Enter the December 1 balances in the ledger T-accounts and post the December transactions.
On December 1, 2020, Sheridan Distributing Company had the following account balances.
|
Debit
|
Credit
|
|||||
| Cash | $7,500 | $2,640 | ||||
| Accounts Receivable | 4,900 | Accounts Payable | 4,500 | |||
| Inventory | 12,200 | Salaries and Wages Payable | 1,000 | |||
| Supplies | 1,300 | Owner’s Capital | 44,160 | |||
| Equipment | 26,400 |
|
||||
| $52,300 | $52,300 |
During December, the company completed the following summary transactions.
| Dec. 6 | Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. | |
| 8 | Received $1,900 cash from customers in payment of account (no discount allowed). | |
| 10 | Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. | |
| 13 | Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. | |
| 15 | Purchased supplies for cash $1,600. | |
| 18 | Sold merchandise on account $12,800, terms 3/10, n/30. The cost of the merchandise sold was $8,300. | |
| 20 | Paid salaries and wages $1,700. | |
| 23 | Paid Boehm Co. in full, less discount. | |
| 27 | Received collections in full, less discounts, from customers billed on December 18. |
Enter the December 1 balances in the ledger T-accounts and post the December transactions. (
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