The post-closing trial balance for Wilson Corp., a retailer, at December 31, 2019, follows. Acc. No. 101 102 103 104 Debit Credit $ 27,000 $ 0 21,000 1,000 35,000 900 50,000 22,500 7,500 105 200 201 300 301 Description Cash Accounts receivable Allowance for doubtful accounts Inventory (perpetual inventory system) Prepaid insurance (20 months remaining) Equipment (20-year estimated life, no residual value) Accumulated depreciation-equipment Accounts payable Salaries payable Income taxes payable (for 2019) Common stock, par $1 Retained earnings Sales Cost of goods sold Operating expenses Income tax expense Income summary Total 302 400 4,000 80,000 18,900 401 500 600 601 602 700 $133,900 $133,900 The following transactions occurred during 2020 in the order shown (use the number at the left in place of a date). 1. Sales revenue was $30,000, of which $10,000 was on credit; the cost, provided using perpetual inventory, was $19,500. 2. Collected $17,000 cash on accounts receivable. 3. Paid $4,000 cash toward income taxes payable (2019). 4. Purchased $40,000 of merchandise, of which $8,000 was on credit. 5. Paid $6,000 cash toward accounts payable. 6. Sales revenue was $72,000 (in cash); cost was $46,800. 7. Paid $19,000 cash in operating expenses. 8. On July 1, 2020, issued 1,000 shares of common stock, par $1, for $1,000 cash. 9. Purchased $100,000 of merchandise, of which $27,000 was on credit. 10. Sales revenue was $98,000, of which $30,000 was on credit; cost, $63,700. 11. Collected $26,000 cash toward accounts receivable. e. Post adjusting journal entries from part d to the ledger. Cash 101 Accounts Receivable 0 0 102 104 Inventory 0 0 0 Allowance for Doubtful Accounts 0 0 0 0 103 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 105 200 Prepaid Insurance 0 Equipment 0 0 0 0 0 0 Accumulated Depreciation- Equipment 0 201 0 0 0 0 0 0 0 0 0 0 0 0 01 0 0 0 Accounts Payable 300 301 302 400 Salaries Payable 0 Income Taxes Payable 0 0 Common Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 401 Sales 500 Cost of Goods Sold 600 Retained Earnings 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Operating Expense 601 Income Tax Expense 602 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Prepaid Insurance 105 Equipment 200 0 0 0 0 Accumulated Depreciation- Equipment 0 201 0 0 0 0 0 0 0 0 0 0 0 0 Accounts Payable 300 301 302 Common Stock 400 Salaries Payable 0 0 0 0 0 0 Income Taxes Payable 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Retained Earnings 401 500 Cost of Goods Sold 600 Sales 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Operating Expense 601 602 Income Tax Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0