isive review problem: P7-3C. Liz Ames owns Fancy Writing Supply Co. in Moncton. As her newly hired ournals and the general accountant, your task is to: redules of accounts id accounts receivable a. Journalize the following transactions for the month of May. b. Record in subsidiary ledgers and post to the general ledger as appropriate. 10 min) c. Prepare a schedule of accounts receivable and a schedule of accounts payable at month-end. chedule of Accounts Tha fnllnwing is the partial chart of accounts for Eancy Writing Supply Co.: $5,624.65 chedule of Accounts 19,325.80 2021 May 1 Liz Ames invested $25,000.00 and a printing press worth $30,000.00 in the business. 1 Paid three months' rent in advance to Riverfront Realty, cheque No. 3001, $2,100.00. 2 Purchased merchandise from Gant Paper Co. on account, $5,247.25. Invoice No. 24388, dated May 1, terms 2/10, n/30. 3 Sold merchandise to Dr. M. LaPeierre on account, $1,250. Invoice No. 801 , terms 2/10,n/30. Cost of inventory was $937.50. 6 Sold merchandise to Hon. N. Marachee on account, $2,457.50. Invoice no. 802 , terms 2/10,n/30. Cost of inventory was $1,843.15. 8 Purchased merchandise from Gant Paper Co. on account, $1,500.00. Invoice No. 24451, dated March 7, terms 2/10,n/30. 9 Sold merchandise to Fern Michaels, LLB, on account, $1,250.00. Invoice No. 803 , terms 2/10,n/30. Cost of inventory was $937.50. 10 Paid Jenkins Cleaning Service \$287.50. Cheque No. 3002. 11 Paid Gant Paper Co. invoice No. 24388, dated May 2, cheque No. 3003 , taking discount. 12 Dr. M. LaPeierre returned letterhead that cost $175.00 because of a design flaw. Liz issued credit memorandum No. 101 to the customer for this amount. Cost of inventory was $131.25. 12 Purchased merchandise from Markham Inks on account, $985.25. Invoice No. 931 , dated May 12, terms 3/15, n/ 60 . 13 Arranged $10,000.00 bank loan with Royal Bank. Deposited today 13 Arranged \$10,000.00 bank loan with Royal Bank. Deposited today to the company's bank account. 14 Sold paper stock for cash, $585.00. Deposited today. Cost of inventory was $438.75. 15 Paid casual salaries to D. Lee, \$970.00, cheque No. 3004. 15 Returned merchandise to Markham Inks in the amount of S235.00. Liz issued debit memorandum No. 25 for this amount. 16 Sold more paper stock for cash, $1,500.00. Deposited today. Cost of inventory was $1,125.00. 16 Received payment from Hon. N. Marachee, invoice No. 802, less discount. 17 Dr. M. LaPeierre paid invoice No. 801, less return, no discount. 18 Sold stationery supplies to B. Kirk, CPA, on account, \$2,765.50. Invoice No. 804, terms 2/10,n/30. Cost of inventory was $2,074.15. SPECIAL JOURNALS AND SUBSIDIARY LEDGERS May 19 Purchased used printing press on account from Maritime Equipment Sales, \$21,500.00. Invoice No. 30275, dated May 19 (no discount terms). 22 Sold to Dr. M. LaPeierre, additional stationery merchandise on account, $1,145.00. Invoice No. 805 , terms 2/10,n/30. Cost of inventory was $858.75. 23 Paid Markham Inks balance owed, cheque No. 3005, taking discount. 19 Purchased used printing press on account from Maritime Equipment Sales, \$21,500.00. Invoice No. 30275, dated May 19 (no discount terms). 22 Sold to Dr. M. LaPeierre, additional stationery merchandise on account, $1,145.00. Invoice No. 805 , terms 2/10,n/30. Cost of inventory was $858.75. 