It is October 16, 2020, and you have just taken over the accounting work of Saskan Enterprises, whose annual accounting period ends each October 31. The company's previous accountant journalized its transactions through October 15 and posted all items that required posting as individual amounts, as an examination of the journals and ledgers in the Working Papers will show. The company completed these transactions beginning on October 16, 2020: for credit. Oct. 16 Sold merchandise on credit to Vickie Foresman, invoice #916, $7,500. Cost, $3,750. Terms of all credit sales are 2/10, n/30. 17 Received a $1,090 credit memo from Shore Company for merchandise received on October 15 and returned for credit. 17 Purchased office supplies on credit from Brown Supply Company, $580. Invoice dated October 16, terms n/10 EOM. 18 Received a $40 credit memo from Brown Supply Company for office supplies received on October 17 and returned 20 Issued a credit memo to Amy Ihrig for defective merchandise sold on October 15 and returned for credit, $500. The returned merchandise was scrapped. 21 Purchased store equipment on credit from Brown Supply Company, invoice dated October 21, terms n/10 EOM, $ 7,200. 22 Received payment from Vickie Foresman for the October 12 sale. 23 Issued cheque #623 to Sunshine Company in payment of its October 15 invoice. 24 Sold merchandise on credit to Bill Grigsby, invoice #917, $1,400. Cost, $750. 24 Issued cheque #624 to Shore Company in payment of its October 15 invoice. 25 Received payment from Amy Ihrig for the October 15 sale. 26 Received merchandise and an invoice dated October 25, terms 2/10, n/60, from Sunshine Company, $7,900. 29 Sold a neighbouring merchant five boxes of file folders (office supplies) for cash at cost, $50. 30 Ken Shaw, the owner of Saskan Enterprises, used cheque #625 to withdraw $2,500 cash from the business for personal use. 31 Issued cheque #626 to Jamie Green, the company's only sales employee, in payment of her salary for the last half of October, $2,200. 31 Issued cheque #627 to Countywide Electric Company in payment of the October electric bill, $680. 31 Cash sales for the last half of the month were $31,000. Cost, $15,500. Cash sales are usually recorded daily but are recorded only twice in this problem to reduce the repetitive transactions. Required: 1. Record the transactions in the journals provided. (Enter the transactions in the order provided in the question.) Required: 1. Record the transactions in the journals provided. (Enter the transactions in the order provided in the question.) SASKAN ENTERPRISES Sales Journal Date (2020) Account Debited Invoice No. AR Dr. Sales Cr. Cost of Goods Sold Dr. Merchandise Inventory Cr. 1,600 Oct. 6 913 3,300 Marge Craig Vickie Foresman Oct. 12 914 3,650 1,900 1,700 Oct. 15 Amy Ihrig 915 3,100 Totals (106/413) (502/119) SASKAN ENTERPRISES Cash Receipts Journal Date (2020) Account Credited Explanation Cash Debit Sales Discount Debit Acct. Rec. Credit Sales Credit Office Supplies Credit Cost of Goods Sold Dr. Merchandise Inventory Cr. Oct. 2 Bill Grigsby Invoice Sept 23 4,116 84 4,200 Oct. 15 Sales Cash sales 38,830 21,400 38,830 2,401 Oct. 15 Marge Craig Invoice Oct 6 49 2,450 Totals (101) (415) (106) (413) (X) (502/119) SASKAN ENTERPRISES Purchases Journal Date (2020) Account Credited Date of Invoice Terms Accounts Payable Credit Merchandise Inventory Debit Office Supplies Debit Other Accts. Debit Oct. 2 Oct. 2 2/10, n/60 3,200 3,200 Oct. 5 Oct. 3 n/10 EOM 1,300 Shore Company Brown Supply Co. Shore Company Sunshine Company Oct. 15 Oct. 15 2/10, n/60 2/10, n/60 1,300 3,990 2,650 3,990 2,650 Oct. 15 Oct. 15 Totals (201) (119) (124) (X) SASKAN ENTERPRISES Cash Disbursements Journal Date (2020) Ch. No. Payee Account Debited Cash Credit Merchandise Inventory Credit Other Accts. Debit Accts. Payable Debit Oct. 2 619 2,250 2,250 Oct. 6 620 Omni Realty Co. Fireside Company Shore Company 76 Rent expense Fireside Company Shore Company Sales salaries expense 3,724 3,136 3,800 3,200 Oct. 12 621 64 Oct. 15 622 Jamie Green 2,020 2,020 Totals (101) (119) (X) (201) It is October 16, 2020, and you have just taken over the accounting work of Saskan Enterprises, whose annual accounting period ends each October 31. The company's previous accountant journalized its transactions through October 15 and posted all items that required posting as individual amounts, as an examination of the journals and ledgers in the Working Papers will show. The company completed these transactions beginning on October 16, 2020: for credit. Oct. 16 Sold merchandise on credit to Vickie Foresman, invoice #916, $7,500. Cost, $3,750. Terms of all credit sales are 2/10, n/30. 