The post-closing trial balance for Rivera Co. is as follows.

                         

The subsidiary ledgers contain the following information: (1) accounts receivable—N. Alspar $2,500, B. Cole $7,500, S. Devine $5,000; (2) accounts payable—S. Field $10,000, A. Gantler $18,000, and D. Harms $15,000. The cost of all merchandise sold was 65% of the sales price.

The transactions for January 2013 are as follows.

Jan. 3 Sell merchandise to B. Terrel $4,000, terms 2/10, n/30.
5 Purchase merchandise from S. Warren $2,500, terms 2/10, n/30.
7 Receive a check from S. Devine $3,500.
11 Pay freight on merchandise purchased $300.
12 Pay rent of $1,000 for January.
13 Receive payment in full from B. Terrel.
14 Post all entries to the subsidiary ledgers. Issue a credit memo to acknowledge receipt of damaged merchandise of $700 returned by N. Alspar.
15 Send D. Harms a check for $14,850 in full payment of account, discount $150.
17 Purchase merchandise from D. Milton $1,600, terms 2/10, n/30.
18 Pay salaries of $4,300.
20 Give A. Gantler a 60-day note for $18,000 in full payment of account payable.
23 Total cash sales amount to $8,600.
24 Post all entries to the subsidiary ledgers. Sell merchandise on account to B. Cole $7,700, terms 1/10, n/30.
27 Send S. Warren a check for $950.
29 Receive payment on a note of $40,000 from S. Lava (short-term, non-interest-bearing note).
30 Return merchandise of $500 to D. Milton for credit. Post all journals to the subsidiary ledger.

Instructions
  (a) Open general and subsidiary ledger accounts for the following.

101 Cash                                                              311 Common Stock
112 Accounts Receivable                                      401 Sales
115 Notes Receivable                                           412 Sales Returns and Allowances
120 Merchandise Inventory                                 414 Sales Discounts
157 Equipment                                                     505 Cost of Goods Sold
158 Accumulated Depreciation—Equipment       726 Salaries and Wages Expense
200 Notes Payable                                               727 Office Salaries Expense
201 Accounts Payable                                          729 Rent Expense

  (b) Record the January transactions in a sales journal, a single-column purchases journal, a cash receipts journal (see Illustration G-8), a cash payments journal (see Illustration G-15), and a general journal.
  (c) Post the appropriate amounts to the general ledger.
  (d) Prepare a trial balance at January 31, 2013.
  (e) Determine whether the subsidiary ledgers agree with controlling accounts in the general ledger