Check Newton Company completed these transactions during April 2020. The terms of all credit sales are 2/10,n/30 April 2 Purchased merchandise on credit fron Baskin Company, invoice dated April 2, terms 2/10, 1/60, $12,800. 3 Sold merchandise on credit to Linda Hobart, invoice #760, $3,200. Cost, $1,900. 3 Purchased office supplies on credit from Eau Claire Inc., $1,348. Invoice dated April 2, terms n/1e EM. 4 Issued cheque #587 to The Record for advertising expense, $1,020. 5 Sold merchandise on credit to Paul Abrams, invoice #761, 59,400. Cost, $5,600. 6 Received an $85 credit memo from Eau Claire Inc. for office supplies received on April 3 and returned for credit. 9 Purchased store equipment on credit from Frank's Supply, invoice dated April 9, terms n/10 EOM, $10, see. 11 Sold merchandise on credit to Kelly Schaefer, invoice #762, $10,000. Cost, $6,000. 12 Issued cheque #588 to Baskin Company in payment of its April 2 invoice. 13 Received payment from Linda Hobart for the April 3 sale. 13 Sold merchandise on credit to Linda Hobart, Invoice #763, $5,200. Cost, $3,100. 14 Received payment from Paul Abrams for the April 5 sale. 16 Issued cheque #589, payable to Payroll, in payment of the sales salaries for the first half of the month, $9,500. For simplicity, we assume one cheque. 16 Cash sales for the first half of the month were $54,000. Cost, $32,400. Cash sales are usually recorded daily from the cash register readings. However, they are recorded only once in this problem to reduce the repetitive transactions. 17 Purchased merchandise on credit from Sprocket Company, invoice dated April 16, terms 2/10, 1/30, $12,750. 18 Borrowed $50,000 from First Bank by giving a long-term note payable. 20 Received payment from Kelly Schaefer for the April 11 sole. 20 Purchased store supplies on credit from Frank's Supply, Invoice dated April 19, terms n/10 EOM, $650. 23 Received a $400 credit meno from Sprocket Company for defective merchandise received on April 17 and returned. 23 Received payment from Linda Hobart for the April 13 sale. 25 Purchased merchandise on credit from Baskin Company, Invoice dated April 24, terns 2/10, n/60, $10,900. 26 Issued cheque #590 to Sprocket Company in payment of its April 16 Invoice. 27 Sold merchandise on credit to Paul Ahram inunire #764 $1. Ro. Cost $2.100 Newton Company completed these transactions during April 2020. The terms of all credit sales are 2/10,n/30. April 2 Purchased merchandise on credit from Basin Company, invoice dated April 2, terme 2/10, n/60, $12,000. 3 Sold merchandise on credit to Linda Hobart, invoice #760, $3,200. cont, 91, 900. 3 Purchased office supplies on credit from Eau Claire Inc., 61, 340. Invoice dated April 2, ter n/10 EOM. 4 Issued cheque #587 to The Record for advertising expense. $1,020. 5 Sold merchandise on credit to Paul Abram, invoice #762, $9,400. Cost, 55, 600. 6 Received an $85 credit memo from Eau Claire Inc. for office supplies received on April 3 and returned for credit. 9 Purchased atore equipment on credit from Frank's Supply, invoice dated April 9, terna n/10 EON, $10,500. 11 Sold merchandise on credit to Kelly Schaefer, invoice 1762, $10,000. Cost, $6,000. 12 Issued cheque #588 to Baskin Company in payment of its April 2 invoice. 13 Received payment from Linda Hobart tor the April 3 sale, 13 Sold merchandise on credit to Linda Hobart, invoice 1769, 45,200. Cost, $3,200. 14 Received payment from Paul Abrams for the April 5 sale. 16 Issued cheque #589, payable to Payroll, in payment of the sales salaries for the first half of the month. $9,500. For simplicity, we assume one cheque. 16 Cash sales for the first half of the month were 454,000. Cose, 532,400. Cash sales are usually recorded daily from the cash register readings. However they are recorded only once in this problem to reduce the repetitive transactions. 17 Purchased merchandise on credit from Sprocket Company, invoice dated April 16, terms 2/10, 1/30, $12.750. 18 Borrowed 650,000 from First Bank by giving a long-term note payable. 