17 Received a $1,090 credit memo from Shore Company for merchandise received on October 15 and returned for credit. 17 Purchased office supplies on credit from Brown Supply Company, $580. Invoice dated October 16, terms n/10 EOM. 18 Received a $40 credit memo from Brown Supply Company for office supplies received on October 17 and returned 20 Issued a credit memo to Amy Ihrig for defective merchandise sold on October 15 and returned for credit, $500. The returned merchandise was scrapped. 21 Purchased store equipment on credit from Brown Supply Company, invoice dated October 21, terms n/10 EOM, $ 7,200. 22 Received payment from Vickie Foresman for the October 12 sale. 23 Issued cheque #623 to Sunshine Company in payment of its October 15 invoice. 24 Sold merchandise on credit to Bill Grigsby, invoice #917, $1,400. Cost, $750. 24 Issued cheque #624 to Shore Company in payment of its October 15 invoice. 25 Received payment from Amy Ihrig for the October 15 sale. 26 Received merchandise and an invoice dated October 25, terms 2/10, n/60, from Sunshine Company, $7,900. 29 Sold a neighbouring merchant five boxes of file folders (office supplies) for cash at cost, $50. 30 Ken Shaw, the owner of Saskan Enterprises, used cheque #625 to withdraw $2,500 cash from the business for personal use. 31 Issued cheque #626 to Jamie Green, the company's only sales employee, in payment of her salary for the last half of October, $2,200. 31 Issued cheque #627 to Countywide Electric Company in payment of the October electric bill, $680. 31 Cash sales for the last half of the month were $31,000. Cost, $15,500. Cash sales are usually recorded daily but are recorded only twice in this problem to reduce the repetitive transactions. Required: 1. Record the transactions in the journals provided. (Enter the transactions in the order provided in the question.) Required: 1. Record the transactions in the journals provided. (Enter the transactions in the order provided in the question.) SASKAN ENTERPRISES Sales Journal Date (2020) Account Debited Invoice No. AR Dr. Sales Cr. Cost of Goods Sold Dr. Merchandise Inventory Cr. 1,600 Oct. 6 913 3,300 Marge Craig Vickie Foresman Oct. 12 914 3,650 1,900 1,700 Oct. 15 Amy Ihrig 915 3,100 Totals (106/413) (502/119) SASKAN ENTERPRISES Cash Receipts Journal Date (2020) Account Credited Explanation Cash Debit Sales Discount Debit Acct. Rec. Credit Sales Credit Office Supplies Credit Cost of Goods Sold Dr. Merchandise Inventory Cr. Oct. 2 Bill Grigsby Invoice Sept 23 4,116 84 4,200 Oct. 15 Sales Cash sales 38,830 21,400 38,830 2,401 Oct. 15 Marge Craig Invoice Oct 6 49 2,450 Totals (101) (415) (106) (413) (X) (502/119) SASKAN ENTERPRISES Purchases Journal Date (2020) Account Credited Date of Invoice Terms Accounts Payable Credit Merchandise Inventory Debit Office Supplies Debit Other Accts. Debit Oct. 2 Oct. 2 2/10, n/60 3,200 3,200 Oct. 5 Oct. 3 n/10 EOM 1,300 Shore Company Brown Supply Co. Shore Company Sunshine Company Oct. 15 Oct. 15 2/10, n/60 2/10, n/60 1,300 3,990 2,650 3,990 2,650 Oct. 15 Oct. 15 Totals (201) (119) (124) (X) SASKAN ENTERPRISES Cash Disbursements Journal Date (2020) Ch. No. Payee Account Debited Cash Credit Merchandise Inventory Credit Other Accts. Debit Accts. Payable Debit Oct. 2 619 2,250 2,250 Oct. 6 620 Omni Realty Co. Fireside Company Shore Company 76 Rent expense Fireside Company Shore Company Sales salaries expense 3,724 3,136 3,800 3,200 Oct. 12 621 64 Oct. 15 622 Jamie Green 2,020 2,020 Totals (101) (119) (X) (201)