A-1 Networking system adjusts and closes its books and then prepares financial statements monthly. A-1 uses he perpetual inventory system. The company completed the following transactions during the August.

Aug. 1 Issued check no.682 for August office rent of $1,000.

2 Issued check no. 683 to pay the salaries payable of $1,250 from July 31

2 Issued invoice no. 503 for sale on account to R.T. Loeb, $600. A-1's cost of this merchandise inventory was $190.

3 Purchased merchandise inventory on credit terms of 2/10, n/30 from Grant, Inc., $1,400.

4 Received net amount of cash on account from Fullam Company, $2,156, within the discount period.

4 Sold merchandise inventory for cash, $330 (cost, $104).

5 Received from Park-Hee, Inc. merchandiseinventory that had been sold earlier for $550 (cost, $174).

5 Issued check no. 684 to purchase office supplies for cash, $780.

7 Issued invoice no. 504 for sale on account to K.D. Skipper, $2,600 (cost,$759).

8 Issued check no. 685 to pay Federal Company $2,600 of the amount owed at July 31. This payment occurred after the end of the discount period.

11 Issued check no. 686 to pay Grant, Inc. the net amount owed from August 3.

12 Received cash from R.T. Loeb in full settlement of her account receivable from August 2.

16 Issued check no. 687 to pay salaries expense of $1,240.

19 Purchased merchandise inventory for cash, $850, issuing check no. 688

22 Purchased furniture on credit terms of 2/10, n/30 from Beaver Corporation, $510.

23 Sold merchandise inventory on account to Fullam Company, Issuing invoice no. 505 for $9,966 (cost, $3,152).

24 Received half the July amount receivable from K.D. Skipper--after the end of the discount period.

26 Purchased office supplies on credit terms of 2/10, n/30 from federal Company, $180.

30 Returned damaged merchandise inventory to company from whom A-1 made the cash purchase on August 19, receiving cash of $850.

31 Purchased merchandise inventory on credit terms of 2/10, n/30 from Suncrest supply, $8,330.

31 Issued check no. 689 to Lester Mednick, ownerof the business, for personal withdrawal, $1,700.

Requirements;

1 Open the four-column accounts with account numbers and July 31 balances in the ledgers.

2 Journalize the August transactions using Sales Journal and cash receipts journal