20 Received payment from Kelly Schaefer for the April 1 sale. 20 Purchased atore supplies on credit from Frank's Supply, invoice dated April 19, terma n/10 COM, $650. 23 Received a $400 credit memo from Sprocket Company tor defective merchandise received on April 17 and returned. 23 Received payment from Linda Hobart for the April 13 saie. 25 Purchased merchandise on credit from Baskin Company, invoice dated April 24, tema 2/10, 1/60, $10,900. 26 Issued cheque #590 to Sprocket Company in payment of its April 16 invoice. 27 Sold merchandise on credit to Paul Abrams, invoice 1764, $3,800. Cost, $2,300. 27 Sold merchandise on credit to Kelly Schaefer, invoice #765, 56,200. Cost, $3,800. 30 Tosued cheque #591, payable to Payroll, in payment of the sales salaries for the last half of the month, $9,500. For simplicity, we assure one cheque. 30 Cash sales for the last half of the month were $69.000. Cost, $41,400. Required: 1-4. Journalize the transactions of Newton Company into the appropriate special journal posting to the subledgers where required Post the items that should be posted as individual amounts from the journals and Foot and crosstoot the journals and make the month end postings. Enter the March 31 balances of $167,000 for Cash: $105,000 for Merchandise Inventory, S105,000 for Jeff Newton Capital; and $167,000 for Long-Term Notes Payable (Enter the transactions in the order provided in the question.) NEWTON COMPANY Sales Journal Invoice Account Debited No. Date (2020) AIR Dr. Sales Co NEWTON COMPANY Sales Journal Invoice Account Debited No. Date (2020) A/R Dr. Sales Cr. Totals 0 (106/413) NEWTON COMPANY Cash Receipts Journal Date (2020) Account Debited Explanation Cash Debit Sales Discount Debit Acct Rec. Credit Sales Credit Other Accts Credit Totals 0 0 0 0 0 (106) (101) (415) (413) 0 NEWTON COMPANY Purchases Journal Date (2020) Account Credited Date of Invoice Terms Accounts Payable Credit Purchases Debit Office Supplies Debit Other Accounts Debit Totals (201) (505) 0 (124) () NEWTON COMPANY Cash Disbursements Journal Date (2020) Ch. No. Payee Account Debited Cash Credit Purchase Discount Credit Other Accts Debit Accts Payable Debit Totals D (506) (101) (201) View transaction list x 1 Record the returned office supplies 2 Record the returned merchandise. Credit Note : = journal entry has been entered Record entry Clear entry View general journal 101: Cash Debit Credit Date (2020) 106: Accounts Receivable Debit Credit Balance Date (2020) Balance 119: Merchandise Inventory Debit Credit Date (2020) 124: Office Supplies Debit Credit Balance Date (2020) Balance 125: Store Supplies Debit Credit Date (2020) 165: Store Equipment Debit Credit Balance Date (2020) Balance 201: Accounts Payable Debit Credit Date (2020) 251: Long term Notes Payable Date (2020) Debit Credit Balance Balance 301: Jeff Newton, capital Debit Credit Date (2020) 413: Sales Debit Credit Balance Date (2020) Balance 0 0 Date (2020) 415: Sales Discounts Debit Credit 505: Purchases Debit Credit Balance Date (2020) Balance 0 506: Purchase Discounts Debit Credit Date (2020) 507: Purchase Returns and Allowances Date (2020) Debit Credit Balance Balance 0 0 506: Purchase Discounts Debit Credit 507: Purchase Returns and Allowances Date (2020) Debit Credit Balance Date (2020) Balance 0 0 621: Sales Salaries Expense Date (2020) Debit Credit 655: Advertising Expense Debit Credit Balance Date (2020) Balance ACCOUNTS RECEIVABLE SUBLEDGER Paul Abrams Debit Credit Date (2020) Linda Hobart Debit Credit Balance Date (2020) Balance Kelly Schaefer Debit Credit Date (2020) Balance ACCOUNTS PAYABLE SUBLEDGER Date (2020) Frank's Supply Debit Credit Baskin Company Debit Credit Balance Date (2020) Balance 0 0 0 0 0 Sprocket Company Eau Claire Inc. 5. Prepare a trial balance of the General Ledger and prepare schedules of accounts receiva NEWTON COMPANY Schedule of Accounts Receivable April 30, 2020 0 Total accounts receivable NEWTON COMPANY Schedule of Accounts Payable April 30, 2020 Total accounts payable $ 0 NEWTON COMPANY Trial Balance April 30, 2020 Account Debit Credit Totals 0 $ Check Newton Company completed these transactions during April 2020. The terms of all credit sales are 2/10,n/30 April 2 Purchased merchandise on credit fron Baskin Company, invoice dated April 2, terms 2/10, 1/60, $12,800. 