Jeter 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 Jeter are indicated in the working papers. Presented below are a series of transactions for Jeter 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. GENERAL LEDGER Account Number 101 112 115 120 126 130 157 158 201 301 Account Title Cash Accounts Receivable Notes Receivable Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Owner's Capital January 1 Opening Balance $35,750 13,000 39,000 18,000 1,000 2,000 6,450 1,500 35,000 78,700 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Customer Opening Balance R. Beltre $1,500 B. Santos 7,500 S. Mahay 4,000 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance S. Meek $9,000 R. Moses 15,000 D. Saito 11,000 Jan. 3 5 7 8 9 9 10 11 12 13 15 15 16 17 Sell merchandise on account to B. Corpas $3,600, invoice no. 510, and to J. Revere $1,800, invoice no. 511. Purchase merchandise from S. Gamel $5,000 and D. Posey $2,200, terms n/30. Receive checks from S. Mahay $4,000 and B. Santos $2,000 after discount period has lapsed. Pay freight on merchandise purchased $235. Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $11,000 less 1% cash discount. Issue credit of $300 to J. Revere for merchandise returned. Daily cash sales from January 1 to January 10 total $15,500. Make one journal entry for these sales. Sell merchandise on account to R. Beltre $1,600, invoice no. 512, and to S. Mahay $900, invoice no. 513. Pay rent of $1,000 for January. Receive payment in fullfrom B. Corpas and J. Revere less cash discounts. Withdraw $800 cash by M. Jeter for personal use. Post all entries to the subsidiary ledgers. Purchase merchandise from D. Saito $15,000, terms 1/10, n/30; S. Meek $14,200, terms 2/10, n/30; and S. Gamel $1,500, terms n/30. Pay $400 cash for office supplies. Return $200 of merchandise to S. Meek and receive credit. Daily cash sales from January 11 to January 20 total $20,100. Make one journal entry for these sales. Issue $15,000 note, maturing in 90 days, to R. Moses in payment of balance due. Receive payment in full from S. Mahay less cash discount. Sell merchandise on account to B. Corpas $2,700, invoice no. 514, and to R. Beltre $2,300, invoice no. 515. Post all entries to the subsidiary ledgers. Send checks to D. Saito and S. Meek in full payment less cash discounts. Sell merchandise on account to B. Santos $3,500, invoice no. 516, and to J. Revere $6,100, invoice no. 517. Purchase merchandise from D. Saito $14,500, terms 1/10, n/30; D. Posey $3,200, terms n/30; and S. Gamel $5,400, terms n/30. Post all entries to the subsidiary ledgers. Pay $200 cash for office supplies. Daily cash sales from January 21 to January 31 total $21,300. Make one journal entry for these sales. Pay sales salaries $4,300 and office salaries $3,800. 18 20 21 21 22 22 23 25 27 27 28 31 31 Record the January transactions in a two-column general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 9 Sales Returns and Allowances 300 Accounts Receivable (Issued credit for merchandise returned.) Jan. 12 V Sales Returns and Allowances 300 Accounts Receivable (Cost of merchandise returned.) Jan. 18 Accounts Payable 200 Notes Payable (Received credit for returned goods.) Jan. 21 Accounts Payable 15000 Notes Payable (Payment of balance due.) Trial Balance Account Titles Dr. Cr. Cash i Accounts Receivable i Notes Receivable i Inventory i Supplies i Prepaid Insurance i Equipment i Accum. Depreciation-Equipment Notes Payable Accounts Payable Interest Payable i i Owner's Capital Owner's Drawings i Sales Revenue Sales Returns and Allowances Sales Discounts i Cost of Goods Sold i Salaries and Wages Expense i Rent Expense i Totals JETER CO. Income Statement For the Month Ended January 31, 2020 V $ NE $ $ V $ Prepare a owner's equity statement for January. (List items that increase owner's equity first.) JETER CO. Owner's Equity Statement For the Year Ended January 31, 2020 $ $ Prepare a classified balance sheet at the end of January. (List Current Assets in order of liquidity.) JETER CO. Balance Sheet January 31, 2020 Assets $ $ Liabilities and Owner's Equity $ $ Prepare adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credi (To adjust supplies) (To adjust insurance expense) (To adjust depreciation expense) (To adjust interest expense) Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To close revenue account) (To close expense accounts) I DETTE (To close net income) (To close drawings) Prepare a post-closing trial balance. JETER CO. Post-Closing Trial Balance January 31, 2020 Debit Credit $ TTTTTTTTTT Totals $ $ answer is incorrect. Determine whether the subsidiary ledgers agree with the control accounts in the general ledger. Accounts Receivable balance Accounts Receivable Subsidiary Ledger $ $ Accounts Payable balance $ Subsidiary account balances $ $ Jeter 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 Jeter are indicated in the working papers. Presented below are a series of transactions for Jeter 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. GENERAL LEDGER Account Number 101 112 115 120 126 130 157 158 201 301 Account Title Cash Accounts Receivable Notes Receivable Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Owner's Capital January 1 Opening Balance $35,750 13,000 39,000 18,000 1,000 2,000 6,450 1,500 35,000 78,700 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Customer Opening Balance R. Beltre $1,500 B. Santos 7,500 S. Mahay 4,000 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance S. Meek $9,000 R. Moses 15,000 D. Saito 11,000 Jan. 3 5 7 8 9 9 10 11 12 13 15 15 16 17 Sell merchandise on account to B. Corpas $3,600, invoice no. 510, and to J. Revere $1,800, invoice no. 511. Purchase merchandise from S. Gamel $5,000 and D. Posey $2,200, terms n/30. Receive checks from S. Mahay $4,000 and B. Santos $2,000 after discount period has lapsed. Pay freight on merchandise purchased $235. Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $11,000 less 1% cash discount. Issue credit of $300 to J. Revere for merchandise returned. Daily cash sales from January 1 to January 10 total $15,500. Make one journal entry for these sales. Sell merchandise on account to R. Beltre $1,600, invoice no. 512, and to S. Mahay $900, invoice no. 513. Pay rent of $1,000 for January. Receive payment in fullfrom B. Corpas and J. Revere less cash discounts. Withdraw $800 cash by M. Jeter for personal use. Post all entries to the subsidiary ledgers. Purchase merchandise from D. Saito $15,000, terms 1/10, n/30; S. Meek $14,200, terms 2/10, n/30; and S. Gamel $1,500, terms n/30. Pay $400 cash for office supplies. Return $200 of merchandise to S. Meek and receive credit. Daily cash sales from January 11 to January 20 total $20,100. Make one journal entry for these sales. Issue $15,000 note, maturing in 90 days, to R. Moses in payment of balance due. Receive payment in full from S. Mahay less cash discount. Sell merchandise on account to B. Corpas $2,700, invoice no. 514, and to R. Beltre $2,300, invoice no. 515. Post all entries to the subsidiary ledgers. Send checks to D. Saito and S. Meek in full payment less cash discounts. Sell merchandise on account to B. Santos $3,500, invoice no. 516, and to J. Revere $6,100, invoice no. 517. Purchase merchandise from D. Saito $14,500, terms 1/10, n/30; D. Posey $3,200, terms n/30; and S. Gamel $5,400, terms n/30. Post all entries to the subsidiary ledgers. Pay $200 cash for office supplies. Daily cash sales from January 21 to January 31 total $21,300. Make one journal entry for these sales. Pay sales salaries $4,300 and office salaries $3,800. 18 20 21 21 22 22 23 25 27 27 28 31 31 Record the January transactions in a two-column general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 9 Sales Returns and Allowances 300 Accounts Receivable (Issued credit for merchandise returned.) Jan. 12 V Sales Returns and Allowances 300 Accounts Receivable (Cost of merchandise returned.) Jan. 18 Accounts Payable 200 Notes Payable (Received credit for returned goods.) Jan. 21 Accounts Payable 15000 Notes Payable (Payment of balance due.) Trial Balance Account Titles Dr. Cr. Cash i Accounts Receivable i Notes Receivable i Inventory i Supplies i Prepaid Insurance i Equipment i Accum. Depreciation-Equipment Notes Payable Accounts Payable Interest Payable i i Owner's Capital Owner's Drawings i Sales Revenue Sales Returns and Allowances Sales Discounts i Cost of Goods Sold i Salaries and Wages Expense i Rent Expense i Totals JETER CO. Income Statement For the Month Ended January 31, 2020 V $ NE $ $ V $ Prepare a owner's equity statement for January. (List items that increase owner's equity first.) JETER CO. Owner's Equity Statement For the Year Ended January 31, 2020 $ $ Prepare a classified balance sheet at the end of January. (List Current Assets in order of liquidity.) JETER CO. Balance Sheet January 31, 2020 Assets $ $ Liabilities and Owner's Equity $ $ Prepare adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credi (To adjust supplies) (To adjust insurance expense) (To adjust depreciation expense) (To adjust interest expense) Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To close revenue account) (To close expense accounts) I DETTE (To close net income) (To close drawings) Prepare a post-closing trial balance. JETER CO. Post-Closing Trial Balance January 31, 2020 Debit Credit $ TTTTTTTTTT Totals $ $ answer is incorrect. Determine whether the subsidiary ledgers agree with the control accounts in the general ledger. Accounts Receivable balance Accounts Receivable Subsidiary Ledger $ $ Accounts Payable balance $ Subsidiary account balances $ $