Enter the December 1 balances in the ledger T-accounts and post the December transactions On December 1, 2014, Harrisen Company had the account balances shown below.

Enter the December 1 balances in the ledger T-accounts and post the December transactions On December 1, 2014, Harrisen Company had the account balances shown below.

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Enter the December 1 balances in the ledger T-accounts and post the December transactions

On December 1, 2014, Harrisen Company had the account balances shown below.

Debits Credits Cash $4,800 Accumulated Depreciation—Equipment $1,500 Accounts Receivable 3,900 Accounts Payable 3,000 Inventory (3,000 x $0.60) 1,800 Common Stock 10,000 Equipment 21,000 Retained Earnings 17,000 $31,500 $31,500

The following transactions occurred during December.

Dec. 3 Purchased 4,000 units of inventory on account at a cost of $0.72 per unit. 5 Sold 4,400 units of inventory on account for $0.90 per unit. (It sold 3,000 of the $0.60 units and 1,400 of the $0.72.) 7 Granted the December 5 customer $180 credit for 200 units of inventory returned costing $150. These units were returned to inventory. 17 Purchased 2,200 units of inventory for cash at $0.80 each. 22 Sold 2,000 units of inventory on account for $0.95 per unit. (It sold 2,000 of the $0.72 units.)

Adjustment data:

1. Accrued salaries and wages payable $400. 2. Depreciation on equipment $200 per month. 3. Income tax expense was $215, to be paid next year.

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