Question 1 of 1 Current Attempt in Progress On December 1, 2017, Prosen Distributing Company had the following account balances. Cash Accounts Receivable Inventory Supplies Equipment Debit $7,600 Accumulated Depreciation-Equipment 5,200 Accounts Payable 12,500 Salaries and Wages Payable 1,500 Common Stock 25,300 Retained Earnings $52,100 Credit $2,530 4,500 1,200 30,000 13,870 $52,100 6 8 10 During December, the company completed the following summary transactions. Dec. Paid $1,750 for salaries and wages due employees, of which $550 is for December and $1.200 is for November salar and wages payable Received $1,800 cash from customers in payment of account (no discount allowed) Sold merchandise for cash $6,900. The cost of the merchandise sold was $3,800 Purchased merchandise on account from Maglio Co. $8.900, terms 2/10, 1/30, Purchased supplies for cash $1.700, Sold merchandise on account $12.800, terms 3/10./30. The cost of the merchandise sold was $8.100. Paid salaries and wagen $1.900 Paid Maglio Coin full: less discount Received collections in full less discounts from customers billed on December 18 13 15 18 20 23 27 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 C > v C Accounts Receivable Inventory Question 1 of 1 Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock Question 1 of 1 Common Stock Retained Earnings Sales Revenue Sales Discount Cost of Goods Sold estion 1 of 1 Sales Discount Cost of Goods Sold Salaries and Wages Expense