Assume Peaceful Springs Glass Company uses the perpetual inventory system. The general ledger of Peaceful 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.) More Info x Sales Journal Page 1 x Data Table Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR Jul. 2 Sold merchandise inventory on credit, terms n/30, to Image, Inc., $2,300 (cost, $600). Jul Number Account Number Account Jul. 3 Sold office supplies to an employee at cost, $85, receiving cash 11 Cash 18 Equipment Jul. 7 Cash sales for the week totaled $1.900 (cost. $1,600). 12 Accounts Receivable Sold merchandise inventory on account, terms n/30, to A. C. Malloy, 57,400 (cost, 19 Land Jul. 9 $5,000). 13 Notes Receivable 41 Sales Revenue Jul. 10 Sold land that cost $12,000 for cash of the same amount. 15 Merchandise Inventory 51 Cost of Goods Sold Sold merchandise inventory on account, terms n/30, to Super Electric, $5,100 (cost, 16 Office Supplies Jul. 11 $3,450) Jul. 12 Received cash from Image in full settlement of its account receivable from July 2. Jul. 14 Cash sales for the week were $2,300 (cost, $1,450). Print Done Sold merchandise inventory on credit, terms n/30, to the partnership of Westin & Baker, Jul. 15 $3,200 (cost, $2,200). Jul. 20 Sold merchandise inventory on account, terms n/30, to Super Electric, $620 (cost, $360). Jul. 21 Cash sales for the week were $900 (cost, $600). 31 Totals Jul. 22 Received $4,600 cash from A C. Malloy in partial settlement of his account receivable. Jul. 25 Received cash from Westin & Baker for its account receivable from July 15. Jul. 25 Sold merchandise inventory on account, terms n/30, to Oggio Co., $1,520 (cost, $1,030). Jul. 27 Collected $5,600 on a note receivable. There was no interest earned. Jul. 28 Cash sales for the week totaled $3,720 (cost, $2,400). Jul. 29 Sold merchandise inventory on account, terms n/30, to R. O. Bills, $220 (cost, $130). Jul. 31 Received $2,500 cash on account from A. C. Malloy. Choose from any list or enter any number in the input fields and then click Check Answer. Total debits Total credits Sales journal On July 3 the company sold office supplies at cost, $60 and received cash. This transaction will be recorded in the Cash DR column and the Other Accts CR column. (since there is no column for Office Supplies). To identify that this amount will be posted in the Office Supplies account, we will enter the applicable account name in the Account Credited column. The first transaction has been recorded for you. Enter the remaining transactions in the journal now. (If a box is not used in the journal leave the box empty; do not select information and do not enter a zero. Abbreviations used: Rec. = Receivables, Rev. = Revenue, Accts = Accounts, Inv. = Inventory.) Cash Receipts Journal Accounts Sales Cash DR Rec. CR Rev. CR Post. Ref. Other Page 1 Cost of Goods Sold DR Merchandise Inv. CR Date Account Credited Accts CR Jul. 3 Office Supplies 85 85 IN II Jul. 31 Totals Total debits Total credits Cash receipts journal Assume Peaceful Springs Glass Company uses the perpetual inventory system. The general ledger of Peaceful 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.) More Info x Sales Journal Page 1 x Data Table Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR Jul. 2 Sold merchandise inventory on credit, terms n/30, to Image, Inc., $2,300 (cost, $600). Jul Number Account Number Account Jul. 3 Sold office supplies to an employee at cost, $85, receiving cash 11 Cash 18 Equipment Jul. 7 Cash sales for the week totaled $1.900 (cost. $1,600). 12 Accounts Receivable Sold merchandise inventory on account, terms n/30, to A. C. Malloy, 57,400 (cost, 19 Land Jul. 9 $5,000). 13 Notes Receivable 41 Sales Revenue Jul. 10 Sold land that cost $12,000 for cash of the same amount. 15 Merchandise Inventory 51 Cost of Goods Sold Sold merchandise inventory on account, terms n/30, to Super Electric, $5,100 (cost, 16 Office Supplies Jul. 11 $3,450) Jul. 12 Received cash from Image in full settlement of its account receivable from July 2. Jul. 14 Cash sales for the week were $2,300 (cost, $1,450). Print Done Sold merchandise inventory on credit, terms n/30, to the partnership of Westin & Baker, Jul. 15 $3,200 (cost, $2,200). Jul. 20 Sold merchandise inventory on account, terms n/30, to Super Electric, $620 (cost, $360). Jul. 21 Cash sales for the week were $900 (cost, $600). 31 Totals Jul. 22 Received $4,600 cash from A C. Malloy in partial settlement of his account receivable. Jul. 25 Received cash from Westin & Baker for its account receivable from July 15. Jul. 25 Sold merchandise inventory on account, terms n/30, to Oggio Co., $1,520 (cost, $1,030). Jul. 27 Collected $5,600 on a note receivable. There was no interest earned. Jul. 28 Cash sales for the week totaled $3,720 (cost, $2,400). Jul. 29 Sold merchandise inventory on account, terms n/30, to R. O. Bills, $220 (cost, $130). Jul. 31 Received $2,500 cash on account from A. C. Malloy. Choose from any list or enter any number in the input fields and then click Check Answer. Total debits Total credits Sales journal On July 3 the company sold office supplies at cost, $60 and received cash. This transaction will be recorded in the Cash DR column and the Other Accts CR column. (since there is no column for Office Supplies). To identify that this amount will be posted in the Office Supplies account, we will enter the applicable account name in the Account Credited column. The first transaction has been recorded for you. Enter the remaining transactions in the journal now. (If a box is not used in the journal leave the box empty; do not select information and do not enter a zero. Abbreviations used: Rec. = Receivables, Rev. = Revenue, Accts = Accounts, Inv. = Inventory.) Cash Receipts Journal Accounts Sales Cash DR Rec. CR Rev. CR Post. Ref. Other Page 1 Cost of Goods Sold DR Merchandise Inv. CR Date Account Credited Accts CR Jul. 3 Office Supplies 85 85 IN II Jul. 31 Totals Total debits Total credits Cash receipts journal