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Sunland Co, uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the generall ledger and the stbridiary ledgers for Sinland are indicated in the working papers presented below. Also following are aseries of transactions for Sunland Co, for the month of January Credit sales terms are 2/10, n/30. The cost of al! merchandise sold was 60% of the sales price. Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) \begin{tabular}{lr} \multicolumn{1}{c}{ Customer } & \multicolumn{1}{c}{\begin{tabular}{c} January 1 \\ Opening Balance \end{tabular}} \\ \hline R. Beltre & $1,800 \\ B. Santos & 7,800 \\ S. Mahay & 3,900 \end{tabular} Schedule of Accounts Payable (from accounts payable subsidiary ledger) \begin{tabular}{lr} \multicolumn{1}{c}{ Customer } & \begin{tabular}{c} January 1 \\ Opening Balance \end{tabular} \\ \cline { 1 - 1 } & $7,000 \\ R. Moses & 15,000 \\ D. Saito & 9,000 \end{tabular} Jan. 3. Sell merchandise on account to B. Corpas $3,100, invoice no. 510 , and to 1. Revere $1.500, invoice no. 511 . 5. Purchase merchandise from $, Gamel $6,000 and D. Posey $2,500, terms n/30. 7 Recelvechecks 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 5 . 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 Sellmerchandise 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. 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 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 n/30. 17 Pay $500 cash for office supplies. 18 Return $300 of merchandise to 5. Meek and recelve credit. 20 Dally cash sales from January 11 to January 20 total $22,600. Make one foumal entry for these sales. 21 Lsue $15,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Recelve payment in full from 5, Mahay less cash discount. 22 Selimerchandise on account to 8. Corpas $2,600, involice no. 514 , and to R. Eeltre $2,300, invoice no. $15. 22 Post all entries to the subsidiary ledigers. 23 Send checks to D. Saito and S Meek for full paryment less cash discounts. 25 Sell merchandise on account to 8. Santos $3.000, involce no, 516 , and to s. Revere $6.500, irvolce no 517 . 27 Purchase merchandise from D, Sato $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 entres to the subsidiary ledgers. 28 Pay 5200 cach for officic suppties 31 Daly cash sales from January 21 to January 31 total $21.600. Make one joumal entry for these sales 31 Parsales salaries $4,500 and office saianes $3,800 1. Olfice supplies at Jaruary 31 total $900 2 Inarince coveracueplre on October 31, 2022. 3. Arnual depreciation on the equioment is $1200. 4. Interest of $50 has accrued on the note nxystie. Prepare a ovmer's equity statement for January. (List items that increase owner's equity first.) Prepare a classified balance sheet at the end of January. (Ust Current Assets in order of liquidity) . Balance Sheet Assets s $ Liabilities and Owner's Equity $ 5 $
