3 It is October 16, 2020, and you have just taken over the accounting work of Saskan Enterprises, whose annual accounting period ends each October 31. The company's previous accountant journalized its transactions through October 15 and posted all items that required posting as individual amounts, as an examination of the journals and ledgers in the Working Papers will show The company completed these transactions beginning on October 16, 2020: Oct. 16 Sold merchandise on credit to Vickie Foresman, invoice 1916, $7,500. Cost, $3,750. Terms of all credit sales are 2/10, n/30. 17 Received a $1,090 credit nemo from Shore Company for merchandise received on October 15 and returned for credit. 17 Purchased office supplies on credit fron Brown Supply Company, $580. Invoice dated October 16, terms V10 EOM. 18 Received a $40 credit meno from Brown Supply Company for office supplies received on October 17 and returned for credit. 20 Issued a credit memo to Amy Ihrig for defective merchandise sold on October 15 and returned for credit, $500. The returned merchandise was scrapped. 21 Purchased store equipment on credit from Brown Supply Company, invoice dated October 21, terns n/10 EOH, $7,200. 22 Received payment from Vickie Foresman for the October 12 sale. 23 Issued cheque #623 to Sunshine Company in payment of Its October 15 invoice. 24 Sold merchandise on credit to Bill Grigsby, Invoice 1917, $1,400. Cost, $750. 24 Issued cheque #624 to Shore Company in payment of its October 15 invoice. 25 Received payment from Any Thrig for the October 15 sale. 26 Received merchandise and an invoice dated October 25, terms 2/10, n/60, from Sunshine Company, $7,900. 29 Sold a neighbouring merchant five boxes of file folders (office supplies) for cash at cost, $50. 30 Ken Shaw, the owner of Saskan Enterprises, used cheque #625 to withdraw $2,500 cash from the business for personal use. 31 Issued cheque #626 to Jante Green, the company's only sales employee, in payment of her salary for the last half of October, $2,200. 31 Issued cheque #627 to Countywide Electric Company in payment of the October electric bill, $680. 31 Cash sales for the last half of the month were $31,000. Cost, $15,500. Cash sales are usually recorded daily but are recorded only twice in this problem to reduce the repetitive transactions. Required: 1. Record the transactions in the journals provided. (Enter the transactions in the order provided in the qu Date (2020) Account Debited SASKAN ENTERPRISES Sales Journal Invoice No. AIR Dr. Sales Cr. 913 3,300 914 3,650 915 3,100 Oct. 6 Cost of Goods Sold Dr. Merchandise Inventory Cr. 1,600 1,900 1,700 Marge Craig Vickie Foresman Amy Ihrig Oct. 12 Oct. 15 Totals 10.050 (106/413) 5,200 (502/119) SASKAN ENTERPRISES Cash Receipts Journal Office Date (2020) Account Credited Explanation Cash Debit Sales Discount Debit Acct. Rec. Credit Sales Credit Cost of Goods Sold Dr. Merchandise Inventory Cr. Credit 84 4,200 Oct. 2 Oct. 15 Oct. 15 Bal Grigsby Sales Marge Craig Invoice Sept 23 Cash sales Invoice Oct 6 4,116 38,830 2.401 38,830 21,400 49 2,450 Totals 0 45,347 (101) 133 (415) 6,650 (106) 38,830 (413) 21,400 (502/119) (X) SASKAN ENTERPRISES Purchases Journal Date (2020) Account Credited Date of Invoice Terms Accounts Payable Credit Merchandise Inventory Debit Office Supplies Debit Other Acets Debit Oct. 2 Oct. 5 Oct. 15 Oct 15 Shore Company Brown Supply Co. Shore Company Sunshine Company Oct 2 Oct 3 Oct 15 Oct 15 2/10, n/60 n/10 EOM 2/10, 1/60 2/10, 1/60 3,200 1,300 3,990 2,650 3,200 1,300 3,990 2,650 Totals 0 0 11.140 (201) 11.140 (119) (124) (X) 3 SASKAN ENTERPRISES Cash Disbursements Journal Date (2020) Ch No. Payee Account Debited Cash Credit Merchandise Inventory Credit Other Acets. Debit Accts Payable Debit 619 2.250 620 Od 2 Oct 6 Oct 12 Oct 15 Omni Realty Co Fireside Company Shore Company Jamie Green Rent expense Fireside Company Shore Company Sales salaries expense 2.250 3.724 3.136 2,020 76 64 3.800 3,200 621 622 2.020 11,130 Totals 140 (119) 4.270 00 7.000 (201) (101) Journal entry worksheet 1 2 3 Record the return of merchandise. Note: Enter debits before credits. General Journal Debit Date (2020) Oct 17 