Comprehensive Problem

Anacomp Meter Company closes its books and prepares financial statements at the end of each month. Anacomp uses the perpetu al inventory system. The company completed the following transactions during August, 2016 Issued check no. 682 for August rent of S1,000 S930 from July 31 this merchandise was $190 2Issued check no. 683 to pay salaries of S1,240, which includes salary payable of 2Issued invoice no. 503 for sale on account to R. T. Loeb, S600. Anacomp's cost 4 Received net amount of cash on account from Fullam Company, S2,156, within 4 Sold inventory for cash, S330 (cost, S104) Purchased inventory on credit terms of 1/15, n 60 from Grant, Inc., $1,400 the discount period. 5 Received from Park-Hee, Inc. merchandise that had been sold earlier for S550 (cost, S174) Issued check no. 684 to purchase supplies for cash, $780 Collected interest revenue of $1.100 7 Issued invoice no. 504 for sale on account to K. D. Skipper, S2,400 (cost, S759) 8Issued check no. 685 to pay Federal Company S2,600 of the amount owed at July 31. This payment occurred after the discount period. 11 Issued check no. 686 to pay Grant, Inc. the net amount owed from August 3 12Received cash from R. T. Loeb in full settlement of her account receivable from August 2 16Issued check no. 687 to pay salary expense of S1,240 19Purchased inventory for cash S850, issuing check no. 688 22 Purchased furniture on credit terms of 3/15, n 60 from Beaver Corporation, S510 23Sold inventory on account to Fullam Company, issuing invoice no. 505 for S9,966 (cost, S3,152)