URION Downloadable eTextbook ent CALCULATOR FULL SCREE Comprehensive Accounting Cycle Review 6 On December 1, 2017, Sheffield Corp. had the account balances shown below. Debits Cash Accounts Receivable Inventory (3,200 x $0.60) Equipment Credits $4,390 Accumulated Depreciation-Equipment $1,400 2,940 9,400 18,730 $32,470 3,560 Accounts Payable 1,920 22,600 Retained Earnings Common Stock $32,470 The following transactions occurred during December Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.76 per unit. 5 Sold 4,600 units of inventory on account for $0.90 per unit. (It sold 3,200 of the $0.60 units and 1,400 of the s0.76.) 7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $150. These units were returned to inventory. 17 Purchased 2,200 units of inventory for cash at $0.80 each. 22 Sold 2,000 units of inventory on account for $0.99 per unit. (It sold 2,000 of the s0.76 units.) Adjustment data: 1. Accrued salaries and wages payable $330. 2. Depreciation on equipment $190 per month 3. Income tax expense was $230, to be paid next year