CompB-1 (book/static) is Question Help O Amherst Networking Systems adjusts and closes its books and then prepares financial statements monthly. Amherst uses the perpetual inventory system and all sales on credit have terms of n/30. The company completed the following transactions during August: (Click the icon to view the transactions.) The July 31 account balances follow: (Click the icon to view the trial balance at July 31 and other information.) Read the requirements Requirement 1. The general ledger accounts and subsidiary ledgers, along with their beginning balances, have been opened for you. Journalize the August transactions using a sales journal (page 4), a cash receipts journal (page 11, omit Sales Discounts Forfeited column), a purchases joumal (page 8), a cash payments journal (page 5), and a general journal (page 9). Record the appropriate transactions in the sales journal. (If a box is not used in the table, leave the box empty; do not select a label or enter a zero.) Sales Journal Page 4 Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR Aug. 503 Aug. 31 Totals Choose from any list or enter any number in the input fields and then click Check Answer. ? More Info Aug. 1 Aug. 2 Issued check no. 682 for August office rent of $1,300. Issued check no. 683 to pay the salaries payable of $1,300 from July 31. Issued invoice no. 503 for sale on account to R. T. Loeb, $700. Amherst's cost of this merchandise inventory was $210. Aug. 2 Aug. 3 Aug. 4 Aug. 4 Aug. 5 Aug. 7 Aug. 8 Aug. 11 Aug. 12 Aug. 16 Aug. 19 Aug. 22 Purchased merchandise inventory on credit terms of 1/15, n/60 from Goldner, Inc., $1,400. Received cash on account from Friend Company, $2,400. Sold merchandise inventory for cash, $370 (cost, $111). Issued check no. 684 to purchase office supplies for cash, $730. Issued invoice no. 504 for sale on account to K. D. Sanders, $2,100 (cost, $630). Issued check no. 685 to pay Filter Company $2,500 of the amount owed at July 31. This payment occurred after the end of the discount period. Issued check no. 686 to pay Goldner, Inc. the net amount owed from August 3. Received cash from R. T. Loeb in full settlement of her account receivable from August 2. Issued check no. 687 to pay salaries expense of $1,290. Purchased merchandise inventory for cash, $850, issuing check no. 688. Purchased furniture on credit terms of 3/15, n/60 from Bradford Corporation, $510. Sold merchandise inventory on account to Friend Company, issuing invoice no. 505 for $9,000 (cost, $2,700). Aug. 23 A4 Doroivod bolf tho Lul 21 amount rocoivoblo from KD Condore Print Done Aug. 24 Aug. 26 Aug. 30 Aug. 31 Received half the July 31 amount receivable from K. D. Sanders. Purchased office supplies on credit terms of 2/10, n/30 from Filter Company, $240. Returned damaged merchandise inventory to company from whom Amherst made the cash purchase on August 19, receiving cash of $850. Purchased merchandise inventory on credit terms of 1/10, n/30 from Seacrest Supply, $8,000. Issued check no. 689 to stockholders, for dividends, $600. Aug. 31 Print Done Data Table General Ledger Debit Credit 101 Cash $ 5,020 102 Accounts Receivable 22,490 41,300 1,680 105 Merchandise Inventory 109 Office Supplies 117 Prepaid Insurance 160 Furniture 2,600 37,000 $ 10,000 12,700 161 Accumulated DepreciationFurniture 201 Accounts Payable 204 Salaries Payable 220 Note Payable, Long-term 1,300 25,000 301 Common Stock 20,000 41,090 305 Retained Earnings 310 Dividends 400 Income Summary 401 Sales Revenue 501 Cost of Goods Sold Print Done 501 Cost of Goods Sold 510 Salaries Expense 513 Rent Expense 514 Depreciation ExpenseFurniture 516 Insurance Expense 519 Supplies Expense Accounts Receivable Subsidiary Ledger: Friend Company $2,400; R. T. Loeb, $0; Parker, Inc., $11,300; K. D. Sanders, $8,790. Accounts Payable Subsidiary Ledger: Bradford Corporation, $0; Filter Company, $12,700; Goldner, Inc., $0; Seacrest Supply, $0. Print Done