On December 1, 2017, Devine Distributing Company had the following account balances. Debit Credit Cash...
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On December 1, 2017, Devine Distributing Company had the following account balances. Debit Credit Cash Accounts Recelvable Inventory Supplies Equipment $2,620 4,800 1,000 14,900 28,080 51,400 $7,300 Accumulated Depreclation-Equipment 4,800 11,900 Accounts Payable Salaries and Wages Payable 1,200 Common Stock 26,200 Retained Earning:s $51,400 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 Recelved $2,000 cash from customers in payment of account (no discount allowed) 10 Sold merchandise for cash $6,800. The cost of the merchandise sold was $3,900 13 Purchased merchandise on account from Hecht Co. $9,500, terms 2/10, n/30 15 Purchased supplies for cash $1,800 18 Sold merchandise on account $12,800, terms 3/10, n/30. The cost of the merchandise sold was $8,200 20 Paid salarles $1,700 23 Paid Hecht Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18
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