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prepare a multiple step income statement

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Sunland CO, uses a perpetual inventory system and both an accounts neceivable and an accounts payable subsidiary ledger. Balances related to both the general ledper and the subsidiary ledgers for Suinland are indicated in the workine papers presented below. Also following are a series of transactions for Sunland Co, for the month of Janusy, Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60x of the sales price. Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Customer Opening Balance R. Beltre $1,800 B. Santos 7,800 5. Mahay 3,900 Schedule of Accounts Payable (from accounts payable subsidiary ledger) \begin{tabular}{|c|c|} \hline Customer & \begin{tabular}{c} January 1 \\ Opening Balance \end{tabular} \\ \hline S. Meek & $7,000 \\ \hline R. Moses & 15,000 \\ \hline D. Saito & 9,000 \\ \hline \end{tabular} Jan. 3 Sell merchandise on account to B. Corpas $3,100, invoice no. 510 , and to L. Revere $1,500, involce no 511 5 Purchase merchandise from 5 . Gamel $6,000 and D. Posey $2,500 terms n/30. 7 Recelvechecls from S. Mahay $3,900 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $245. 9 Send checks to S. Meek for $7,000 less 2% cash discount, and to D. Saito for $9,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned: 10 Daily cash sales from January 1 to January 10 total $18,000. Make one journal entry for these sales. 11 Sell merchandise on account to R. Beltre $1,800, invoice no. 512 , and to S. Mahay $900 invoice no 513 . 12 Pay rent of $2,000 for January. 13. Recelve payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Sunland for personal use. 15 Post all entries to the subsidiary ledsers. 16 Purchase merchandise from D,5 aito $16,000, terms 1/10,n/30,S. Meek $15,000, terms 2/10,n/30, and S. Gamel $1,100, terms n/30. 17 Pay $500 cash for office supplies. 18 Return $300 of merchandise to S. Meek and recelve credit. 20 Dally cash sales from January 11 to January 20 total $22,600. Make one journal entry for these sales. 21 Issue $15,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Seli merchandise on account to B. Corpas $2,600, imvoice no. 514 , and to R. Beltre $2,300, invoice no, 515 . 22 Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek for full payment less cash discounts. 25 Sell merchandise on account to B. Santo $3,000 invoice no. 516, and to $. Revere $6.500, invoice no. 517 . 27 Purchase merchandise from D. Salto $14,100, terms 1/10,n/30,0. Posey $3,300, terms n/30, and 5. Gamel $5,500, terms n/30, 27 Postall entries to the subsidiaryledgers. 28 Pay $200 cash for office supplies. 31 Daily cash sales from january 21 to January 31 total $21,600 Make one journal entry for these sales 31 Pay sales salaries $4,500 and office salaries $3,800