Sunland Co, uses a perpetual imventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the generalledger and the substdiary fedgers for Sunland are indicated in the working papers presented below. Also following are a series of transactions for Sunland 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. Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) \begin{tabular}{|c|c|} \hline Customer & \begin{tabular}{c} January 1 \\ Opening Balance \end{tabular} \\ \hline R. Beltre & $1,800 \\ \hline B. Santos & 7,800 \\ \hline S. Mahay & 3,900 \\ \hline \end{tabular} 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 5. 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 J. Revere $1,500, invoice no. 511 . 5 Purchase merchandise from S. Gamel $6,000 and D, Posey $2,500, terms n/30. 7 Receivechecks 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 5 , Mahay $900, invoice no. 513 . 12 Pay rent of $2,000 for January. 13 Receive 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 ledgers. 16 Purchase merchandise from D. Saito $16,000, terms 1/10,n/30,S. Meek $15,000, terms 2/10,n/30, and S , Gamel $1,100, terms r/30. 17 Pay $500 cash for office supplies. 18 Retum $300 of merchandise to 5 , Meek and recelve credit. 20 Daily cash sales from January 11 to January 20 total $22,600. Malce 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 leascash discount. 22 Sell merchandise on account to B, Corpas $2,600, irvolce no. 514 , and to R. Beltre $2,300, imvolce no, 515 . 22 Post all entries to the subsidiary ledgers. 23 Send checks to D, Salto and S. Meek for full payment less cash discounts. 25 Sell merchandise on account to B, Santos $3,000, invoice no, 516 , and to I. Revere $6,500, invoice no. 517 , 27 Purchase merchandise from D. Saito $14,100, terms 1/10,n/30,D, Posey $3,300, terms n/30, and S. Gamel $5,500, terms n/30, 27 Post all entries to the subsidiary ledgers. 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 salessalaries $4,500 and office salaries $3,800. 1. Office supplies at January 31 total $900. 2. Insurance coverage expires on October 31, 2022. 3. Annual depreciation on the equipment is $1,200. 4. Interest of $50 has accrued on the note payable. Prepare a post-closing trial balance Determine whether the subsidiary ledpers agree with the control accounts in the general ledser. (Do not hist those occounts that have zero ending balance)
