On August 1, 2016, Stephanie Ram, a sole proprietor, started a new business, Ram Wholesale Company. The company sells refrigerators (merchandise) to various retail stores and uses the periodic inventory system. At the end of August, the companys Post-Closing Trial Balance showed the following accounts and balances:

Ram Wholesale Company Post-Closing Trial Balance August 31, 2016
Account Titles		Debit		Credit
Cash		$156,300
Accounts Receivable		16,500
Merchandise Inventory, 9/30/15		56,700
Store Supplies		3,800
Office Supplies		3,100
Land		35,000
Delivery Truck		87,000
Accumulated Depreciation, Delivery Truck				$750
Accounts Payable				21,900
Unearned Sales Revenue				1,900
Notes Payable (Due 2040)				59,000
Stephanie Ram, Capital				274,850
Totals		$358,400		$358,400

Subsidiary Ledgers balances during the month of August Customers with Outstanding Balances

Dates		Customer Names		Credit Terms		Balances
8/25		Jose Mendes		3/20, N/60		$10,100
8/28		Nicholas Jay		2/15, N/45		6,400
		Totals				$16,500

Creditors with Outstanding Balances

Dates		Creditors Names		Credit Terms		Balances
8/22		Lisa Supplies Company		1/10, N/60		$8,200
8/24		Farge Company		2/15, N/45		9,400
8/26		Mason Retailers		1/20, N/60		4,300
		Totals				$21,900

During the month of September, the following transactions were completed by the business:

Sept.

1

Stephanie Ram, the proprietor of the business, invested $87,000 cash and Office Supplies valued at $2,200into the business.

2

Issued a check to establish a Petty Cash Fund for $5,400.

3

Paid a premium of $3,300 for a one-year insurance policy, effective September 1^st.

6

Purchased 40 refrigerators on credit for $144,000 from Mason Retailers. The credit terms of the sale were 4/20, n/45, F.O.B. shipping point.

8

Issued a check for $2,150 for the delivery charges on the September 6^th transaction.

9

The business returned two damaged refrigerators to Mason Retailers and received a credit of $9,000.

10

Sold several refrigerators to various customers with the credit terms 3/10, n/60 and bills were sent out as follows:

Jose Mendes		$4,600
Amy Thomas		11,300
Nicholas Jay		6,300
Dora Franklin		14,100
Totals		$36,300

12

Borrowed $60,300 from National Trust Bank by signing a Notes Payable.

13

Dora Franklin returned a defective refrigerator to the business and received a credit of $4,500.

14

Issued a check to pay the bi-weekly employee salaries, $15,400.

15

Purchased Store Supplies on credit, terms 2/10, n/30, as follows:

Wiley Retailers		$2,300
Lisa Supplies Company		1,800
Farge Company		900
Lincoln Wholesale		2,700
Totals		$7,700

17

Purchased a Delivery Truck for $72,000 in cash.

20

Received payment (before any applicable discounts) from the following customers for the September 10^thsale to be applied to their accounts as follows (Hint: You will need to calculate amount of net cash received from customers):

Jose Mendes		$3,200
Amy Thomas		5,300
Nicholas Jay		4,000
Dora Franklin		8,600
Totals		$21,100

21

Received cash of $23,000 in advance for 5 refrigerators to be delivered over the next few months.

22

Made a partial payment for the Store Supplies purchased on September 15^th to be applied to the below accounts (before any applicable discounts) as follows (Hint: You will need to calculate amount of the net cash payment):

Wiley Retailers		$1,600
Lisa Supplies Company		3,100
Farge Company		500
Lincoln Wholesale		800
Totals		$6,000

23

Stephanie Ram withdrew $3,900 in cash for her personal use.

24

Sold several refrigerators and received $215,000 cash.

25

Made a partial payment to Mason Retailers of $88,000 to be applied as a reduction to the account balance (before any applicable discounts) for the September 6^th transaction (Hint: You will need to calculate amount of the net cash payment).

26

Paid the monthly utility bills, $7,500.

27

Stephanie Ram purchased a Forklift for $32,700.

28

Issued a check to pay the bi-weekly employee salaries, $15,400.

29

The Petty Cash Fund had a cash balance of $3,500 at the end of September with petty cash receipts/vouchers for postage, $370, and repair supplies, $970. A check was issued to replenish the fund.

30

Issued a check for the payment of Septembers rent, $13,000.