23 Paid Markham Inks balance owed, cheque No. 3005, taking discount. 23 Sold merchandise on account to B. Kirk, CPA, \$724.65. Invoice No. 806 , terms 2/10,n/30. Cost of inventory was $543.50. 24 Purchased for cash, display supplies from MDS Supplies, $387.50. Cheque No. 3006. 26 Purchased envelope merchandise from Findlay and Fortune on account, $3,600.00. Invoice No. 6289, dated May 26, terms 2/10, n/30. 26 Dr. M. LaPeierre paid invoice No. 805, dated May 22, taking discount. 27 B. Kirk, CA, paid invoje No. 804, dated May 18, taking discount. 29 Purchased merchandise from Gant Paper Co., $3,475.80. Invoice No. 24722, dated May 28, terms 2/10, n/30. 30 Paid half of the balance to Maritime Equipment Sales on their invoice No. 30275, cheque No. 3007. 31 Sold merchandise to Moncton Hospital on account, $3,650.00. Invoice No. 807 , terms 2/10,n/30. Cost of inventory was $2,737.50. Home Insert Draw Page Layout Formulas Data Review View Automate Help Problem 7-3C Name: Section: Date: FANCY WRITNG SUPPLY CO. SALES JOURNAL PAGE 1 FANCY WRITING SUPPLY CO. CASH RECEIPTS JOURNAL Section: Date: FANCY WRITING SUPPLY CO. PURCHASES JOURNAL PAGE 1 Section: Date: FANCY WRITNG SUPPLY CO. CASH PAYMENTS JOURNAL PAGE 1 FANCY WRITING SUPPLY CO. GENERAL JOURNAL FANCY WRITING SUPPLY CO. ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER FANCY WRITING SUPPLY CO. ACCOUNTS RECEIVABLE SUBSIDIARY LEDGE MICH,AELS, LLB TDN HOSPITAL 15 MACBE.ATHAVE MINITMN MD. EM M M FANCY WRITING SUPPLY CO. SCHEDULE OF ACCOUNTS RECEIVABLE MAY 31, 2021 FARCY VRITING SUPPLY CO. ACCDUNTS P AYABLE SUBSIDIAPY LEDGER NOME. FIDLSY RYO FOFTUNE FANCY WRITING SUPPLY CO. GENERAL LEDGER FANCY WIITING SUPPLY CO. GENFAAI I FASEA isive review problem: P7-3C. Liz Ames owns Fancy Writing Supply Co. in Moncton. As her newly hired ournals and the general accountant, your task is to: redules of accounts id accounts receivable a. Journalize the following transactions for the month of May. b. Record in subsidiary ledgers and post to the general ledger as appropriate. 10 min) c. Prepare a schedule of accounts receivable and a schedule of accounts payable at month-end. chedule of Accounts Tha fnllnwing is the partial chart of accounts for Eancy Writing Supply Co.: $5,624.65 chedule of Accounts 19,325.80 2021 May 1 Liz Ames invested $25,000.00 and a printing press worth $30,000.00 in the business. 1 Paid three months' rent in advance to Riverfront Realty, cheque No. 3001, $2,100.00. 2 Purchased merchandise from Gant Paper Co. on account, $5,247.25. Invoice No. 24388, dated May 1, terms 2/10, n/30. 3 Sold merchandise to Dr. M. LaPeierre on account, $1,250. Invoice No. 801 , terms 2/10,n/30. Cost of inventory was $937.50. 6 Sold merchandise to Hon. N. Marachee on account, $2,457.50. Invoice no. 802 , terms 2/10,n/30. Cost of inventory was $1,843.15. 8 Purchased merchandise from Gant Paper Co. on account, $1,500.00. Invoice No. 24451, dated March 7, terms 2/10,n/30. 9 Sold merchandise to Fern Michaels, LLB, on account, $1,250.00. Invoice No. 803 , terms 2/10,n/30. Cost of inventory was $937.50. 10 Paid Jenkins Cleaning Service \$287.50. Cheque No. 3002. 11 Paid Gant Paper Co. invoice No. 24388, dated May 2, cheque No. 3003 , taking discount. 12 Dr. M. LaPeierre returned letterhead that cost $175.00 because of a design flaw. Liz issued credit memorandum No. 101 to the customer for this amount. Cost of inventory was $131.25. 