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 ledgers for Jeter are indicated in the working papers presented below. Also following are a series of transactions for Jeter Co, for the month of January Credit sales terms are 2/10, 1/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account Number Account Title January 1 Opening Balance $35,750 101 Cash 112 13,000 115 39.000 120 18,000 126 1,000 Accounts Receivable Notes Receivable Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equip Accounts Payable 130 2,000 157 6,450 158 1,500 201 35,000 301 Owner's Capital 78,700 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance Customer R. Beltre $1,500 B. Santos 7,500 S. Mahay 4,000 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Opening Balance Customer S. Meek $9,000 R. Moses 15,000 D. Saito 11,000 Jan 3 S 7 8 9 9 10 11 12 Sell merchandise on account to B. Corpas $3,600, invoice no. 510, and to J. Revere $1,800, invoice no 511 Purchase merchandise from 5. Gamel $5,000 and D. Posey $2,200, terms 1/30 Receive checks from S. Mahay $4,000 and B. Santos $2,000 after discount period has lapsed. Paytreight 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 full from 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, 1/30; S. Meek 514,200, terms 2/10,30; 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 13 15 15 16 17 18 20 21 21 22 22 23 25 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 for 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, 1/30; D. Posey $3,200, terms r/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, 27 27 28 31 31 Prepare a multiple step income statement JETERCO. Income Statement For the Year Ended January 31, 2022 Sales > $ C A A A A $ A A Prepare a owner's equity statement for January (List items that increase owner's equity first.) JETERCO. Owner's Equity Statement $ Add Less $