CompB-1 (book/static) is Question Help O Amherst Networking Systems adjusts and closes its books and then prepares financial statements monthly. Amherst uses the perpetual inventory system and all sales on credit have terms of n/30. The company completed the following transactions during August: (Click the icon to view the transactions.) The July 31 account balances follow: (Click the icon to view the trial balance at July 31 and other information.) Read the requirements Requirement 1. The general ledger accounts and subsidiary ledgers, along with their beginning balances, have been opened for you. Journalize the August transactions using a sales journal (page 4), a cash receipts journal (page 11, omit Sales Discounts Forfeited column), a purchases joumal (page 8), a cash payments journal (page 5), and a general journal (page 9). Record the appropriate transactions in the sales journal. (If a box is not used in the table, leave the box empty; do not select a label or enter a zero.) Sales Journal Page 4 Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR Aug. 503 Aug. 31 Totals Choose from any list or enter any number in the input fields and then click Check Answer. ? More Info Aug. 1 Aug. 2 Issued check no. 682 for August office rent of $1,300. Issued check no. 683 to pay the salaries payable of $1,300 from July 31. Issued invoice no. 503 for sale on account to R. T. Loeb, $700. Amherst's cost of this merchandise inventory was $210. Aug. 2 Aug. 3 Aug. 4 Aug. 4 Aug. 5 Aug. 7 Aug. 8 Aug. 11 Aug. 12 Aug. 16 Aug. 19 Aug. 22 Purchased merchandise inventory on credit terms of 1/15, n/60 from Goldner, Inc., $1,400. Received cash on account from Friend Company, $2,400. Sold merchandise inventory for cash, $370 (cost, $111). Issued check no. 684 to purchase office supplies for cash, $730. Issued invoice no. 504 for sale on account to K. D. Sanders, $2,100 (cost, $630). Issued check no. 685 to pay Filter Company $2,500 of the amount owed at July 31. This payment occurred after the end of the discount period. Issued check no. 686 to pay Goldner, Inc. the net amount owed from August 3. Received cash from R. T. Loeb in full settlement of her account receivable from August 2. Issued check no. 687 to pay salaries expense of $1,290. Purchased merchandise inventory for cash, $850, issuing check no. 688. Purchased furniture on credit terms of 3/15, n/60 from Bradford Corporation, $510. Sold merchandise inventory on account to Friend Company, issuing invoice no. 505 for $9,000 (cost, $2,700). Aug. 23 A4 Doroivod bolf tho Lul 21 amount rocoivoblo from KD Condore Print Done Aug. 24 Aug. 26 Aug. 30 Aug. 31 Received half the July 31 amount receivable from K. D. Sanders. Purchased office supplies on credit terms of 2/10, n/30 from Filter Company, $240. Returned damaged merchandise inventory to company from whom Amherst made the cash purchase on August 19, receiving cash of $850. Purchased merchandise inventory on credit terms of 1/10, n/30 from Seacrest Supply, $8,000. Issued check no. 689 to stockholders, for dividends, $600. Aug. 31 Print Done Data Table General Ledger Debit Credit 101 Cash $ 5,020 102 Accounts Receivable 22,490 41,300 1,680 105 Merchandise Inventory 109 Office Supplies 117 Prepaid Insurance 160 Furniture 2,600 37,000 $ 10,000 12,700 161 Accumulated DepreciationFurniture 201 Accounts Payable 204 Salaries Payable 220 Note Payable, Long-term 1,300 25,000 301 Common Stock 20,000 41,090 305 Retained Earnings 310 Dividends 400 Income Summary 401 Sales Revenue 501 Cost of Goods Sold Print Done 501 Cost of Goods Sold 510 Salaries Expense 513 Rent Expense 514 Depreciation ExpenseFurniture 516 Insurance Expense 519 Supplies Expense Accounts Receivable Subsidiary Ledger: Friend Company $2,400; R. T. Loeb, $0; Parker, Inc., $11,300; K. D. Sanders, $8,790. Accounts Payable Subsidiary Ledger: Bradford Corporation, $0; Filter Company, $12,700; Goldner, Inc., $0; Seacrest Supply, $0. Print Done