1. Open these accounts in the subsidiary ledgers: Accounts receivable subsidiary ledger Bell Ltd., M.O Brown, and Ishikawa Inc.; Accounts Payable subsidiary ledger Nakkach Corp., Manley Inc., and Burgess Distribution Ltd.

2. Enter the transactions in a sales journal, a cash receipts journal, a purchases journal, a cash payments journal, and a general journal.

McMillian Distributors, which use the perpetual inventory system and makes all credit sales on terms of 1/10, n/30, completed the following transactions during July:

Jul. 2 - Issued invoice no. 913 for sale on account to Ishikawa Inc., $24,600 McMillians cost of this inventory was $10,800. Credit sales terms are 1/10, n/30.

Jul.3 - Purchased inventory on credit terms of 3/10, n/60 from Nakkach Corp., $14,802. The invoice was dated July 3.

Jul 5 - Sold inventory for cash, $6462 (cost $2880).

Jul 5 Issued cheque no. 532 to purchase furniture for cash, $13,110.

Jul 8 - Collected interest revenue of $6650

Jul 9 Issued invoice no. 914 for sale on account to Bell Ltd., $33,300 (cost, $13860). Credit sales terms are 1/10, n/30.

Jul 10 Purchased inventory for cash, $6858, issuing cheque no. 533

Jul 12 Received cash from Ishikawa Inc. in full settlement of its account receivable from the sale on July 2.

Jul 13 Issued cheque no. 534 to pay Nakkach Cirp. the net amount owed from July 3. (Round to the nearest dollar.)

Jul 13 Purchased supplies on account from Manlet inc., $8646. Terms were net end of month. The invoice was dated July 13.

Jul 15 Sold inventory on account to M.O. Brown, issuing invoice no. 915 for $3990 (cost $1440). Credit sales terms are 1/10, n/30.

Jul 17 Issued credit memo to M.O. Brown for $3990 for merchandise sent in error and returned by Brown. Also accounted for receipt of the inventory.

Jul. 18 Issued invoice no. 916 for credit sale to Ishikawa Inc., $2142 (cost $762). Credit sales terms are 1/10, n/30.

Jul 19 Received $32,967 from bell Ltd. in full settlement of its account receivable from July 9.

Jul 20 Purchased inventory on credit terms of net 30 from Burgess Distributing Ltd., $12282. The invoice was dated July 20.

Jul 22 Purchased furniture on credit terms of 3/10, n/60 from Nakkach Corp., $3870. The invoice was dated July 22.

Jul 22 - Issued cheque no. 535 to pay for insurance coverage, debiting Prepaid Insurance for $6000.

Jul 24 Sold supplies to an employer for cash $324, which was the cost of the supplies.

Jul 25 Issued cheque no. 536 to pay utilities $6718.

Jul 28 Purchased inventory on credit terms of 2/10, n/30 from Manley Inc., $8050. The invoice date was July 28.

Jul 29 Returned damaged inventory to Manley Inc., issuing a debit memo for $4050.

Jul 29 Sold goods on account to Bell Ltd., issuing invoice no. 917 for $2976 (cost, $1320). Credit sales terms are 1/10, n/10.

Jul 30 Issued cheque no. 537 to pay Manley Inc. $2646

Jul 31 Received cash in full on account from Ishikawa Inc.

Jul 31 Issued cheque no. 538 to pay monthly salaries of $14082.