3 Sold merchandise on credit to Linda Hobart, invoice #760, $3,200. Cost, $1,900. 3 Purchased office supplies on credit from Eau Claire Inc., $1,348. Invoice dated April 2, terms n/1e EM. 4 Issued cheque #587 to The Record for advertising expense, $1,020. 5 Sold merchandise on credit to Paul Abrams, invoice #761, 59,400. Cost, $5,600. 6 Received an $85 credit memo from Eau Claire Inc. for office supplies received on April 3 and returned for credit. 9 Purchased store equipment on credit from Frank's Supply, invoice dated April 9, terms n/10 EOM, $10, see. 11 Sold merchandise on credit to Kelly Schaefer, invoice #762, $10,000. Cost, $6,000. 12 Issued cheque #588 to Baskin Company in payment of its April 2 invoice. 13 Received payment from Linda Hobart for the April 3 sale. 13 Sold merchandise on credit to Linda Hobart, Invoice #763, $5,200. Cost, $3,100. 14 Received payment from Paul Abrams for the April 5 sale. 16 Issued cheque #589, payable to Payroll, in payment of the sales salaries for the first half of the month, $9,500. For simplicity, we assume one cheque. 16 Cash sales for the first half of the month were $54,000. Cost, $32,400. Cash sales are usually recorded daily from the cash register readings. However, they are recorded only once in this problem to reduce the repetitive transactions. 17 Purchased merchandise on credit from Sprocket Company, invoice dated April 16, terms 2/10, 1/30, $12,750. 18 Borrowed $50,000 from First Bank by giving a long-term note payable. 20 Received payment from Kelly Schaefer for the April 11 sole. 20 Purchased store supplies on credit from Frank's Supply, Invoice dated April 19, terms n/10 EOM, $650. 23 Received a $400 credit meno from Sprocket Company for defective merchandise received on April 17 and returned. 23 Received payment from Linda Hobart for the April 13 sale. 25 Purchased merchandise on credit from Baskin Company, Invoice dated April 24, terns 2/10, n/60, $10,900. 26 Issued cheque #590 to Sprocket Company in payment of its April 16 Invoice. 27 Sold merchandise on credit to Paul Ahram inunire #764 $1. Ro. Cost $2.100 Newton Company completed these transactions during April 2020. The terms of all credit sales are 2/10,n/30. April 2 Purchased merchandise on credit from Basin Company, invoice dated April 2, terme 2/10, n/60, $12,000. 3 Sold merchandise on credit to Linda Hobart, invoice #760, $3,200. cont, 91, 900. 3 Purchased office supplies on credit from Eau Claire Inc., 61, 340. Invoice dated April 2, ter n/10 EOM. 4 Issued cheque #587 to The Record for advertising expense. $1,020. 5 Sold merchandise on credit to Paul Abram, invoice #762, $9,400. Cost, 55, 600. 6 Received an $85 credit memo from Eau Claire Inc. for office supplies received on April 3 and returned for credit. 9 Purchased atore equipment on credit from Frank's Supply, invoice dated April 9, terna n/10 EON, $10,500. 11 Sold merchandise on credit to Kelly Schaefer, invoice 1762, $10,000. Cost, $6,000. 12 Issued cheque #588 to Baskin Company in payment of its April 2 invoice. 13 Received payment from Linda Hobart tor the April 3 sale, 13 Sold merchandise on credit to Linda Hobart, invoice 1769, 45,200. Cost, $3,200. 14 Received payment from Paul Abrams for the April 5 sale. 16 Issued cheque #589, payable to Payroll, in payment of the sales salaries for the first half of the month. $9,500. For simplicity, we assume one cheque. 16 Cash sales for the first half of the month were 454,000. Cose, 532,400. Cash sales are usually recorded daily from the cash register readings. However they are recorded only once in this problem to reduce the repetitive transactions. 17 Purchased merchandise on credit from Sprocket Company, invoice dated April 16, terms 2/10, 1/30, $12.750. 18 Borrowed 650,000 from First Bank by giving a long-term note payable. 