Question
Cooper Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger
Cooper 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 ledger for Bluma are indicated in the working papers. Presented on the next page are a series of transactions for Bluma 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.
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Instructions
(a) | Record the January transactions in a sales journal, a single-column purchases journal, a cash receipts journal as shown , a cash payments journal as shown , and a two-column general journal. |
(b) | Post the journals to the general ledger. |
(c) | Prepare a trial balance at January 31, 2012, in the trial balance columns of the worksheet. Complete the worksheet using the following additional information.
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(d) | Prepare a multiple-step income statement and an owner's equity statement for January and a classified balance sheet at the end of January. |
(e) | Prepare and post adjusting and closing entries. |
(f) | Prepare a post-closing trial balance, and determine whether the subsidiary ledgers agree with the control accounts in the general ledger. |
PLEASE HELP WITH THE POST ALL ENTRIES TO SUBSIDIARY LEDGERS"!
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