Pharoah 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 ledger for Pharoah are indicated in the working papers. Presented below are a series of transactions for Pharoah Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price.
Pharoah 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 ledger for Pharoah are indicated in the working papers. Presented below are a series of transactions for Pharoah Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price.
Record the January transactions in a cash payments journal . ( Post entries in the order presented in the problem statement . !' Date Other Accounts Accounts Payable Supplies Inventory* Cash Account Debited Ref . LIP . LIP . UP. LY . CM . [ Jan . B. *\\ Inventory 120 225 225 Jan . 5 + \\ 5. MEEK` LOOOO 2010 5 80 0 [ Jan . 5 + \\ [ O. Saito LOOOO 10D 3900 \\Jan . 12 +\\ Rent EXPENSE 725 LOOO 10DO \\Jan . 15 #| Owner's Drawings 305 BOO \\ Jan . 17 #\\ GOD \\Jan . 23 #| Q . Saito w` IED 15: 8:401 \\Jan . 23 +| 5 . MEEK 15000 320 15680 \\Jan . 28 *\\ 200 200 \\Jan . 31 +\\ Salaries and Wages EXPENSE *\\ 5 27 79:00 7900 9:5 25 520 0 0 5. 1945Record the January transactions in a cash receipts journal . ( Post entries in the order presented in the problem statement . ) Sales Sales Other Date Cash Discounts REVENUE Accounts Account Credited Cost of Good Sold DY. REF . LIP . DY . Account Receivable CY . [I . LY . Inventory CY. Jan . ] # \\ L` [ 5. Mahay #\\ 3BOO 3 800 Z280 Jan . ? = \\ TE. Santos *\\ 2000 2000 1200 Jan . 10 +\\ 15000 15000 Jan . 13 +\\ TB. Corpas *\\ 33 32 GIB 3:400 1995, 2 [ ` Jan . 13 + \\ [ J. Revere *\\ 140 01 28 $40 Jan . 20 = 19500 19500 1 17ED Jan . 21 =\\ [ 5 . Mahay #\\ BEZ LB 300 Jan . 31 =\\ 272010 22200 13320 5.8214 1 14 10940 5 EBOOK 35 60 0GENERAL LEDGER Account January 1 Number Account Title Opening Balance 101 Cash $38,250 112 Accounts Receivable 13, 100 115 Notes Receivable 40,000 120 Inventory 20,000 126 Supplies 1,700 130 Prepaid Insurance 2,100 157 Equipment 6,000 158 Accumulated Depreciation-Equip. 1,600 201 Accounts Payable 36,000 301 Owner's Capital 83,550 Schedule of Accounts Receivable ( from accounts receivable subsidiary ledger) January 1 Customer Opening Balance R. Beltre $1,700 B. Santos 7,600 S. Mahay 3,800 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance S. Meek $10,000 R. Moses 16,000 D. Saito 10,000