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On December 1, 2017 Prosen Distributing Company had the following account balances. Cash Accounts Receivable Inventory Supplies Equipment Debit $7,500 5,500 11,800 1,400 24,200 $50,400
On December 1, 2017 Prosen Distributing Company had the following account balances. Cash Accounts Receivable Inventory Supplies Equipment Debit $7,500 5,500 11,800 1,400 24,200 $50,400 Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Credit $2,420 4,500 1,100 30,000 12,380 $50,400 During December, the company completed the following summary transactions, Dec. 6 8 10 Paid $1,700 for salaries and wages due employees, of which $600 is for December and $1,100 is for November salaries and wages payable. Received $1,800 cash from customers in payment of account (no discount allowed). Sold merchandise for cash $6,400. The cost of the merchandise sold was $3,800. Purchased merchandise on account from Maglio Co.$8,700, terms 2/10, 1/30. Purchased supplies for cash $1,800. Sold merchandise on account $12,400, terms 3/10, 1/30. The cost of the merchandise sold was $8,000, 13 15 18 On December 1, 2017 Prosen Distributing Company had the following account balances. Cash Accounts Receivable Inventory Supplies Equipment Debit $7,500 5,500 11,800 1,400 24,200 $50,400 Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Credit $2,420 4,500 1,100 30,000 12,380 $50,400 During December, the company completed the following summary transactions, Dec. 6 8 10 Paid $1,700 for salaries and wages due employees, of which $600 is for December and $1,100 is for November salaries and wages payable. Received $1,800 cash from customers in payment of account (no discount allowed). Sold merchandise for cash $6,400. The cost of the merchandise sold was $3,800. Purchased merchandise on account from Maglio Co.$8,700, terms 2/10, 1/30. Purchased supplies for cash $1,800. Sold merchandise on account $12,400, terms 3/10, 1/30. The cost of the merchandise sold was $8,000, 13 15 18
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