20 Received payment from Kelly Schaefer for the April 1 sale. 20 Purchased atore supplies on credit from Frank's Supply, invoice dated April 19, terma n/10 COM, $650. 23 Received a $400 credit memo from Sprocket Company tor defective merchandise received on April 17 and returned. 23 Received payment from Linda Hobart for the April 13 saie. 25 Purchased merchandise on credit from Baskin Company, invoice dated April 24, tema 2/10, 1/60, $10,900. 26 Issued cheque #590 to Sprocket Company in payment of its April 16 invoice. 27 Sold merchandise on credit to Paul Abrams, invoice 1764, $3,800. Cost, $2,300. 27 Sold merchandise on credit to Kelly Schaefer, invoice #765, 56,200. Cost, $3,800. 30 Tosued cheque #591, payable to Payroll, in payment of the sales salaries for the last half of the month, $9,500. For simplicity, we assure one cheque. 30 Cash sales for the last half of the month were $69.000. Cost, $41,400. Required: 1-4. Journalize the transactions of Newton Company into the appropriate special journal posting to the subledgers where required Post the items that should be posted as individual amounts from the journals and Foot and crosstoot the journals and make the month end postings. Enter the March 31 balances of $167,000 for Cash: $105,000 for Merchandise Inventory, S105,000 for Jeff Newton Capital; and $167,000 for Long-Term Notes Payable (Enter the transactions in the order provided in the question.) NEWTON COMPANY Sales Journal Invoice Account Debited No. Date (2020) AIR Dr. Sales Co NEWTON COMPANY Sales Journal Invoice Account Debited No. Date (2020) A/R Dr. Sales Cr. Totals 0 (106/413) NEWTON COMPANY Cash Receipts Journal Date (2020) Account Debited Explanation Cash Debit Sales Discount Debit Acct Rec. Credit Sales Credit Other Accts Credit Totals 0 0 0 0 0 (106) (101) (415) (413) 0 NEWTON COMPANY Purchases Journal Date (2020) Account Credited Date of Invoice Terms Accounts Payable Credit Purchases Debit Office Supplies Debit Other Accounts Debit Totals (201) (505) 0 (124) () NEWTON COMPANY Cash Disbursements Journal Date (2020) Ch. No. Payee Account Debited Cash Credit Purchase Discount Credit Other Accts Debit Accts Payable Debit Totals D (506) (101) (201) View transaction list x 1 Record the returned office supplies 2 Record the returned merchandise. Credit Note : = journal entry has been entered Record entry Clear entry View general journal 101: Cash Debit Credit Date (2020) 106: Accounts Receivable Debit Credit Balance Date (2020) Balance 119: Merchandise Inventory Debit Credit Date (2020) 124: Office Supplies Debit Credit Balance Date (2020) Balance 125: Store Supplies Debit Credit Date (2020) 165: Store Equipment Debit Credit Balance Date (2020) Balance 201: Accounts Payable Debit Credit Date (2020) 251: Long term Notes Payable Date (2020) Debit Credit Balance Balance 301: Jeff Newton, capital Debit Credit Date (2020) 413: Sales Debit Credit Balance Date (2020) Balance 0 0 Date (2020) 415: Sales Discounts Debit Credit 505: Purchases Debit Credit Balance Date (2020) Balance 0 506: Purchase Discounts Debit Credit Date (2020) 507: Purchase Returns and Allowances Date (2020) Debit Credit Balance Balance 0 0 506: Purchase Discounts Debit Credit 507: Purchase Returns and Allowances Date (2020) Debit Credit Balance Date (2020) Balance 0 0 621: Sales Salaries Expense Date (2020) Debit Credit 655: Advertising Expense Debit Credit Balance Date (2020) Balance ACCOUNTS RECEIVABLE SUBLEDGER Paul Abrams Debit Credit Date (2020) Linda Hobart Debit Credit Balance Date (2020) Balance Kelly Schaefer Debit Credit Date (2020) Balance ACCOUNTS PAYABLE SUBLEDGER Date (2020) Frank's Supply Debit Credit Baskin Company Debit Credit Balance Date (2020) Balance 0 0 0 0 0 Sprocket Company Eau Claire Inc. 5. Prepare a trial balance of the General Ledger and prepare schedules of accounts receiva NEWTON COMPANY Schedule of Accounts Receivable April 30, 2020 0 Total accounts receivable NEWTON COMPANY Schedule of Accounts Payable April 30, 2020 Total accounts payable $ 0 NEWTON COMPANY Trial Balance April 30, 2020 Account Debit Credit Totals 0 $