On December 1, 2017, Prosen Distributing Company had the following account balances. Debit Credit Cash...
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On December 1, 2017, Prosen Distributing Company had the following account balances. Debit Credit Cash $7,400 Accumulated DepreciationEquipment $2,200 Accounts Receivable 5,000 Accounts Payable 4,900 Inventory 11,700 Salaries and Wages Payable 1,200 Supplies 1,300 Common Stock 30,000 Equipment 22,000 Retained Earnings 9,100 $47,400 $47,400 During December, the company completed the following summary transactions. Dec. 6 Paid $1,700 for salaries and wages due employees, of which $500 is for December and $1,200 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 $6,900. The cost of the merchandise sold was $4,200. 13 Purchased merchandise on account from Maglio Co. $8,500, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,200, terms 3/10, n/30. The cost of the merchandise sold was $8,300. 20 Paid salaries and wages $1,900. 23 Paid Maglio Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on December 18.
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