Credit Record entry Clear entry View general journal ACCOUNTS RECEIVABLE SUBLEDGER Marge Craig PR Explanation Credit Date (2020) Oct 6 Oct. 9 Oct. 15 Debit 3,300 Explanation Date (2020) Oct 12 Vickie Foresman PR Debit S3 3,650 Balance 3,300 2,450 0 S3 G2 CR3 850 2,450 Date (2020) Explanation Credit Explanation Bal Grigsby PR S2 CR3 Debit Cr Debit 4,200 Amy Ihrig PR S3 Balance 4,200 0 Date (2020) Oct. 15 Sept. 23 Oct 2 3.100 4,200 ACCOUNTS PAYABLE SUBLEDGER Explanation CH Fireside Company PR Debit P1 G2 460 Date (2020) Sept 28 Oct 4 Credit 4260 Brown Supply Company Explanation PR Debit P2 Balance 4 260 3.800 Date (2020) Oct. 5 G1 Saved Help Save & Exit Submit 3 Date (2020) Oct 15 Explanation Sunshine Company PR Debit P2 Explanation Credit 2,650 Balance 2,650 Dale (2020) Od 2 Oct 12 Oct 15 Shore Company PR Debit P2 CD4 3.200 P2 GENERAL LEDGER 101: Cash PR Date (2020) Explanation Debit 106: Accounts Receivable Explanation PR Debit Credit Balance 5.361 Sept 30 Date (2020) Sept. 30 Oct. 9 G2 119: Merchandise Inventory DO Thule 124: Office Supplies DO Curls Help Save & Exit Subik 119: Merchandise Inventory Explanation PR Debit 3 . 124 Other Supply PR Debit Date (2020) Explanation Date (2020) Sept. 30 Oct 4 Oct. 9 Sept 30 G2 G2 460 66970 66,510 66.940 430 125: Store Supplies PR Debit 165: Store Equipment PR Debit Date (2020) Explanation Credit Explanation CH Balance 346 Sept. 30 Date (2020) Sept 30 166: Accumulated Depreciation, Store Equipment Explanation PR Debit Credit 201: Accounts Payable Explanation PR Debit Balance CHE Date (2020) Sept 30 9.153 Date (2020) Sept 30 Ort 4 460 301: Ken Shaw, Capital Explanation PR Debit Date (2020) Credit Balance 106 200 Date (2020) 302: Ken Shaw, Withdrawals Explanation PR Dobit Sept 30 Date (2020) 413: Sales PR Explanation Debit Credit Balance Date (2020) Oct 9 414 Sales Returns and Allowances Explanation PR Debit G2 850 0 0 415: Sales Discounts PR Debit Date (2020) Explanation Credit Balance Date (2020) Oct 9 502: Cost of Goods Sold Explanation PR Debit G2 Trial Balance October 31, 2020 Account Debit Credit Totals S 01 $ 3 It is October 16, 2020, and you have just taken over the accounting work of Saskan Enterprises, whose annual accounting period ends each October 31. The company's previous accountant journalized its transactions through October 15 and posted all items that required posting as individual amounts, as an examination of the journals and ledgers in the Working Papers will show The company completed these transactions beginning on October 16, 2020: Oct. 16 Sold merchandise on credit to Vickie Foresman, invoice 1916, $7,500. Cost, $3,750. Terms of all credit sales are 2/10, n/30. 17 Received a $1,090 credit nemo from Shore Company for merchandise received on October 15 and returned for credit. 17 Purchased office supplies on credit fron Brown Supply Company, $580. Invoice dated October 16, terms V10 EOM. 18 Received a $40 credit meno from Brown Supply Company for office supplies received on October 17 and returned for credit. 20 Issued a credit memo to Amy Ihrig for defective merchandise sold on October 15 and returned for credit, $500. The returned merchandise was scrapped. 21 Purchased store equipment on credit from Brown Supply Company, invoice dated October 21, terns n/10 EOH, $7,200. 22 Received payment from Vickie Foresman for the October 12 sale. 23 Issued cheque #623 to Sunshine Company in payment of Its October 15 invoice. 24 Sold merchandise on credit to Bill Grigsby, Invoice 1917, $1,400. Cost, $750. 24 Issued cheque #624 to Shore Company in payment of its October 15 invoice. 25 Received payment from Any Thrig for the October 15 sale. 26 Received merchandise and an invoice dated October 25, terms 2/10, n/60, from Sunshine Company, $7,900. 29 Sold a neighbouring merchant five boxes of file folders (office supplies) for cash at cost, $50. 30 Ken Shaw, the owner of Saskan Enterprises, used cheque #625 to withdraw $2,500 cash from the business for personal use. 31 Issued cheque #626 to Jante Green, the company's only sales employee, in payment of her salary for the last half of October, $2,200. 31 Issued cheque #627 to Countywide Electric Company in payment of the October electric bill, $680. 