Hi, I need help on what is the answer to this. The instruction is to record the January transactions in a cash receipts journal. Below is the entry and the format and answers with explanation is highly recommended. I hope that you can help me

Entry

Bluma 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. Jan. Sell merchandise on account to B. Richey P3,100, invoice no. 510, and to J. Forbes P1,800, invoice no. 51 1. Purchase merchandise from S. Vogel P5,000 and D. Lynch P2,200, terms n/30. Receive checks from S. LaDew P4,000 and B. Garcia P2,000 after discount period has lapsed. Pay freight on merchandise purchased P235. Send checks to S. Hoyt for P9,000 less 2% cash discount, and to D. Omara for P1 1,000 less 1% cash discount. 9 Issue credit of P300 to J. Forbes for merchandise returned. 10 Summary daily cash sales total P15,500. 11 Sell merchandise on account to R. Dvorak PI,600, invoice no. 512, and to S. LaDew P900, invoice no. 513. 12 Pay rent of P1,000 for January. 13 Receive payment in full from B. Richey and J. Forbes less cash discounts. 15 Withdraw P800 cash by M. Bluma for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Omara P18,000, terms 1/10, n/30; S. Hoyt P14,200, terms 2/10, n/30; and S. Vogel P1,500, terms n/30. 17 Pay P400 cash for offi ce supplies. 18 Return P200 of merchandise to S. Hoyt and receive credit. 20 Summary daily cash sales total P20,100. 21 Issue P15,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. LaDew less cash discount. 22 Sell merchandise on account to B. Richey P2,700, invoice no. 514, and to R. Dvorak PI,300, invoice no. 515. 22 Post all entries to the subsidiary ledgers. 23 Send checks to D. Omara and S. Hoyt in full payment less cash discounts. 25 Sell merchandise on account to B. Garcia P3,500, invoice no. 516, and to J. Forbes P6,100, invoice no. 517. 27 Purchase merchandise from D. Omara P14,500, terms 1/10, n/30; D. Lynch PI,200, terms n/30; and S. Vogel P5,400, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay P200 cash for office supplies. 31 Summary daily cash sales total P21,300. 31 Pay sales salaries P4,300 and office salaries P3,800.GENERAL LEDGER Accounting Practice Set #7 Page 1 Account Number Account Title January 1 Opening Balance 101 Cash P 35,750.00 112 Accounts Receivable 13,000 115 Notes Receivable 39,000 120 Merchandise Inventory 18,000 125 Office Supplies 1,000 130 Prepaid Insurance 2,000 157 Equipment 6,450 158 Accumulated Depreciation - Equip 1,500 201 Accounts Payable 35,000 301 Owner's Capital 78,700Account Number Account Title January 1 Opening Balance 101 Cash P 35,750.00 112 Accounts Receivable 13,000 115 Notes Receivable 39,000 120 Merchandise Inventory 18,000 125 Office Supplies 1,000 130 Prepaid Insurance 2,000 157 Equipment 6,450 158 Accumulated Depreciation - Equip 1,500 201 Accounts Payable 35,000 301 Owner's Capital 78,700 Schedule of Accounts Receivable (from Schedule of Accounts Payable (from accounts receivable subsidiary ledger) accounts payable subsidiary ledger) Customer January 1 Opening Balance Creditor January 1 Opening Balance R. Dvorak 1,500.00 5. Hoyt 9,000.00 B. Garcia 7,500.00 R. Moses 15,000.00 5. LaDew 4,000.00 D. Omara 11,000.00Cash Receipts Journal CR1 Sales Accounts Other COGS Dr. Account Cash Discounts Receivable Sales Accounts Inventory Date Credited Ref. Dr. Dr. Cr. Cr. Cr. Cr. 10 11 12 13 14 15 15Sales Journal Date Account Debited invoice No. Ref. Accounts Receivable Dr. Sales Cr. COGS Dr. Merchandise Inventory Cr 03-Jan B. Richey 510 3100 1860 03-Jan J. Forbes 511 1800 1080 11-Jan R. Dvorak 512 1600 960 11-Jan S. LaDew 512 900 540 22-Jan B. Richey 514 2700 1620 22-Jan R. Dvorak 515 1300 780 25-Jan B. Garcia 516 3500 2100 25-Jan J. Forbes 517 6100 3660Purchase Journal Date Account Debit Terms Ref. Accounts Payable 05-Jan S. Vogel n/30 5000 05-Jan D. Lynch n/30 2200 16-Jan D. Omara 1 /10 18000 16-Jan S. Hoyt 2/30 14200 16-Jan S. Vogel n/30 1500 27-Jan D. Omara 1 /10 14500 27-Jan D. Lynch n/30 1200 27-Jan S. Vogel n/30 5400