1. Given the following, Journalize, record, post and prepare a schedule of accounts receivable at the end of April for Friends Co. 10 Marks Cash 110 Partial General Ledger Inventory 130 Dr. Cr. Bal. 5,000 Sales Discounts 430 Dr. Cr. Dr. Cr. Bal. 1,060 Sales 410 Accounts Receivable 120 Dr. Cr. Bal. 600 Cost of Goods Sold 510 Dr. Cr. Dr. Cr. Cr. Dr. Bal. 400 Accounts Receivable Subsidiary Ledger Blue Co. Pete Long Co. Cr. Dr. Bal. 200 Received cheque from Blue Co. for balance due less 2% discount. Cash sale collected, $500. Cost of the inventory sold was $400. April 9 April 12 Tip: Calculate Sales Discount and debit it in first transaction. 2. Record the transactions in the purchases journal, post entries from the purchases journal to the accounts payable subsidiary ledger, post the purchases journal to the general ledger, prepare the schedule of accounts payable. 15marks Transactions from XYZ trading company for the month of January 2016 are listed below: Jan. 02: Purchased merchandise on account from S & Co. for $900, invoice No. 105 Jan. 06: Purchased merchandise on account from A & Co. for $3,200, invoice No. 240 Jan. 08: Purchased merchandise on account from Z Brothers for $360, invoice No. 115 Jan. 15: Purchased merchandise on account from S & Co for $800, invoice No. 305 Jan. 25: Purchased merchandise on account from s & Co for $700, invoice No. 395 Jan. 31: Purchased merchandise on account from Z Brothers for $300, invoice No. 345 . . 3. Journalize the following: 5marks On May 4, Hanlon purchased $30,000 of merchandise with credit terms of 2/10,n30 On May 21, Hanlon purchased $20,000 of merchandise for cash with shipping terms Hanlon returned $350 of merchandise to Smith Wholesale on May 6 before paying for the goods Using the purchase transaction from May 4 and no returns, Hanlon pays the amount owed on May 10. May 10 is within the discount period and Hanlon will take the 2% discount provided in the terms 2/10, n30 Assume we also had the return on May 6 of $350. Hanlon pays the amount owed less the return and takes the 2% discount on May 12