12 Purchased merchandise from Markham Inks on account, $985.25. Invoice No. 931 , dated May 12, terms 3/15, n/ 60 . 13 Arranged $10,000.00 bank loan with Royal Bank. Deposited today 13 Arranged \$10,000.00 bank loan with Royal Bank. Deposited today to the company's bank account. 14 Sold paper stock for cash, $585.00. Deposited today. Cost of inventory was $438.75. 15 Paid casual salaries to D. Lee, \$970.00, cheque No. 3004. 15 Returned merchandise to Markham Inks in the amount of S235.00. Liz issued debit memorandum No. 25 for this amount. 16 Sold more paper stock for cash, $1,500.00. Deposited today. Cost of inventory was $1,125.00. 16 Received payment from Hon. N. Marachee, invoice No. 802, less discount. 17 Dr. M. LaPeierre paid invoice No. 801, less return, no discount. 18 Sold stationery supplies to B. Kirk, CPA, on account, \$2,765.50. Invoice No. 804, terms 2/10,n/30. Cost of inventory was $2,074.15. SPECIAL JOURNALS AND SUBSIDIARY LEDGERS May 19 Purchased used printing press on account from Maritime Equipment Sales, \$21,500.00. Invoice No. 30275, dated May 19 (no discount terms). 22 Sold to Dr. M. LaPeierre, additional stationery merchandise on account, $1,145.00. Invoice No. 805 , terms 2/10,n/30. Cost of inventory was $858.75. 23 Paid Markham Inks balance owed, cheque No. 3005, taking discount. 19 Purchased used printing press on account from Maritime Equipment Sales, \$21,500.00. Invoice No. 30275, dated May 19 (no discount terms). 22 Sold to Dr. M. LaPeierre, additional stationery merchandise on account, $1,145.00. Invoice No. 805 , terms 2/10,n/30. Cost of inventory was $858.75. 23 Paid Markham Inks balance owed, cheque No. 3005, taking discount. 23 Sold merchandise on account to B. Kirk, CPA, \$724.65. Invoice No. 806 , terms 2/10,n/30. Cost of inventory was $543.50. 24 Purchased for cash, display supplies from MDS Supplies, $387.50. Cheque No. 3006. 26 Purchased envelope merchandise from Findlay and Fortune on account, $3,600.00. Invoice No. 6289, dated May 26, terms 2/10, n/30. 26 Dr. M. LaPeierre paid invoice No. 805, dated May 22, taking discount. 27 B. Kirk, CA, paid invoje No. 804, dated May 18, taking discount. 29 Purchased merchandise from Gant Paper Co., $3,475.80. Invoice No. 24722, dated May 28, terms 2/10, n/30. 30 Paid half of the balance to Maritime Equipment Sales on their invoice No. 30275, cheque No. 3007. 31 Sold merchandise to Moncton Hospital on account, $3,650.00. Invoice No. 807 , terms 2/10,n/30. Cost of inventory was $2,737.50. Home Insert Draw Page Layout Formulas Data Review View Automate Help Problem 7-3C Name: Section: Date: FANCY WRITNG SUPPLY CO. SALES JOURNAL PAGE 1 FANCY WRITING SUPPLY CO. CASH RECEIPTS JOURNAL Section: Date: FANCY WRITING SUPPLY CO. PURCHASES JOURNAL PAGE 1 Section: Date: FANCY WRITNG SUPPLY CO. CASH PAYMENTS JOURNAL PAGE 1 FANCY WRITING SUPPLY CO. GENERAL JOURNAL FANCY WRITING SUPPLY CO. ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER FANCY WRITING SUPPLY CO. ACCOUNTS RECEIVABLE SUBSIDIARY LEDGE MICH,AELS, LLB TDN HOSPITAL 15 MACBE.ATHAVE MINITMN MD. EM M M FANCY WRITING SUPPLY CO. SCHEDULE OF ACCOUNTS RECEIVABLE MAY 31, 2021 FARCY VRITING SUPPLY CO. ACCDUNTS P AYABLE SUBSIDIAPY LEDGER NOME. FIDLSY RYO FOFTUNE FANCY WRITING SUPPLY CO. GENERAL LEDGER FANCY WIITING SUPPLY CO. GENFAAI I FASEA