8 9 9 Jan. 31 357 Sell merchandise on account to B. Corpas $3,900, invoice no. 510, and to J. Revere $1,700, invoice no. 511. Purchase merchandise from S. Gamel $6,000 and D. Posey $2,600, terms n/30. Receive checks from S. Mahay $3,300 and B. Santos $2,000 after discount period has lapsed. Pay freight on merchandise purchased $225. Send checks to S. Meek for $8,500 less 2% cash discount, and to D. Saito for $11,000 less 1% cash discount. Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $18,000. Make one journal entry for these sales. 11 12 Sell merchandise on account to R. Beltre $1,600, invoice no. 512, and to S. Mahay $900, invoice no. 513. Pay rent of $1,400 for January. 13 15 15 16 17 18 20 21 21 22 22 Receive payment in full from B. Corpas and J. Revere less cash discounts. Withdraw $800 cash by M. Jeter for personal use. Post all entries to the subsidiary ledgers. Purchase merchandise from D. Saito $15,000, terms 1/10, n/30; S. Meek $14,200, terms 2/10, n/30; and S. Gamel $2,000, terms n/30. Pay $500 cash for office supplies. Return $300 of merchandise to S. Meek and receive credit. Daily cash sales from January 11 to January 20 total $22,600. Make one journal entry for these sales. Issue $14,000 note, maturing in 90 days, to R. Moses in payment of balance due. Receive payment in full from S. Mahay less cash discount. Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,300, invoice no. 515. Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek in full payment less cash discounts. 25 27 27 28 Pay $200 cash for office supplies. 31 Sell merchandise on account to B. Santos $3,800, invoice no. 516, and to J. Revere $6,600, invoice no. 517. Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; D. Posey $3,200, terms n/30; and S. Gamel $5,700, terms n/30. Post all entries to the subsidiary ledgers. Daily cash sales from January 21 to January 31 total $23,700. Make one journal entry for these sales. 31 Pay sales salaries $4,200 and office salaries $3,600. Account Number Account Title January 1 Opening Balance 101 Cash $33,250 112 Accounts Receivable 12,400 115 Notes Receivable 40,000 120 Inventory 16,500 126 Supplies 1,300 130 Prepaid Insurance 2,500 157 Equipment 8,250 158 Accumulated Depreciation-Equip. 1,600 201 Accounts Payable 33,500 301 Owner's Capital 79,100 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance Customer R. Beltre B. Santos 5. Mahay Schedule of Accounts Payable (from accounts payable subsidiary ledger) Customer 5. Meek R. Moses D. Saito $1,400 7,700 3,300 January 1 Opening Balance $8,500 14,000 11,000 Sales Journal S1 Date Account Debited Invoice No. Ref. Account Receivable Dr. Sales Revenue Cr. Cost of Good Sold Dr. Inventory Cr. Jan. 3 B. Corpas 510 ✓ 3900 2340 Jan. 3 J. Revere 511 V 1700 1020 Jan. 11 R. Beltre + 512 1600 960 Jan. 11 S. Mahay 513 900 540 Jan. 22 B. Corpas 514 V 2500 1500 Jan. 22 ÷ R. Beltre 515 2300 1380 Jan. 25 B. Santos 516 3800 2280 Jan. 25 ÷ J. Revere÷ 517 # 6600 3960 23300 13980 Purchases Journal P1 Inventory Dr. Date Account Credited Terms Ref. Accounts Payable Cr. Jan. 5 Jan. 16 Jan. 16 Jan. 16 Jan. 27 83888888 S. Gamel n/30 6000 Jan. 5 ÷ D. Posey n/30 2600 D. Saito 1/10, n/30 15000 S. Meek 2/10, n/30 V 14200 S. Gamel n/30 2000 D. Saito 1/10, n/30 14000 Jan. 27 + D. Posey n/30 3200 Jan. 27 ÷ S. Gamel n/30 5700 62700 (a3) Record t ns in a cash receipts journal. (Post entries in the order presented in the problem statement.) Collapse question part Cash Receipts Journal CR1 Date Account Credited Cash Sales Discounts Sales Revenue Ref. Dr. Dr. Account Receivable Cr. Cr. Other Accounts Cr. Cost of Good Sold Dr. Inventory Cr.