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Comprehensive Problem 6 On December 1, 2017, Matthias Company had the account balances shown below...

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Accounting

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Comprehensive Problem 6 On December 1, 2017, Matthias Company had the account balances shown below Debit Credit Cash Accounts Receivable Inventory Equipment $1,400 3,000 18,500 10,925 $33,825 $7,000 Accumulated Depreciation-Equipment 3,900 Accounts Payable 1,925 * Common Stock 21,000 Retained Earnings $33,825 (3,500 x $0.55) The following transactions occurred during December Dec. 3 Purchased 4,600 units of inventory on account at a cost of $1 per unit. 5 Sold 5,000 units of inventory on account for $1 per unit. (It sold 3,500 of the $0.55 units and 1,500 of the $0.65.) 7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $120. These units were returned to inventory 17 Purchased 2,000 units of inventory for cash at $1 each 22 Sold 1,800 units of inventory on account for $1 per unit. (It sold 1,800 of the $0.65 units.) Adjustment data: 1. Accrued salaries payable $500 2. Depreciation $200 per month

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