COMPREHENSIVE PROBLEM omprehensive Problem for Chapter 7 apter Gene completing the Accounting Cyele for a Merchandising E monthls Amberst uses the perpetual inventory system argiepaes i terms of n/30. The company completed the following taral Journals Amberst Nerworking Systems adjusts and closes its books and ll s 2 Issued check no. 683 to pay the salaries payable of $1,300 from cost of this merchandise inventory was 5210.eb, 700, Ambe ah Purchased merchandise inventory on credit terms of Ins, n Aug. 1 issued check no. 682 for August office rent of $1,300. account to R. T. Loeb, $700. A 2 Issued invoice no. 503 for sale merchandise inventory was $210. nv60 from 3 Goldner, Inc, $1,400 4 Received cash on account from Friend Company, $2,400 4 Sold merchandise inventory for cash, 5370 (cost, $111) 5 issued check no. 684 to purchase office supplies for cash, $730 7 issued invoice no. 504 for sale on account to K. D. Sanders, $2,1 $630) cost Issued check no. 685 to pay Filter Company $2,500 of the July 31. This payment occurred after the end of the discoun Issued check no. 686 to pay Goldner, Inc. the net amount 8 11 August 3. 12 Received cash from R. T. Loeb in full settlement of her account from August 2 16 Issued check no. 687 to pay salaries expense of $1,290. 19 Purchased merchandise inventory for cash, $850, issuing check no. 22 Purchased furniture on credit terms of 3/15, n/60 from Bradford tion, $510 Sold merchandise inventory on account to Friend Com no. 505 for $9,000 (cost, $2,700) 23 pany, issuing invcice 24 Received haif the July 31 amount receivable from K. D. Sanders. 26 Purchased office supplies on credit terms of 2/10, n/30 from Filter Company, $240 Returned damaged merchandise inventory to the company from whom Amherst made the cash purchase on August 19, receiving cash of $850 30 31 Purchased merchandise inventory on credit terms of 1/10, n/30 from 31 Issued check no. 689 to Lenny Moore, owner of the business, for personal withdrawal, $600. Requirements 1. Open these four column accounts with their account numbes n July 31 balacer in the various ledgers