2 10 points issume it is Monday, May the first business day of the month, and you have just been hired as the accountant for Colo Company which operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its dgers show April 30 balances. During your first month on the job, the company experiences the following transactions and events crms for all its credit sales are 2/10,n/30 unless stated differently: May Saand check usb 3410 to 567 Management Company in payment of the May zent for 53,710. Charge 52,965 to Rent Ixpense-Belling Space, and charge 5742 to Rent Expense-otice Space. (we two lines to record the transion.) May 2 () Sold marchandise on credit to Tenael Company, Tavace Naber 70s, for 58,100 coat is 54,100). May 2 (b) Sued an allowance (price reduction of 5175 to Nox Company tos marchandise sold on April 28. The total *** selling price Igona) was $4,725. 1 Saand refund of 5790 to Payton Products to the return of mechandise purchased on April 29. Cola'a accounts payable was reduced by that can May Purchased the following on credit to Geas Supply Company: merchandise, $37,072; atce wapple, 5574; and office supplies, ses. Invoice dated May 1, terza /30. May Received payment ces Knex Company for the balance from the April 26 (54,550) anle lean the May 2 return and . the $91 discount. May Saud Check Marbus 3411 to Peyton Products to pay for the 57,098 o serchandise purchased on April 29 Leaa the Ray 3 return and the $126 diacount. May 2 Soldatase supplies (noninventory) to the business next door at their coat of $350 cash. Hist: Inter Store Sapplica only in the Account Credited column. May 10 Parchewed 54,074 of office equipment on credit face Gear Supply Company, tezza 1/30. ay 11 (*) Received payment to Head Company for the day 2 aale less the discount of $122. ay 11 () Parchewed 50,000 of merchandise from. Garcia, Incorporated, terra 2/10, 1/30. May 12 Received as a price reduction from Gear Supply Company for the return of office equipant received on May 10. Cola debited becanta payable by that amount ay 15 (a) and check Warber 412, payable to payroll, in payment of salea anlarien, 55,320, and oftice salaries, ay 15 (a) Cash sale for the first half of the month are 559,220 cost sa $38.200). These cash sales are recorded in the cash receipta foarnal on May 15. ay 15 (e) Pout to the customer and creditor accounts. Also post individual items that are not included in coloms totala at the end of the month to the general ledges secanta. May 16 Sold marchandise on credit to Benael Company, Invoice Nuber 1786, for 59,990 (coat is $1,550). May 17 Parchased 523,650 oferchandise trur risk Corporation, tura 2/20, /. May 19 Tanand Chuck Warber 413 to Garcia, Incorporated, is payzant of ita Nay 11 purchase lean the discount of $376. May 22 Sold marchandise to Lee Services, Invoice Number 6787, for a cont ia $4,990), tessa 2/10, 1/60. May 23 Saared Check Sumber 414 to risk Corporation in payment of ita Nay 17 parchase less the discount of $273. May 24 Parchased the following on credit to Gear Supply Company: merchandise, $8,120; atoze supplies, 5630; and office supplies, $200. Deza /30. May 29 Parchand $3,000 of merchandise from Dayton Pradasta, toza 2/10, 1/30. -y 26 (A) Sold merchandise on credit to Crane Corporation, Invoice Suber 786, for $14,210 (coat is 58,230). ay 26 (5) Seed Check Murber 4.5 to Perennial power in payment of the way electrie bill, 51,203. May 29 Signal of Cola Company, Sunny Cole, and check abes 3416 to withdraw 57,000 cash ro the business for ay 30 (A) Received payment from Lee Services for the May 22 aule less the discount of $137. ay 30 (5) Saund Check Murber 1417, payable to Payroll, in payment of aslea anlarsa, 55,320, and office alertes, 53,150. ay 31 (A) Caah asle for the last half of the month are $66,052 (eost sa $42,500). These cash ales are recorded in the cuah receipta journal on May 31. ay 31 (a) Pout to the customer and creditor account. Also pout individual items that are not included in cola totala at the end of the month to the general ledges Becorata. Toat and esonatot the Jornala and in the month- end poate 53.150. 