july 6 Cash sale - 400. Cost of merchandise wa s $300

july 8. issued credit memorandum No.1 to Panda Co. for defective merchandise -$100. No inventory was returned.

july 9. purchased $1,150 merchandise from black brothers , their invoice No. 2014

july 10. Returned $400 defective merchandise to patel & sons . No inventory was returned.

july 11. recieved cheque from panda co. for invoice No. 1 less returns and discount.

july 12. Paid amount owing to Black Brothers , cheque 101

july 16 cash sale -500. Cost of merchandise was $375

july 19, sold merchandise on account to panda co.- $550, invoice No.3 . Cost of merchandise was $412.50

july 22 purchased $1800 merchandise from Black Brothers , their invoice No. 2092

july 24 purchased $1700 store display equipment from Adkins & Co., their invoice No. 1762

july 26 paid amount due to Adkins & Co., cheque 102

july 29, wrote cheque 103 for $250 to city news for ad

july 31 Cheque 104 to fern supplies for cash purchase . invoice No. 2178--$640.00

Joirnalize, record and post the following transactions as needed to the:

sales journal

purchase journal

cash reciepts journal

cash payments journal

general journal

Question 2:

prepare a schedule of accounts recievable and accounts payable