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On December 1, 2014 had the following account balances.

		Debit				Credit
Cash		$7,030		Accumulated DepreciationEquipment		$2,420
Accounts Receivable		4,700		Accounts Payable		4,670
Inventory		11,530		Salaries and Wages Payable		1,100
Supplies		1,380		Common Stock		14,790
Equipment		24,200		Retained Earnings		25,860
		$48,840				$48,840

During December, the company completed the following summary transactions.

Dec. 6		Paid $1,810 for salaries due employees, of which $710 is for December and $1,100 is for November salaries payable.
8		Received $1,800 cash from customers in payment of account (no discount allowed).
10		Sold merchandise for cash $6,510. The cost of the merchandise sold was $4,030.
13		Purchased merchandise on account from Gong Co. $8,700, terms 2/10, n/30.
15		Purchased supplies for cash $1,630.
18		Sold merchandise on account $12,500, terms 3/10, n/30. The cost of the merchandise sold was $8,050.
20		Paid salaries $1,630.
23		Paid Gong Co. in full, less discount.
		27 Received collections in full, less discounts, from customers billed on December 18. Adjustment data: 1. Accrued salaries payable $670. 2. Depreciation $220 per month. 3. Supplies on hand $1,520. 4. Income tax due and unpaid at December 31 is $160.

Enter the December 1 balances in the ledger T-accounts and post the December transactions. Also post the above adjusting entries. (Post entries in the order of journal entries presented above.) Cash Accounts Receivable Inventory Supplies

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