'equired: a. Enter the transactions in a sales journal b. Enter the transactions in a purchases journal. c. Enter the transactions in a cash receipts journal d. Enter the transactions in a cash payments journal e. Enter the transactions in a general Journal issume a perpetual inventory system. Complete this question by entering your answers in the tabs below. Reg 1A Reg 13 Reg 10 ReQD Reg 15 Enter the transactions in a sales journal. SALES JOURNAL Date Account Debited Invoice Number May 02 May 18 May 22 May 26 Hensel Company Hensel Company Lee services Crane Corporation 8786 8786 8787 SIS Accounts Receivable Debit Sales Credit S 6,100 2,990 6,860 14,210 olololo Cost of Goods Sold Debit Inventory Credit 4,100 1,890 4,990 8,220 OIO DIO 8788 May 31 Totals 5 31,150 19,210 Raq 1A Reg 1B > Complete this question by entering your answers in the tabs below. Reg 1A Reg 13 Req1c Req1D Req Enter the transactions in a purchases journal. PURCHASES JOURNAL Accounts Date Date of Account Invoice Terms Inventory Payable Credit Debit May 04 Store supplies Bear Supply 544 20 $ 37,729s 37,072 May 10 Office equipment Cew Supply 5/10 130 4,074 0 May 11 Garcia, Incorporated 5/11 2/10, 1/30 8,800 8,800 May 17 Fink Corporation 5/17 2/10,150 13,650 13,650 May 24 Store supplies Gear Supply 5/24 130 9,020 8120 May 25 Peyton products 5/25 2/10, 1/30 2,080 3,080 Office Supplies Debit 83 0 Other Accounts Debit 15 4,074 $ 280 630 0 0 May 31 $ 78,363 $ 70,722 $ 362 S5,278 Complete this question by entering your answers in the tabs below. Reg 1A Reg 13 Reg 10 Re:D ReqE Enter the transactions in a cash receipts journal CASH RECEIPTS JOURNAL Sales Accounts Cash Date Account Credited Discount Receivable Debit Debit Credit Sales Credi Other Accounts Credit Cost of Goods Sold Debit Inventory Credit S IS 91 IS 4550 IS S 0 350 0 May 05 Knox, Incorporated May 09 Store Supplies Gear Supply May 11 Hersel Company May 15 Sales May 30 Lee services May 31 0 122 0 137 50 220 0 $ 4,459 360 5,978 50,220 6,713 66,062 0 IS 14222 38.200 6.100 0 6.850 0 0 0 42,500 0 0 0 350 66.052 0 S 125 272 May 31 $ $17.500 $ 350 $ 80,700 Req1A Reg 13 Reg 10 Re 10 Reg 1E Enter the transactions in a cash payments journal. (Enter the transactions in chronological order.) CASH PAYMENTS JOURNAL Dute Check Number Payee Account Debited May 01 3410 Sand P Management Company May 08 3411 Peyton products 120 May 15 3412 Payrol > > OOOO Cash Inventory Other Accounts Credit Credit Accounts Payable Debi! Debit os os 2,968S 3.790 742 0 6,174 o 6,300 O 0 5,320 o 8,470 0 3.150 o 8,624 176 8.800 13.377 273 o 13,650 1.283 0 1.283 O 7.000 7.000 O 0 0 5,320 O 2.470 0 3,150 O S 57,108 5 575 $ 28,993 $ 28,750 Rent expense-Selling space Rent expense-Orice space Peyton products Sales salarios experse Once salaries experse Garcia, incorporad Fink Corporation utities expense J. Col Withdrawals Sales salaries expense office salaries expense May 19 3413 May 23 3414 May 26 3415 May 2013410 Garcia, incorporated Fink Corporation Perennial power OOOOOOOOOOO og Jenny Cole May 303417 Payrol May 31 Totals Complete this question by entering your answers in the tabs below. Reg 14 Reg 13 Req1c Reg D Reg 1 Enter the transactions in a general journal. No Date General Journal May (2 Sales returns and a lowance Accounts receivable Knox. Incorporated Credit Debit 175 175 2 Mayco 738 Accounts payable-Peyton products Inventory 790 3 May 12 854 Accounts receivable-Gear Supply Company Office equipment 854