Comprehensive Problem 7 (Part Level Submission)

On December 1, 2017, Fullerton Company had the following account balances.

		Debit				Credit
Cash		$18,200		Accumulated DepreciationEquipment		$3,000
Notes Receivable		2,200		Accounts Payable		6,100
Accounts Receivable		7,500		Common Stock		50,000
Inventory		16,000		Retained Earnings		14,400
Prepaid Insurance		1,600				$73,500
Equipment		28,000
		$73,500

During December, the company completed the following transactions.

Dec. 7		Received $3,600 cash from customers in payment of account (no discount allowed).
12		Purchased merchandise on account from Vance Co. $12,000, terms 1/10, n/30.
17		Sold merchandise on account $16,000, terms 2/10, n/30. The cost of the merchandise sold was $10,000.
19		Paid salaries $2,200.
22		Paid Vance Co. in full, less discount.
26		Received collections in full, less discounts, from customers billed on December 17.
31		Received $2,700 cash from customers in payment of account (no discount allowed).

Adjustment data:

1.		Depreciation $200 per month.
2.		Insurance expired $400.

Enter the December 1 balances in the ledger T-accounts and post the December transactions I need to make a T-account chart