Newton Company completed these transactions during April $2023.$ The terms of all credit sales are $2/10,$ n$/30.$

Apr. $2$ Purchased merchandise on credit from Baskin Company, invoice dated April $2,$ terms $2/10,$ n$/60,$ $$12,800.$

$3$ Sold merchandise on credit to Linda Hobart, invoice #$760,$ $$3,200.$ Cost, $$1,900.$

$3$ Purchased office supplies on credit from Eau Claire Inc., $$1,340.$ Invoice dated April $2,$ terms n$/10$ EOM.

$4$ Issued cheque #$587$ to The Record for advertising expense, $$1,020.$

$5$ Sold merchandise on credit to Paul Abrams, invoice #$761,$ $$9,400.$ Cost, $$5,600.$

$6$ Received an $$85$ credit memo from Eau Claire Inc. for office supplies received on April $3$ and returned for credit.

$9$ Purchased store equipment on credit from Frank$$s Supply, invoice dated April $9,$ terms n$/10$ EOM, $$10,500.$

$11$ Sold merchandise on credit to Kelly Schaefer, invoice #$762,$ $$10,000.$ Cost, $$6,000.$

$12$ Issued cheque #$588$ to Baskin Company in payment of its April $2$ invoice.

$13$ Received payment from Linda Hobart for the April $3$ sale.

$13$ Sold merchandise on credit to Linda Hobart, invoice #$763,$ $$5,200.$ Cost, $$3,100.$

$14$ Received payment from Paul Abrams for the April $5$ sale.

$16$ Issued cheque #$589,$ payable to Payroll, in payment of the sales salaries for the first half of the month, $$9,500.$ For simplicity, we assume one cheque.

$16$ Cash sales for the first half of the month were $$54,000.$ Cost, $$32,400.$ Cash sales are usually recorded daily from the cash register readings. However, they are recorded only once in this problem to reduce the repetitive transactions.

$17$ Purchased merchandise on credit from Sprocket Company, invoice dated April $16,$ terms $2/10,$ n$/30,$ $$12,750.$

$18$ Borrowed $$50,000$ from First Bank by giving a long$-$term note payable.

$20$ Received payment from Kelly Schaefer for the April $11$ sale.

$20$ Purchased store supplies on credit from Frank$$s Supply, invoice dated April $19,$ terms n$/10$ EOM, $$650.$

$23$ Received a $$400$ credit memo from Sprocket Company for defective merchandise received on April $17$ and returned.

$23$ Received payment from Linda Hobart for the April $13$ sale.

$25$ Purchased merchandise on credit from Baskin Company, invoice dated April $24,$ terms $2/10,$ n$/60,$ $$10,900.$

$26$ Issued cheque #$590$ to Sprocket Company in payment of its April $16$ invoice.

$27$ Sold merchandise on credit to Paul Abrams, invoice #$764,$ $$3,800.$ Cost, $$2,300.$

$27$ Sold merchandise on credit to Kelly Schaefer, invoice #$765,$ $$6,200.$ Cost, $$3,800.$

$30$ Issued cheque #$591,$ payable to Payroll, in payment of the sales salaries for the last half of the month, $$9,500.$ For simplicity, we assume one cheque.

$30$ Cash sales for the last half of the month were $$69,000.$ Cost, $$41,400.$

Required:

Enter the March $31$ balances of $$167,000$ for Cash; $$105,000$ for Merchandise Inventory; $$105,000$ for Jeff Newton, Capital; and $$167,000$ for Long$-$Term Notes Payable. $($Enter the transactions in the order provided in the question.$)$

$1.$ Record their entries in the Special Journals.

$2.$ Post the entries into the subsidiary ledgers and general ledger accounts.

$3.$ Prepare a trial balance of the General Ledger and prepare schedules of accounts receivable and accounts payable.