31 Cash sales for the last half of the month were $31,000. Cost, $15,500. Cash sales are usually recorded daily but are recorded only twice in this problem to reduce the repetitive transactions. Required: 1. Record the transactions in the journals provided. (Enter the transactions in the order provided in the qu Date (2020) Account Debited SASKAN ENTERPRISES Sales Journal Invoice No. AIR Dr. Sales Cr. 913 3,300 914 3,650 915 3,100 Oct. 6 Cost of Goods Sold Dr. Merchandise Inventory Cr. 1,600 1,900 1,700 Marge Craig Vickie Foresman Amy Ihrig Oct. 12 Oct. 15 Totals 10.050 (106/413) 5,200 (502/119) SASKAN ENTERPRISES Cash Receipts Journal Office Date (2020) Account Credited Explanation Cash Debit Sales Discount Debit Acct. Rec. Credit Sales Credit Cost of Goods Sold Dr. Merchandise Inventory Cr. Credit 84 4,200 Oct. 2 Oct. 15 Oct. 15 Bal Grigsby Sales Marge Craig Invoice Sept 23 Cash sales Invoice Oct 6 4,116 38,830 2.401 38,830 21,400 49 2,450 Totals 0 45,347 (101) 133 (415) 6,650 (106) 38,830 (413) 21,400 (502/119) (X) SASKAN ENTERPRISES Purchases Journal Date (2020) Account Credited Date of Invoice Terms Accounts Payable Credit Merchandise Inventory Debit Office Supplies Debit Other Acets Debit Oct. 2 Oct. 5 Oct. 15 Oct 15 Shore Company Brown Supply Co. Shore Company Sunshine Company Oct 2 Oct 3 Oct 15 Oct 15 2/10, n/60 n/10 EOM 2/10, 1/60 2/10, 1/60 3,200 1,300 3,990 2,650 3,200 1,300 3,990 2,650 Totals 0 0 11.140 (201) 11.140 (119) (124) (X) 3 SASKAN ENTERPRISES Cash Disbursements Journal Date (2020) Ch No. Payee Account Debited Cash Credit Merchandise Inventory Credit Other Acets. Debit Accts Payable Debit 619 2.250 620 Od 2 Oct 6 Oct 12 Oct 15 Omni Realty Co Fireside Company Shore Company Jamie Green Rent expense Fireside Company Shore Company Sales salaries expense 2.250 3.724 3.136 2,020 76 64 3.800 3,200 621 622 2.020 11,130 Totals 140 (119) 4.270 00 7.000 (201) (101) Journal entry worksheet 1 2 3 Record the return of merchandise. Note: Enter debits before credits. General Journal Debit Date (2020) Oct 17 Credit Record entry Clear entry View general journal ACCOUNTS RECEIVABLE SUBLEDGER Marge Craig PR Explanation Credit Date (2020) Oct 6 Oct. 9 Oct. 15 Debit 3,300 Explanation Date (2020) Oct 12 Vickie Foresman PR Debit S3 3,650 Balance 3,300 2,450 0 S3 G2 CR3 850 2,450 Date (2020) Explanation Credit Explanation Bal Grigsby PR S2 CR3 Debit Cr Debit 4,200 Amy Ihrig PR S3 Balance 4,200 0 Date (2020) Oct. 15 Sept. 23 Oct 2 3.100 4,200 ACCOUNTS PAYABLE SUBLEDGER Explanation CH Fireside Company PR Debit P1 G2 460 Date (2020) Sept 28 Oct 4 Credit 4260 Brown Supply Company Explanation PR Debit P2 Balance 4 260 3.800 Date (2020) Oct. 5 G1 Saved Help Save & Exit Submit 3 Date (2020) Oct 15 Explanation Sunshine Company PR Debit P2 Explanation Credit 2,650 Balance 2,650 Dale (2020) Od 2 Oct 12 Oct 15 Shore Company PR Debit P2 CD4 3.200 P2 GENERAL LEDGER 101: Cash PR Date (2020) Explanation Debit 106: Accounts Receivable Explanation PR Debit Credit Balance 5.361 Sept 30 Date (2020) Sept. 30 Oct. 9 G2 119: Merchandise Inventory DO Thule 124: Office Supplies DO Curls Help Save & Exit Subik 119: Merchandise Inventory Explanation PR Debit 3 . 124 Other Supply PR Debit Date (2020) Explanation Date (2020) Sept. 30 Oct 4 Oct. 9 Sept 30 G2 G2 460 66970 66,510 66.940 430 125: Store Supplies PR Debit 165: Store Equipment PR Debit Date (2020) Explanation Credit Explanation CH Balance 346 Sept. 30 Date (2020) Sept 30 166: Accumulated Depreciation, Store Equipment Explanation PR Debit Credit 201: Accounts Payable Explanation PR Debit Balance CHE Date (2020) Sept 30 9.153 Date (2020) Sept 30 Ort 4 460 301: Ken Shaw, Capital Explanation PR Debit Date (2020) Credit Balance 106 200 Date (2020) 302: Ken Shaw, Withdrawals Explanation PR Dobit Sept 30 Date (2020) 413: Sales PR Explanation Debit Credit Balance Date (2020) Oct 9 414 Sales Returns and Allowances Explanation PR Debit G2 850 0 0 415: Sales Discounts PR Debit Date (2020) Explanation Credit Balance Date (2020) Oct 9 502: Cost of Goods Sold Explanation PR Debit G2 Trial Balance October 31, 2020 Account Debit Credit Totals S 01 $