Cullumber 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 Cullumber are indicated in the working papers. Presented below are a series of transactions for Cullumber 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. GENERAL LEDGER Account January 1 Opening Balance Number Account Title 101 Cash $36,500 112 Accounts Receivable 13,800 115 Notes Receivable 37,000 120 Inventory 18,500 126 Supplies 1,800 130 Prepaid Insurance 1,500 157 Equipment 8,250 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 35,000 301 Owner's Capital 80,850 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance Customer R. Beltre $1,600 B. Santos 7,900 S. Mahay 4,300 Jan. 3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30. 7. Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $225. 9 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales., 11 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,000 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Cullumber for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,400, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales. 21 Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, invoice no. 515. 22 Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek in full payment less cash discounts. 25 Sell merchandise on account to B. Santos $3,100, invoice no. 516, and to J. Revere $6,800, invoice no. 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,100, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $21,000. Make one journal entry for these sales. 31 Pay sales salaries $4,300 and office salaries $3,400. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal S1 Cost of Good Sold Dr. Inventory Cr. Account Receivable Dr. Date Account Debited Invoice No. Ref. Sales Revenue Cr. > > > > > > > > > > > > > > > > > > > Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Terms Ref. n/30 n/30 1/10, n/30 2/10, n/30 vV n/30 1/10, n/30 n/30 n/30 > > > > > > > > Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Cash Receipts Journal CR1 Sales Sales Other Date Cash Discounts Revenue Accounts Cost of Good Sold Dr. Account Credited Ref. Dr. Dr. Account Receivable Cr. Cr. Cr. Inventory Cr. > > > > > > > > > > Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cash Payments Journal CP1 Accounts Payable Supplies Dr. Other Accounts Inventory Cash Date Account Debited Ref. Dr. Dr. Cr. Cr. 120 729 306 627 Cullumber 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 Cullumber are indicated in the working papers. Presented below are a series of transactions for Cullumber 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. GENERAL LEDGER Account January 1 Opening Balance Number Account Title 101 Cash $36,500 112 Accounts Receivable 13,800 115 Notes Receivable 37,000 120 Inventory 18,500 126 Supplies 1,800 130 Prepaid Insurance 1,500 157 Equipment 8,250 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 35,000 301 Owner's Capital 80,850 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance Customer R. Beltre $1,600 B. Santos 7,900 S. Mahay 4,300 Jan. 3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30. 7. Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $225. 9 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales., 11 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,000 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Cullumber for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,400, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales. 21 Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, invoice no. 515. 22 Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek in full payment less cash discounts. 25 Sell merchandise on account to B. Santos $3,100, invoice no. 516, and to J. Revere $6,800, invoice no. 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,100, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $21,000. Make one journal entry for these sales. 31 Pay sales salaries $4,300 and office salaries $3,400. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal S1 Cost of Good Sold Dr. Inventory Cr. Account Receivable Dr. Date Account Debited Invoice No. Ref. Sales Revenue Cr. > > > > > > > > > > > > > > > > > > > Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Terms Ref. n/30 n/30 1/10, n/30 2/10, n/30 vV n/30 1/10, n/30 n/30 n/30 > > > > > > > > Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Cash Receipts Journal CR1 Sales Sales Other Date Cash Discounts Revenue Accounts Cost of Good Sold Dr. Account Credited Ref. Dr. Dr. Account Receivable Cr. Cr. Cr. Inventory Cr. > > > > > > > > > > Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cash Payments Journal CP1 Accounts Payable Supplies Dr. Other Accounts Inventory Cash Date Account Debited Ref. Dr. Dr. Cr. Cr. 120 729 306 627 Cullumber 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 Cullumber are indicated in the working papers. Presented below are a series of transactions for Cullumber 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. GENERAL LEDGER Account January 1 Opening Balance Number Account Title 101 Cash $36,500 112 Accounts Receivable 13,800 115 Notes Receivable 37,000 120 Inventory 18,500 126 Supplies 1,800 130 Prepaid Insurance 1,500 157 Equipment 8,250 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 35,000 301 Owner's Capital 80,850 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance Customer R. Beltre $1,600 B. Santos 7,900 S. Mahay 4,300 Jan. 3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30. 7. Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $225. 9 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales., 11 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,000 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Cullumber for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,400, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales. 21 Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, invoice no. 515. 22 Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek in full payment less cash discounts. 25 Sell merchandise on account to B. Santos $3,100, invoice no. 516, and to J. Revere $6,800, invoice no. 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,100, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $21,000. Make one journal entry for these sales. 31 Pay sales salaries $4,300 and office salaries $3,400. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal S1 Cost of Good Sold Dr. Inventory Cr. Account Receivable Dr. Date Account Debited Invoice No. Ref. Sales Revenue Cr. > > > > > > > > > > > > > > > > > > > Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Terms Ref. n/30 n/30 1/10, n/30 2/10, n/30 vV n/30 1/10, n/30 n/30 n/30 > > > > > > > > Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Cash Receipts Journal CR1 Sales Sales Other Date Cash Discounts Revenue Accounts Cost of Good Sold Dr. Account Credited Ref. Dr. Dr. Account Receivable Cr. Cr. Cr. Inventory Cr. > > > > > > > > > > Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cash Payments Journal CP1 Accounts Payable Supplies Dr. Other Accounts Inventory Cash Date Account Debited Ref. Dr. Dr. Cr. Cr. 120 729 306 627 Cullumber 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 Cullumber are indicated in the working papers. Presented below are a series of transactions for Cullumber 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. GENERAL LEDGER Account January 1 Opening Balance Number Account Title 101 Cash $36,500 112 Accounts Receivable 13,800 115 Notes Receivable 37,000 120 Inventory 18,500 126 Supplies 1,800 130 Prepaid Insurance 1,500 157 Equipment 8,250 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 35,000 301 Owner's Capital 80,850 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance Customer R. Beltre $1,600 B. Santos 7,900 S. Mahay 4,300 Jan. 3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30. 7. Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $225. 9 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales., 11 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,000 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Cullumber for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,400, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales. 21 Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, invoice no. 515. 22 Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek in full payment less cash discounts. 25 Sell merchandise on account to B. Santos $3,100, invoice no. 516, and to J. Revere $6,800, invoice no. 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,100, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $21,000. Make one journal entry for these sales. 31 Pay sales salaries $4,300 and office salaries $3,400. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal S1 Cost of Good Sold Dr. Inventory Cr. Account Receivable Dr. Date Account Debited Invoice No. Ref. Sales Revenue Cr. > > > > > > > > > > > > > > > > > > > Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Terms Ref. n/30 n/30 1/10, n/30 2/10, n/30 vV n/30 1/10, n/30 n/30 n/30 > > > > > > > > Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Cash Receipts Journal CR1 Sales Sales Other Date Cash Discounts Revenue Accounts Cost of Good Sold Dr. Account Credited Ref. Dr. Dr. Account Receivable Cr. Cr. Cr. Inventory Cr. > > > > > > > > > > Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cash Payments Journal CP1 Accounts Payable Supplies Dr. Other Accounts Inventory Cash Date Account Debited Ref. Dr. Dr. Cr. Cr. 120 729 306 627