On December 1, 2022, Ivanhoe Distributing Company had the following account balances. Debit Credit $6,500 $2,200 Accumulated Depreciation- Equipment Cash 3,900 Accounts Payable Accounts Receivable 3,800 Salaries and Wages Payable 11,300 Inventory 1,000 Supplies 1,200 Common Stock 15,000 Retained Earnings Equipment 22,000 22,900 $44,900 $44,900 During December, the company completed the following summary transactions. Paid $1,600 for salaries due employees, of which $600 is for December and $1,000 is for November salaries payable. Dec. 6 Received $1,900 cash from customers in payment of account (no discount allowed). 8 Sold merchandise for cash $5,600. The cost of the merchandise sold was $3,700. 10 Purchased merchandise on account from Hecht Co. $6,600, terms 2/10, n/30. 13 Purchased supplies for cash $2,000 15 Sold merchandise on account $9,900, terms 3/10, n/30. The cost of the merchandise sold was $6,500. 18 Paid salaries $1,300 20 23 Paid Hecht Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 18 27 . 

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