Accounting Cycle Review 7-01 a1-f2 (Part Level Submission) Ivanhoe Co. uses a perpetual inventory system arnd both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Ivanhoe are indicated in the working papers. presented below are a series of transactions for Ivanhoe Co, for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. January 1 Opening Balance $38,750 12.900 36,000 19,500 1,000 1,500 7,800 1,600 29,000 80,750 Number Account Title Cash Accounts Receivable Notes Receivable 112 115 120 nventory 126 Supplies 130 Prepaid Insurance 157 Equipment 201 Accounts Payable 301 Owner's Capital (from accounts recelvable subsidiary ledger) January 1 Opening Balance R. De tre B, Santos S. Mahay 1,400 7,400 4,000