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Crane 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 Crane are indicated in the working papers. Presented below are a series of transactions for Crane 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 Number 101 112 115 120 126 130 157 Account Title Cash Accounts Receivable Notes Receivable Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Owner's Capital January 1 Opening Balance $36,750 13,000 38,000 20,000 1,600 1,700 7.350 1,500 26,500 90.400 158 201 301 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Customer Opening Balance R. Beltre $1,700 B. Santos 7,600 S. Mahay 3,700 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance S. Meek $7,500 R. Moses 12,000 D. Saito 7,000 Jan. 3 5 7 8 9 9 10 11 Sell merchandise on account to B. Corpas $3,800, invoice no.510, and to J. Revere $1,500, invoice no. 511. Purchase merchandise from S. Gamel $6,000 and D. Posey $2,600, terms n/30. Receive checks from S. Mahay $3,700 and B. Santos $2,000 after discount period has lapsed. Pay freight on merchandise purchased $220. Send checks to S. Meek for $7,500 less 2% cash discount, and to D. Saito for $7,000 less 1% cash discount. Issue credit of $300 to J. Revere for merchandise returned. Daily cash sales from January 1 to January 10 total $16,500. Make one journal entry for these sales. Sell merchandise on account to R. Beltre $1,800, invoice no. 512, and to S. Mahay $900, invoice no. 513. Pay rent of $2,000 for January Receive payment in full from B. Corpas and J. Revere less cash discounts. Withdraw $800 cash by M. Crane for personal use. Post all entries to the subsidiary ledgers. Purchase merchandise from D. Saito $16,000, terms 1/10,n/30; S. Meek $14.200, terms 2/10,n/30; and S. Game $1,400. terms n/30. Pay $600 cash for office supplies. Return $300 of merchandise to S. Meek and receive credit. 12 13 15 15 16 17 18 on Dikenchenlac from our 11 ta lanttalt 1100 Malinnainurnal antofartherocolor 18 20 21 21 22 22 23 25 Return $300 of merchandise to S. Meek and receive credit. Daily cash sales from January 11 to January 20 total $21,100. Make one journal entry for these sales. Issue $12,000 note, maturing in 90 days, to R. Moses in payment of balance due. Receive payment in full from S. Mahay less cash discount. Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,500, invoice no. 515. Post all entries to the subsidiary ledgers. Send checks to D. Saito and S. Meek in full payment less cash discounts. Sell merchandise on account to B. Santos $3,800, invoice no. 516, and to J. Revere $6,500, invoice no. 517. Purchase merchandise from D. Saito $14,700, terms 1/10,n/30; D. Posey $3,400, terms n/30; and S. Gamel $5,700, terms n/30. Post all entries to the subsidiary ledgers. Pay $200 cash for office supplies. Daily cash sales from January 21 to January 31 total $24,000. Make one journal entry for these sales. Pay sales salaries $4,100 and office salaries $3,000. 27 27 28 31 31 Sales Journal Date Account Debited Invoice No. 51 Cost of Good Sold Dr. Inventory Cr. Account Receivable Dr. Sales Revenue Cr. Ref. Jan. 3 B. Corpas 510 3700 Jan. 3 J. Revere 511 2000 Jan. 11 R. Beltre 512 3800 Jan. 22 B. Corpas 514 > 1200 Jan. 22 14400 11600 36960 Crane 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 Crane are indicated in the working papers. Presented below are a series of transactions for Crane 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 Number 101 112 115 120 126 130 157 Account Title Cash Accounts Receivable Notes Receivable Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Owner's Capital January 1 Opening Balance $36,750 13,000 38,000 20,000 1,600 1,700 7.350 1,500 26,500 90.400 158 201 301 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Customer Opening Balance R. Beltre $1,700 B. Santos 7,600 S. Mahay 3,700 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance S. Meek $7,500 R. Moses 12,000 D. Saito 7,000 Jan. 3 5 7 8 9 9 10 11 Sell merchandise on account to B. Corpas $3,800, invoice no.510, and to J. Revere $1,500, invoice no. 511. Purchase merchandise from S. Gamel $6,000 and D. Posey $2,600, terms n/30. Receive checks from S. Mahay $3,700 and B. Santos $2,000 after discount period has lapsed. Pay freight on merchandise purchased $220. Send checks to S. Meek for $7,500 less 2% cash discount, and to D. Saito for $7,000 less 1% cash discount. Issue credit of $300 to J. Revere for merchandise returned. Daily cash sales from January 1 to January 10 total $16,500. Make one journal entry for these sales. Sell merchandise on account to R. Beltre $1,800, invoice no. 512, and to S. Mahay $900, invoice no. 513. Pay rent of $2,000 for January Receive payment in full from B. Corpas and J. Revere less cash discounts. Withdraw $800 cash by M. Crane for personal use. Post all entries to the subsidiary ledgers. Purchase merchandise from D. Saito $16,000, terms 1/10,n/30; S. Meek $14.200, terms 2/10,n/30; and S. Game $1,400. terms n/30. Pay $600 cash for office supplies. Return $300 of merchandise to S. Meek and receive credit. 12 13 15 15 16 17 18 on Dikenchenlac from our 11 ta lanttalt 1100 Malinnainurnal antofartherocolor 18 20 21 21 22 22 23 25 Return $300 of merchandise to S. Meek and receive credit. Daily cash sales from January 11 to January 20 total $21,100. Make one journal entry for these sales. Issue $12,000 note, maturing in 90 days, to R. Moses in payment of balance due. Receive payment in full from S. Mahay less cash discount. Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,500, invoice no. 515. Post all entries to the subsidiary ledgers. Send checks to D. Saito and S. Meek in full payment less cash discounts. Sell merchandise on account to B. Santos $3,800, invoice no. 516, and to J. Revere $6,500, invoice no. 517. Purchase merchandise from D. Saito $14,700, terms 1/10,n/30; D. Posey $3,400, terms n/30; and S. Gamel $5,700, terms n/30. Post all entries to the subsidiary ledgers. Pay $200 cash for office supplies. Daily cash sales from January 21 to January 31 total $24,000. Make one journal entry for these sales. Pay sales salaries $4,100 and office salaries $3,000. 27 27 28 31 31 Sales Journal Date Account Debited Invoice No. 51 Cost of Good Sold Dr. Inventory Cr. Account Receivable Dr. Sales Revenue Cr. Ref. Jan. 3 B. Corpas 510 3700 Jan. 3 J. Revere 511 2000 Jan. 11 R. Beltre 512 3800 Jan. 22 B. Corpas 514 > 1200 Jan. 22 14400 11600 36960