Comprehensive Problem 5 (Part Level Submission) On December 1. 2017, Prosen Distributing Company had the following account balances. Cash Accounts Receivable Inventory Supplies Equipment $7,600 Accumulated 4,800 Accounts Payable 11.500 Salaries and Wages Payable 1,300 Common Stock 24,200 Retained Eamings $2.420 5,000 1,000 pment 30,000 10,980 $49.400 $49.400 During December the company completed the following summary transactions. $1.800 for salaries and wages due employees, of which $800 is for December and $1,000 s 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 $6.500. The cost of the merchandise sold was $3,800 13 Purchased merchandise on account from Maglio Co. $8.600, terms 2/10. n/30. 15 Purchased supplies for cash $1.600. 18 Sold merchandise on account $12.000, terms 3/10, n/30. The cos of the merchandise sold was $8.100. 20 Paid salaries and wages $1.500. 23 Paid Maglio Co. in full, less discount. 27 Received collections in full, less discounts. from customers billed on December 18. 2l Your answer is partially correct. Try again. Joumalize the December transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entere Date Account Titles and Explanation Debit it Dec. 6 Salaries and Wages Payab 1000 Salaries and Wages Expen 800 Cash 1800 800 1600 Cash 12000 Accounts Receivable Dec. 18 12000 Sales Revenue 1500 Dec. 20 | Salaries and Wages Expen 150 Cash To record the sales revenue.) 8600 Dec. 23 Accounts Payable 8426 Cash To record cost of goods sold.) Deci 27 V Cash Sales Discounts Dec. 31 11 Salaries and wages Exper Salaries and Wages Payabl Dupreciation Expetist ac 27 2168 36D :7000