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

Debit Credit Cash $7,400 Accumulated DepreciationEquipment $2,420 Accounts Receivable 4,700 Accounts Payable 4,600 Inventory 12,200 Salaries and Wages Payable 1,100 Supplies 1,500 Common Stock 30,000 Equipment 24,200 Retained Earnings 11,880 $50,000 $50,000

During December, the company completed the following summary transactions.

Dec. 6 Paid $1,750 for salaries and wages due employees, of which $650 is for December and $1,100 is for November salaries and wages payable. 8 Received $2,000 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,700. The cost of the merchandise sold was $3,800. 13 Purchased merchandise on account from Maglio Co. $9,500, terms 2/10, n/30. 15 Purchased supplies for cash $1,800. 18 Sold merchandise on account $12,100, terms 3/10, n/30. The cost of the merchandise sold was $8,100. 20 Paid salaries and wages $1,800. 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)

Partially correct answer. Your answer is partially correct. Try again. Journalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Collapse question part (b) Enter the December 1 balances in the ledger T-accounts and post the December transactions. (Post entries in the order of journal entries presented above.)

Cash

Accounts Receivable

Inventory

Supplies

Equipment

Accumulated DepreciationEquipment

Accounts Payable

Salaries and Wages Payable

Common Stock

Retained Earnings

Sales Revenue

Sales Discount

Cost of Goods Sold

Salaries and Wages Expense