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Can someone help? EHENSIVE PROBLEMS: CHAPTERS 3 TO 7 cP7.1 (Perpetual Method) Jeter Co. uses a perpetual inventory system and both an accounts recei able
Can someone help? EHENSIVE PROBLEMS: CHAPTERS 3 TO 7 cP7.1 (Perpetual Method) Jeter Co. uses a perpetual inventory system and both an accounts recei able and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Jeter are indicated in the working papers presented below. Also following are a series of transactions for Jeter Co. for the month of January Credit sales terms are 2/10, The cost n/30. of all merchandise sold was 60% of the sales price. GENERAL LEDGER January 1 Account Account Title Number Opening Balance 101 Cash $35,750 112 Accounts Receivable 13,000 115 Notes Receivable 39,000 120 Inventory 18,000 126 Supplies 1,000 130 Prepaid Insurance 2,000 157 Equipment 6,450 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 35,000 301 l owner's Capital 78,700
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