On December 1, 2022, Pharoah Distributing Company had the following account balances. ...

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Accounting

On December 1, 2022, Pharoah Distributing Company had the following account balances.

Debit

Credit

Cash $6,700 Accumulated DepreciationEquipment $2,200
Accounts Receivable 4,100 Accounts Payable 4,000
Inventory 11,500 Salaries and Wages Payable 1,000
Supplies 1,200 Common Stock 15,000
Equipment 22,000 Retained Earnings 23,300
$45,500 $45,500

During December, the company completed the following summary transactions.

Dec. 6 Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable.
8 Received $1,900 cash from customers in payment of account (no discount allowed).
10 Sold merchandise for cash $5,800. The cost of the merchandise sold was $3,900.
13 Purchased merchandise on account from Hecht Co. $7,000, terms 2/10, n/30.
15 Purchased supplies for cash $2,000.
18 Sold merchandise on account $10,500, terms 3/10, n/30. The cost of the merchandise sold was $6,900.
20 Paid salaries $1,500.
23 Paid Hecht Co. in full, less discount.
27 Received collections in full, less discounts, from customers billed on December 18.

a.) Journalize the December transactions using a perpetual inventory system.

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