On December 1, 2020, Ruggiero Company had the account balances shown below, Debits Credits Cash Accounts Receivable Inventory Equipment $ 4,800 3,900 1

On December 1, 2020, Ruggiero Company had the account balances shown below, Debits Credits Cash Accounts Receivable Inventory Equipment $ 4,800 3,900 1.800* 21.000 Accumulated Depreciation-Equipment Accounts Payable Owner's Capital $ 1,500 3,000 27.000 $31,500 $31,500 *(3,000 X $0.60) 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 i 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 payable $400. 2. Depreciation $200 per month. Instructions (a) Journalize the December transactions and adjusting entries, assuming Ruggiero uses the perpetual inventory method. (b) Enter the December 1 balances in the ledger T accounts and post the December transactions. In addition to the accounts mentioned above, use the following additional accounts: Cost of Goods Sold, Depreciation Expense, Wages Expense, Wages Payable, Sales Revenue, and Sales Returns and Allowances. (c) Prepare an adjusted trial balance as of December 31, 2020.