dewton Company completed these transactions during April 2020. The terms of all credit sales are 2/10, 1/30 Apr. 2. Purchased merchandise on credit from Baskin Company, invoice dated April 2, torns 2/10, 1/60, $12,800. 3 Sold merchandise on credit to Linda Hobart, invoice 2760, 53,200. Cost, $1,900 3 Purchased office supplies on credit from Eau Claire Inc., 51,340, Invoice dated April 2, terns w/10 COM 4 Issued cheque #587 to The Record for advertising expense, $1,020. 5 Sold merchandise on credit to Paul Abrams, invoice #761, $9,40e. Cost, $5,600 6 Received an $85 credit momo from Eau Claire Inc. for office supplies received on April 3 and returned for credit. 9 Purchased store equipment on credit from Frank's Supply, invoice dated April 9, teras n/10 EOM, $10,500 11 Sold merchandise on credit to Kelly Schaefer, invoice 1762, $10,880. Cost, $6,000. 12 Issued cheque #588 to Baskin Company in payment of its April 2 invoice 13 Received payment from Linda Hobart for the April 3 sale. 13 Sold merchandise on credit to Linda Hobart, invoice #763, $5,200. Cost, $3,100. 14 Received payment from Paul Abrams for the April 5 sale. 16 Issued cheque #589, payable to Payroll, in payment of the sales salaries for the first half of the month, 59, see. For simplicity, we assume one cheque. 16 Cash sales for the first half of the month were $54,000. Cost, $32,480. Cash sales are usually recorded daily from the cash register readings. However, they are recorded only once in the problem to reduce the repetitive transactions 17 Purchased merchandise on credit from Sprocket Company, invoice dated April 16, terns 2/10, n/30, $12.750. 18 Borrowed $50,eee from First Bank by giving a long-term note payable. 20 Received payment from Kelly Schaefer for the April 11 sale. 20 Purchased store supplies on credit from Frank's Supply, invoice dated April 19, teras n/10 EON, $650. 23 Received a $400 credit meno from Sprocket Company for defective merchandise received on April 17 and returned. 23 Received payment from Linda Hobart for the April 13 sale 25 Purchased merchandise on credit from Baskin Company, invoice dated April 24, terns 2/10, 1/60, 510,900 26 Issued cheque #599 to Sprocket Company in payment of its April 16 invoice. 27 Sold merchandise on credit to Paul Abrams, invoice #764, $3,800. Cost, $2,300. 2 RE HR Next > 27 Sold merchandise on credit to Paul Abrams, invoice 1764, 53,890. Cost, $2,900. 27 Sold merchandise on credit to Kelly Schaefer, invoice 2765, 56,200. Cost, $3,800. 30 Issued cheque #591, payable to Payroll, in payment of the sales salaries for the last half of the month, 59, see. For simplicity, we assume one cheque. 30 Cash sales for the last half of the month were $69,000. Cost, 541,400 Required: Enter the March 31 balances of $167.000 for Cash: $105,000 for Merchandise Inventory: $105,000 for Jeff Newton, Capital and $167,000 for Long-Term Notes Payable (Enter the transactions in the order provided in the question) 1. Record their entries in the Special Journals NEWTON COMPANY Sales Journal Invoice No. A/R Dr. Sales Cr. Date (2020) Account Debited Cost of Goods Sold Dr. Merchandise Inventory Cr. 0 Totals 0 (106/413) (502/119) BS, Appendix sored Help Save & Exit Submit NEWTON COMPANY Cash Receipts Journal Explanation Cash Dr. Sales Disc Dr. Date (2020) Accounts Credited A/R C. Sales Cr Other Accounts Cr COGS Or. Merchandise Inventory 0 0 0 0 0 0 Totals (101) (415) (106) (413) X (502/110 NEWTON COMPANY Purchases Journal Date (2020) Accounts Credited Date of invoice Terms Acct. Payable Credit Merchandise Inventory Debit Office Supplies Debit Other Acets Debit 0 0 Totals 0 (201) 0 (124) (110) (X) NEWTON COMPANY Cash Disbursements Journal Other Date (2020) Ch No. Payee Account Debited Cash Credit Merchandise Inventory Credit Acets Debit Acchi Payable Debit 0 0 Totals 0 (101) (119) ) x (2011 View transaction list Saved lems, Appendix Il 1 2 Record the returned office supplies. Note: Enter debits before credits. Date (2020) General Journal Debit Credit Apr. 6 Record entry Clear entry View general journal o the subsidiary ledgers and general ledger accounts 101: Cash PR Explanation Debit Credit 100: Accounts Receivable Explanation PR Debil Balance Date (2020) Crede 119: Merchandise Inventory Explanation Debit 124: Office Supplies PR Debit PR Credit Balance Date (2020) Explanation Prev 1 of 3 Next > 125: Store Supplies PR Debit Explanation Credit Date (2020) 165. Store Equipment Explanation PR Debit Balance 0 Credit 201: Accounts Payable Explanation PR Debit 251: Long-Term Notes Payable Explanation PR Debit Credit Balance Date (2020) Credit 413 Sales PR 301: Jeff Newton, Capital PR Debit Explanation Debit Credit Explanation Date (2020) Credit Balance Prev 1 of 3 Next > 638 PM Ice Problems, Appendix II Sy Hola Save Submit 621: Sales Salaries Expense Explanation PR Debit Credit Balance Date 120201 Explanation PA 1 ACCOUNTS RECEIVABLE SUBLEDGER Paul Abrams PR Linda Hobar PR Explanation Debit Credit Balance Date (2020) Explanation Debit Kelly Schaefer PR Debit Credit Explanation Balance 0 0 X + 3. Praction x Question 1 Practice Problems meducation.com/ext/map/index.html?_conecon&external_browser-Odaunchur Problems. Appendix Il Saved 3. Prepare a trial balance of the General Ledger and prepare schedu NEWTON COMPANY Schedule of Accounts Receivable April 30, 2020 Total accounts receivable $ 0 Prey 1 of 3 arch ORI hp
