7,000 12,000 30,000 500,000 345,000 940,000 940,000 The following transactions occurred during the financial year 2020: a. A retail pool customer pays his outstanding balance of $5,500 to Pool Corporation. b. Supplies purchased in Cash amounting $460. c. Pool Corporation purchases Product Inventory in Cash amounting to $5,000.