Carla Vista Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Carla Vista are indicated in the working papers presented below. Also following are a series of transactions for Carla Vista Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account Number Account Title January 1 Opening Balance 101 Cash $37,000 112 Accounts Receivable 12,700 115 Notes Receivable 36,000 120 Inventory 17,500 126 Supplies 1,300 130 Prepaid Insurance 2,100 157 Equipment 6,450 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 36,000 301 Owner's Capital 75,550 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) Customer R. Beltre B. Santos S. Mahay January 1 Opening Balance $1,400 7,700 3,600 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer S. Meek R. Moses D. Saito Opening Balance $10,000 17,000 9,000 Jan. 3 Sell merchandise on account to B. Corpas $3,900, invoice no. 510, and to J. Revere $2,000, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,100, terms n/30. 7 Receive checks from S. Mahay $3,600 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $230. 9 Send checks to S. Meek for $10,000 less 2% cash discount, and to D. Saito for $9,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $18,000. Make one journal entry for these sales. 11 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,600 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Carla Vista for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $16,000, terms 1/10, n/30; S. Meek $14,200, terms 2/10, n/30; and S. Gamel $1,400, terms n/30. 2 2 2 2 2 2 17 Pay $400 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $22,600. Make one journal entry for these sales. 21 21 Issue $17,000 note, maturing in 90 days, to R. Moses in payment of balance due. Receive payment in full from S. Mahay less cash discount. Sell merchandise on account to B. Corpas $2,700, invoice no. 514, and to R. Beltre $2,100, invoice no. 515. Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek for full payment less cash discounts. 1) 23 Send checks to D. Saito and S. Meek for full payment less cash discounts. 25 Sell merchandise on account to B. Santos $4,000, invoice no. 516, and to J. Revere $6,300, invoice no. 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,200, terms n/30; and S. Gamel $5,600, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $21,600. Make one journal entry for these sales. 31 Pay sales salaries $5,000 and office salaries $3,200. Your answer is partially correct. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal S1 Account Receivable Dr. Cost of Good Sold Dr. Date Account Debited Invoice No. Ref. Sales Revenue Cr. Inventory Cr. Jan. 3 B. Corpas 510 3900 2700 Jan. 3 J. Revere 511 2000 900 Jan. 11 R. Beltre 512 1200 720 Jan. 11 S. Mahay 513 900 540 Jan. 22 B. Corpas 514 2700 1500 Jan. 22 R. Beltre 515 2100 1200 Jan. 25 B. Santos 516 4000 1800 Jan. 25 J. Revere 517 6300 3000 21300 Prepare a trial balance at January 31, 2022, in the trial balance columns of the worksheet. Complete the worksheet using the following additional information. 1. Office supplies at January 31 total $800. 2. Insurance coverage expires on October 31, 2022. 3. Annual depreciation on the equipment is $1,200. 4. Interest of $50 has accrued on the note payable. Trial Balance Account Titles Dr. Cash Accounts Receivable Notes Receivable Inventory Supplies Prepaid Insurance Equipment Accum. Depreciation-Equipment Notes Payable Accounts Payable Owner's Capital Adjustments Cr. Dr. Owner's Drawings Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries and Wages Expense Rent Expense Totals Interest Payable Supplies Expense Insurance Expense Depreciation Expense Interest Expense Totals Net Income Totals Prepare a owner's equity statement for January. (List items that increase owner's equity first.) CARLA VISTACO. Owner's Equity Statement $ +A $ Prepare a classified balance sheet at the end of January. (List Current Assets in order of liquidity.) CARLA VISTA CO. Balance Sheet Assets Liabilities and Owner's Equity CA CA $ +A $ Liabilities and Owner's Equity +A +A $ +A. $ Prepare a post-closing trial balance. Totals CARLA VISTA CO. Post-Closing Trial Balance 60 Debit $ SA Credit GA Determine whether the subsidiary ledgers agree with the control accounts in the general ledger. (Do not list those accounts that have zero ending balance.) Accounts Receivable balance Accounts Receivable Subsidiary Ledger +A Accounts Payable balance Subsidiary account balances > > $ +A LA $ +A $ CA $ +A $