Flounder Company has the following opening account balances in its general and subsidiary ledgers on January 1 and uses the periodic inventory system. All accounts have normal debit and credit balances.

General Ledger

Account Number Account Title January 1 Opening Balance

101 Cash $29,470

112 Accounts Receivable 11,700

115 Notes Receivable 37,800

120 Inventory 18,000

125 Supplies 900

130 Prepaid Insurance 1,800

157 Equipment 5,810

158 Accumulated Depreciation-Equip. 1,350

201 Accounts Payable 31,500

311 Common Stock 63,000

320 Retained Earnings 9,630

See attachments!

Record the January transactions in a sales journal.

SCHEDULE OF ACCOUNTS RECEIVABLE (from accounts receivable subsidiary ledger) SCHEDULE OF ACCOUNTS PAYABLE (from accounts payable subsidiary ledger) Jan. Sell merchandise on account to W. Rayms $3,240, invoice no. 510, and M. Fischer $1,620, invoice no. 511. 5 Purchase merchandise on account from K. Zapfel $2,700 and J. Liotta \$2,160. 7 Receive checks for $3,600 from L. Longhini and $1,800 from M. Hall. 8 Pay freight on merchandise purchased $160. 9 Send checks to O. Kitson for $8,100 and L. Quinn for $9,900. 9 Issue credit of $220 to M. Fischer for merchandise returned. 10 Summary cash sales total $13,950. 11 Sell merchandise on account to G. Dukes for $1,710, invoice no. 512, and to L. Longhini $810, invoice no. 513. Post all entries to the subsidiary ledgers. 12 Pay rent of $900 for January. 13 Receive payment in full from W. Rayms and M. Fischer. 15 Pay cash dividend of $590. 16 Purchase merchandise on account from L. Quinn for $13,500, from O. Kitson for $12,510, and from K. Zapfel for $1,350. 17 Pay $360 cash for office supplies. 18 Return $180 of merchandise to O. Kitson and receive credit. 20 Summary cash sales total $15,980. 21 Issue $13,500 note to D. Markoff in payment of balance due. 21 Receive payment in full from L. Longhini. Post all entries to the subsidiary ledgers. 22 Sell merchandise on account to W. Rayms for $3,330, invoice no. 514, and to G. Dukes for $720, invoice no. 515. 23 Send checks to L. Quinn and O. Kitson in full payment. 25 Sell merchandise on account to M. Hall for $3,150, invoice no. 516 , and to M. Fischer for $5,490, invoice no. 517. 27 Purchase merchandise on account from L. Quinn for $11,250, from J. Liotta $1,080, and from K. Zapfel for $2,52 28 Pay $180 cash for office supplies. 31 Summary cash sales total $20,630. 31 Pay sales salaries of $3,870 and office salaries of $2,790. Record the January transactions in a sales journal