Comprehensive Problem 5 (Part Level Submission) On December 1, 2017, Prosen Distributing Company had the following account balances. Debit $7,000 Accumulated Depreciation-Equipment Credit Cash Accounts Receivable Inventory Supplies Equipment $2,310 4,800 1,100 30,000 10,590 $48,800 5,000 12,300 Accounts Payable Salaries and Wages Payable 1,400 Common Stock 23,100 Retained Earnings $48,800 During December, the company completed the following summary transactions Dec. 6 Paid $1,650 for salaries and wages due employees, of which $550 is for December and $1,100 is for November salaries and wa 8 10 13 15 18 20 23 27 Received $1,800 cash from customers in payment of account (no discount allowed). Sold merchandise for cash $6,400. The cost of the merchandise sold was $4,200. Purchased merchandise on account from Maglio Co. $9,000, terms 2/10, n/30. Purchased supplies for cash $1,800. Sold merchandise on account $12,100, terms 3/10, n/30. The cost of the merchandise sold was $8,0 Paid salaries and wages $1,600. Paid Maglio Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18. Your answer is correct