Assignment 4 - Financial Accoux ollege.brightspace.com/d/e/content/6977NiewContent/6717Niew MeNL 4 Assignment 4 2022 CRJ July PJ SJ SJ CR G] 2 Walter Lantz invested $8,000 in the business. 3 Purchased $2,000 merchandise from Patel & Sons, their invoice No. 756. 4 Sold merchandise on account to Panda Co., invoice No. 1$300. Cost of merchandise was $225. 5 Sold merchandise on account to Buzzard Co., invoice No. 2$600. Cost of merchandise was $225. 6 Cash sale$400. Cost of merchandise was $300. 8 Issued credit memorandum No. 1 to Panda Co. for defective merchandise-$100. No inventory was returned. 9 Purchased $1,150 merchandise from Black Brothers, their invoice No. 2014. 10 Returned $400 defective merchandise to Patel & Sons. No inventory was returned. 11 Received cheque from Panda Co. for invoice No. 1 less returns and discount 12 Paid amount owing to Black Brothers, cheque 101. 16 Cash sale-$500. Cost of merchandise was $375. 19 Sold merchandise on account to Panda Co.-$550, invoice No. 3. Cost of merchandise was $412.50 22 Purchased $1,800 merchandise from Black Brothers, their CRJ CRJ SJ O 26C Mostly signment 4 - Financial Accoux brightspace.com/d21/e/content/6977 New Content/8717Niew El 4 Question 1: . Journalize, record, and post the following transactions as needed to the: osales, purchases, o cash receipts o cash payments, and o general journals. All terms are 2/10, n/30 on both sales and purchases. Question 2: . Prepare a schedule of accounts receivable and accounts payable. O I E 26C Mostly sunny Assignment 4 - Financial Accoux ollege.brightspace.com/d/e/content/6977NiewContent/6717Niew MeNL 4 Assignment 4 2022 CRJ July PJ SJ SJ CR G] 2 Walter Lantz invested $8,000 in the business. 3 Purchased $2,000 merchandise from Patel & Sons, their invoice No. 756. 4 Sold merchandise on account to Panda Co., invoice No. 1$300. Cost of merchandise was $225. 5 Sold merchandise on account to Buzzard Co., invoice No. 2$600. Cost of merchandise was $225. 6 Cash sale$400. Cost of merchandise was $300. 8 Issued credit memorandum No. 1 to Panda Co. for defective merchandise-$100. No inventory was returned. 9 Purchased $1,150 merchandise from Black Brothers, their invoice No. 2014. 10 Returned $400 defective merchandise to Patel & Sons. No inventory was returned. 11 Received cheque from Panda Co. for invoice No. 1 less returns and discount 12 Paid amount owing to Black Brothers, cheque 101. 16 Cash sale-$500. Cost of merchandise was $375. 19 Sold merchandise on account to Panda Co.-$550, invoice No. 3. Cost of merchandise was $412.50 22 Purchased $1,800 merchandise from Black Brothers, their CRJ CRJ SJ O 26C Mostly signment 4 - Financial Accoux brightspace.com/d21/e/content/6977 New Content/8717Niew El 4 Question 1: . Journalize, record, and post the following transactions as needed to the: osales, purchases, o cash receipts o cash payments, and o general journals. All terms are 2/10, n/30 on both sales and purchases. Question 2: . Prepare a schedule of accounts receivable and accounts payable. O I E 26C Mostly sunny