Question 12 On December 1, 2017, Fullerton Company had the following account balances. credit Debit Cash $18,900 Accumulated Depreciation-Equipment $3,000 Notes Receivable 2,500 Accounts Payable 6,100 52,500 Accounts Receivable 7,000 Common Stock 16,800 Retained Earnings Inventory 13 500 $75,100 Prepaid Insurance 1,600 Equipment 28 300 $75,100 During December, the company completed the following transactions. Dec. 7 Received $3,700 cash from customers in payment of account (no discount allowed) 12 Purchased merchandise on account from Vance Co. $11,900, terms 1/10, n/30. 17 Sold merchandise on account $16,400, terms 2/10, nV30. The cost of the merchandise sold was $9,100 19 Paid salaries $2,300. 22 Paid Vance Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17. 31 Received $2,800 cash from customers in payment of account (no discount allowed) Adjustment data: 1. Depreciation $200 per month. 2. Insurance expired $410