Assume it is monday , May 1, the first business day of the month, and you have just been hired as the accountant for Colo Company, which operates with monthly accounting periods . All of the companys accounting work is completed through the end of april , and its ledgers show April 30 balances . During your first month on the job , the company experiences the following transactions and events ( terms for all its credit sales are 2/10, n/30 unless stated differently) :

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Assume it is Monday, May 1, the first business day of the month, and you have just been hired as the accountant for Colo Company which operates with monthly accounting periods. All of the company's accounting work is completed through the end of Aprt, and its ledgers show April 30 balances. During your first month on the job, the company experiences the following transactions and events (terms for all its credit sales are 2/10, 1/30 unless stated differently May 1 Issued Check Number 3410 to S&P Management Company in payment of the ray rent for $3,7. Chargt H.92 to Rent per Selling Space, and charge $798 to Rent Expense-Office Space. (Use two lines to record the transaction) May 2 (a) Sold merchandise on credit to Hensel Company, Invoice Number 0785, for 36,300 cost 54,600) May 2 (b) Issued an allowance (price reduction) of $210 to Knox Company for merchandise sold on April 28. The total selling (gross) was $4,760. May 3 Issued a refund of 5812 to Peyton Products for the return of merchandise purchased on April 23. Calcul was reduced by that amount. May 4 Purchased the following on credit from Gear Supply Company merchandise, 337,080 store suplies, die supplies, 590. Invoice dated May 4, teras/30. May 5 Received payment from Knox Company for the balance from the April 23 (84,556) tale less the ray 2 return the discount. Hay & Issued Check Number 3411 to Peyton Products to pay for the $7,133 of merchandise purchased on all the return and the $140 discount. May 9 5old store supplies (noninventory) to the business next door at their cast of 5372 cash wit Enterturer only in the Account Credited column Purchased 54,116 of office equipment on credit from Gear Supply Company, teras / May 11 (0) Received payment from Hensel Company for the sale less the discount of 513 May 11 (b) Purchased 39.500 of merchandise from Garcia, Incorporated, Tere 21, 30. Hay -12 Received an) 5896 price reduction from our Supply Company for the return of office try to debited accounts payable by the amount May 15 () Issued Check tumber 3412, mayable to Payroll, in payment of sales salaries, $,, office salaris. . May 15 (6) Cash sales for the first half of the month are 359,360 (cout 530,140). These cash sales recorded DN receipts Journal on May 15. Hay 15 (c) Post to the customer and crediter accounts. Also post Individual items that are not relude totalt of the month to the general ledger accounts: Pry Ned May 10 O 59 e to search May 16 Sold merchandise on credit to Hensel Company, Invoice Number 8786, for 94.60 (cost is $1,0). Help Sere May 17 Purchased $13,720 of merchandise from Fink Corporation, teres 2/10, 1/60 May 19 Issued Check Number 3413 to Garcia, Incorporated, in payment of its May 11 purchase less the discount of $911. May 22 Sold merchandise to Lee Services, Invoice Number 8787, for $6,920 (cost is $5,860), terms 2/10, May 23 Issued Check Number 3414 to Fink Corporation in payment of Its May 17 purchase less the discount of an May 24 Purchased the following on credit from Gear Supply Company: merchandise, 58,260 store supplies, and it supplies, $420. Terms n/30. May 25 Purchased $3,220 of merchandise from Peyton Products, teras 7/10, 1/30. May 26 (a) Sold merchandise on credit to Crane Corporation, Invelce Number 8780, for $14,200 (cost is $8.50). May 26 (b) Issued Check Number 3415 to Perennial Power En payment of the May electric bill, $1,292 The owner of Colo Company, Jenny Colo, used Check Number 1416 to withdraw $7,000 cash from the house for use. May 30 () Received payment from Lee Services for the May 22 sale less the discount of 114 May 30 (b) Issued Check Number 3417, payable to Payroll, in payment of sales salaries, 35,990, and office in May 31 (a) Cash sales for the last half of the month are 566,100 (cost is $47,5%). These cash and the receipts Journal on May 31 May 31 (b) Post to the customer and creditor accounts. Also post Individual items that are not included with of the month to the general ledger accounts. Foot and crossfoor the Journals and make the May 29 Required: 1-a. Enter the transactions in a sales journal 1-b. Enter the transactions in a purchases journal 1-c. Enter the transactions in a cash receipts journal. 1-d. Enter the transactions in a cash payments journal, 1-e. Enter the transactions in a general journal Assume a perpetual inventory system Complete this question by entering your answers in the tabs below. 1 of 1 11 Project 6 Saved Complete this question by entering your answers in the tabs below. Req 1A Reg 18 Reg 10 Reg 10 Red JE Enter the transactions in a sales journal SALES JOURNAL Date Account Debted Inwolce Number Accounts Receivable Debt Sales Credit Cost of Goods Sold Debit ventory May 02 May 16 May 22 May 26 asal Company sal Company Le services Cane Corporation May 31 Total Reg 10 > 1 Nord e 5 . 0 Your answers in the tabs below. 1 Reg 1A Reg 18 Reg 1c Reg 10 Reg LE Enter the transactions in a purchases foumal. Skipped PURCHASES JOKIRNAL Date Account Date of Invoice Terms Accounts Payabile Credit Inventory Det Od Simples Dehit D 05 05 May 31 Totals Noid Pro Me Graw o G 3 Type here to search Complete this question by entering your answers in the tabs below. 1 Reg 1A Reg 18 Req IC Reg 1D Reg 1E ht Enter the transactions in a cash receipts journal. CASH RECEIPTS JOURNAL Skipped Date Account Credited Sales Cash Debit Discount Dobit Cost of Goods Solid Debit Inventory Credit Accounts Other Receivable Sales Credit Accounts Credit Cred 05 05 $ May 31 Totals 1 Nord e 5 . 0 Your answers in the tabs below. 1 Reg 1A Reg 18 Reg 1c Reg 10 Reg LE Enter the transactions in a purchases foumal. Skipped PURCHASES JOKIRNAL Date Account Date of Invoice Terms Accounts Payabile Credit Inventory Det Od Simples Dehit D 05 05 May 31 Totals Noid Pro Me Graw o G 3 Type here to search Complete this question by entering your answers in the tabs below. 1 Reg 1A Reg 18 Req IC Reg 1D Reg 1E ht Enter the transactions in a cash receipts journal. CASH RECEIPTS JOURNAL Skipped Date Account Credited Sales Cash Debit Discount Dobit Cost of Goods Solid Debit Inventory Credit Accounts Other Receivable Sales Credit Accounts Credit Cred 05 05 $ May 31 Totals