Comprehensive Problem 5 (Part Level Submission) On December 1, 2017, Prosen Distributing Company had the following account balances.

Debit Credit

Cash $7,600 Accumulated DepreciationEquipment $2,530

Accounts Receivable 5,200 Accounts Payable 4,500

Inventory 12,500 Salaries and Wages Payable 1,200

Supplies 1,500 Common Stock 30,000

Equipment 25,300 Retained Earnings 13,870

$52,100 $52,100

During December, the company completed the following summary transactions.

Dec. 6 Paid $1,750 for salaries and wages due employees, of which $550 is for December

and $1,200 is for November salaries and wages payable. 8 Received $1,800 cash from

customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,900.

The cost of the merchandise sold was $3,800. 13 Purchased merchandise on account from Maglio

Co. $8,900, terms 2/10, n/30. 15 Purchased supplies for cash $1,700. 18 Sold merchandise on

account $12,800, terms 3/10, n/30. The cost of the merchandise sold was $8,100. 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.

Collapse question part (a) Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit

Dec. 6

(To record sales revenue.) (To record cost of goods sold.) (To record the sales revenue.)

(To record cost of goods sold.) Dec. 27 SHOW LIST OF ACCOUNTS