Accounts:

Transactions:

Assume Fresh Springs Glass Company uses the perpetual inventory system. The general ledger of Fresh Springs Glass Company includes the following selected accounts, along with their account numbers: (Click on the icon to view the accounts.) Sales and cash receipts transactions in July were as follows: (Click on the icon to view the transactions.) Read the requirements. Requirement 1, 2, and 3. Use the appropriate journal to record the preceding transactions in a sales journal (omit the Invoice No. column) and a cash receipts journal (omit the Sales Discounts Forfeited column). Total each column of the sales journal and the cash receipts journal. Show that total debits equal total credits. Show how postings would be made by entering the account numbers and check marks in the appropriate places in the journals. Begin with the sales journal. Enter the transactions and total the journal. (Assume all postings are made to the applicable ledgers. If a box is not used in the journal leave the box empty; do not select information and do not enter a zero.) Sales Journal Page 1 Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR Jul. 101 Jul. 31 Totals Show how total debits equal total credits. Total debits Total credits Sales journal = Cash Receipts Journal Page 1 Post. Accounts Sales Other Cost of Goods Sold DR Date Account Credited Ref. Cash DR Rec. CR Rev. CR Accts CR Merchandise Inv. CR Jul. Jul. 31 Totals Show how total debits equal total credits. Total debits = Total credits Cash receipts journal = Number Account Number Account 11 Cash 18 Equipment 12 Accounts Receivable 19 Land 13 Notes Receivable 41 Sales Revenue 15 Merchandise Inventory 51 Cost of Goods Sold 16 Office Supplies Jul. 2 Sold merchandise inventory on credit, terms n/30, to Intelysis, Inc., $2,100 (cost, $300). Jul. 3 Sold office supplies to an employee at cost, $65, receiving cash. Jul. 7 Cash sales for the week totaled $1,900 (cost, $1,300). Jul. 9 Sold merchandise inventory on account, terms n/30, to A. Z. Metz, $7,320 (cost, $5,400). Jul. 10 Sold land that cost $13,000 for cash of the same amount. Jul. 11 Sold merchandise inventory on account, terms n/30, to Super Electric, $5,900 (cost, $3,250). Received cash from Intelysis in full settlement of its account receivable from July 2. Jul. 12 Jul. 14 Cash sales for the week were $2,400 (cost, $1,530). Jul. 15 Jul. 20 Sold merchandise inventory on credit, terms n/30, to the partnership of West & Ban, $3,500 (cost, $2,300). Sold merchandise inventory on account, terms n/30, to Super Electric, $850 (cost, $280). Cash sales for the week were $950 (cost, $600). Jul. 21 Jul. 22 Received $4,800 cash from A. Z. Metz in partial settlement of his account receivable. Jul. 25 Received cash from West & Ban for its account receivable from July 15. Jul. 25 Sold merchandise inventory on account, terms n/30, to Oggio Co., $1,500 (cost, $960). Jul. 27 Collected $5,500 on a note receivable. There was no interest earned. Jul. 28 Cash sales for the week totaled $3,730 (cost, $2,420). Jul. 29 Sold merchandise inventory on account, terms n/30, to R. A. Banks, $270 (cost, $110). Jul. 31 Received $1,520 cash on account from A. Z. Metz