REVIEW COMPREHENSIVE ACCOUNTING ACRS on December 1, 2017, Devine Distributing Company had the following account Credit bances Debit $ 7,200 4,600 12,000 1.200 22.000 $47,000 Accumulated Depreciation- Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings $ 2,200 Cash 4,500 Accounts Receivable 1,000 Inventory 15,000 Supplies Equipment 24,300 $47,000 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 $6,300. The cost of the merchandise sold was $4,100 13 Purchased merchandise on account from Hecht Co. $9,000, terms 2/10.n/30. 15 Purchased supplies for cash $2,000. 18 Sold merchandise on account $12,000, terms 3/10, n/30. The cost of the mer chandise sold was $8,000. 20 Paid salaries $1,800. 23 Paid Hecht Co. in full, less discount Received collections in full, less discounts, from customers billed on December 18 Adjustment data: 1. Accrued salaries payable $800. 2. Depreciation $200 per month 3. Supplies on hand $1,500 4. Income tax due and unpaid at December 31 is $200. Instructions (a) Journalize the December transactions using a perpetual inventory system. (b) Enter the December 1 balances in the ledger T-accounts and post the December trans- actions. Use Cast of Goods Sold, Depreciation Expense, Salaries and Wages Expense, Sales Revenue, Sales Discounts, Supplies Expense, Income Tax Expense, and Income Taxes Payable. (c) Journalize and post adjusting entries. (d) Prepare an adjusted trial balance. (e) Prepare an income statement and a retained earnings statement for December and a el Neticon classified balance sheet at December 31 27 (d) Tools