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 company's Pos Closing Trial Balance showed the following accounts and balances: Subsidiary Ledgers balances during the month of August Customers with Outstanding Balances Creditors with Outstanding Balances 1 Stephanie Ram, the proprietor of the business, invested $87,500 cash and Office Supplies valued at $2,200 into the business. 2 Issued a check to establish a Petty Cash Fund for $5,000. 3 Paid a premium of $3.300 for a one-year insurance policy, effective September 1st. 6 Purchased 44 refrigerators on credit for $162,800 from Mason Retailers. The credit terms of the sale were 4/20. n/45, F.O.B. shipping point. 8 Issued a check for $2,110 for the delivery charges on the September 6th transaction. 9 The business returned two damaged refrigerators to Mason Retailers and received a credit of $7,000. 10 Sold several refrigerators to various customers with the credit terms 3/10,n/60 and bills were sent out as follows: 12. Borrowed $60,300 from National Trust Bank by signing a Notes Payable. 13 Dora Franklin returned a defective refrigerator to the business and recelved a credit of $5,200. 14 Issued a check to pay the bi-weekly employee salaries, $15,800. 15 Purchased Store Supplies on credit, terms 2/10,n/30, as follows: 17 Purchaseda Delivery Truck for $63,000 in cash. 20 Received payment (before any applicable discounts) from the following customers for the September 10th sale to be applied to their accounts as follows (Hint You will need to calculate amount of net cash received from customers); 21 Received cash of $42,400 in advance for 8 refrigerators to bejelivered 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 accounta (before any opplicable discounts) as follows (Hint: You will need to calculate amount of the net cash payment: \begin{tabular}{lr} Wiley Retailers & $1,600 \\ Lisa Supplies Company & 3,100 \\ Farge Company & 500 \\ Lincoln Wholesale & 800 \\ \hline Totals & $6,000 \\ \hline \end{tabular} 23 Stephanie Ram withdrew $4,300 in cash for her personal use. 24 Sold several refrigerators and received $200,000 cash. 25. Made a partial payment to Mason Retailers of $88,000 to be applied as a reduction to the account balance fbefore any applicable discounts) for the September 6th transaction (Hint: You will need to calculate amount of the net cash payment). 26 Paid the monthly utiity bilk, $8.100. 27 Stephanie Ram purchased a Forklift for $31,800. 28 Issued a check to pay the bl-weekly employee salaries, $15,800. 29. The Petty Cash Fund had a cash balance of $3,500 at the end of September with petty cash receipts/vouchers for postage, $450, and repair supplies, $900. A check was issued to replenish the fund. 30 Issued a check for the pavment of September's rent, $13,500. Prepare the Journal Entries in the General Journal. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Do not use dollar signs (S) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) 6 8 9 10 12 13 14 15 17 Prepare the Journal Entries in the 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. Do not use dollar signs (\$) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Post the Journal Entries to the General Ledger and Subsidiary Ledgers. Amounts to the Accounts Receivable and Accounts Payable should be posted as a total amount to the Accounts Receivable and Accounts Payable accounts in the General Ledger. (Post the General Journal entries in chronological order to the respective accounts in the Ledgers below. Calculate the running balances for each account after each posting. Do not use dollar signs (\$) when enterins amounts. Only. recalculate the ending balances to Ledger accounts where amounts were posted. To see comma-formatfed numbers reflected in your final answers, you must enter your answers with commas.) Prepare a Trial Balance using the account names and balances from the General Ledger. (Do not list those accounts that have zero ending balance. Do not use dollar signs (\$) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commos.J Using the information from the Accounts Receivable Subsidiary Ledger, prepare a Schedule of Accounts Receivable, (Do fof use dollar signs (\$) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter. your answers with commas.) Using the intormation from the Accounts Payable Subsidiacy Ledger, prepare a Schedule of Accounts Payable IDo not use dollar signs (\$) when entering amounts. To see comme-formatted numbers reflected in your final answers, you must enter your answers with commos.)
