HP Smart M I want to give you MBS Direct Course Downloads in Washington Advent 5 Registered readers E Chegg Study Textbook Solutions Expert Q&A Practico Chapter 3 Problem 39P Bookmarked Show all steps Problem The balance sheet accounts of Red Lake Appliance Company had the following balances on December 31, 20X1 Account Title Cash Accounts receivable Merchandisewentory Accounts payable Notes peale Pudinca Retained earnings Toral Balance Debt Credit $43.000 20.000 120.000 $ 35,000 83,00 43,000 31000 $129.000 5192000 Operating space and equipment are rented on a month-to-month basis. A summary of January 20x2 transactions follows a. Collected $24,000 on accounts receivable b. Sold appliances for $60,000 cash and 545,000 on open account C. Cost of appliances sold was $56.000. d. Paid $25,000 on accounts payable e Replenished inventory for $54.000 on open account 1. Paid selling expense in cash, 533,000 g. Paid rent expense in cash, $7,000. Paid interest expense in cash, $2.000 Required 1. Open the appropriate T-accounts in the general ledger In addition to the seven accounts listed in the trial balance of December 31, open accounts for Sales, Cost of Goods Sold Selling Expense, Rent Expense, and Interest Expense. Enter the December 31 balances in the accounts 2. Journalze transactions a through h Post the entries to the ledger, keying by transaction letter 3. Prepare a trial balance for the month ended January 31, 20X2 Vic C O o x 23