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Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income General Journal tab - Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts receivable and accounts payable will be updated based on your entries. General Ledger Tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance Tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Income Statement tab - Prepare the income statement through the calculation of gross profit. Impact on Income tab - Indicate the impact each transaction had on net income. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 ... 17 Purchased merchandise from Hall Company for $10,200 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Note: Enter debits before credits. Date Account Title Debit Credit Jul 01 Requirement General Journal General General Ledger General Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance. If you have an abnormal ending balance indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less Knight's Company Trial Balance July 31, 2019 Account Title Credit Cash $ Debit 26,500 12,000 Merchandise inventory Common stock Total 38,500 38,500 38,500 $ Income Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Impact on Income No input required Dates: Jul 01 to: Jul 31 Knight's Company Schedule of Accounts Receivable Accounts receivable - Wilson Accounts receivable - Hall Accounts receivable - Walker Accounts receivable - Brown 11,200 Total accounts receivable $ 11,200 Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income No input required Dates: Jul 01 to: Jul 31 Knight's Company Schedule of Accounts Payable Accounts payable - Wilson Accounts payable - Hall Accounts payable - Walker Accounts payable - Brown Total accounts payable Schedule of Receivables Income Statement > Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income Prepare a multiple-step income statement through the calculation of gross profit. Knight's Company Partial Income Statement For the Month Ended July 31, 2019 Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. Input decreases to net income as minus sign. Upon completion, compare the gross profit with the amount reported on the partial income statement. Impact on income Increase (decrease) to income July 1) Purchased merchandise from Hall Company for $10,200 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2) Sold merchandise to Walker Co. for $3,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. July 2) The cost of the merchandise sold to Walker Co. was $1,800. July 3) Paid $965 cash for freight charges on the purchase of July 1. July 8) Sold merchandise for $5,900 cash. July 8) The cost of the merchandise sold was $3,500. July 9) Purchased merchandise from Brown Co. for $4,300 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11) Received a $900 credit memorandum from Brown Co. for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Walker Co. for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Hall Company within the discount period. July 19) Sold merchandise to Wilson Co. for $5,400 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 19) The cost of the merchandise sold to Wilson Co. was $3,800. July 21) Issued a $1,100 credit memorandum to Wilson Co. for an allowance on goods sold on July 19. July 24) Paid Brown Co. the balance due, net of discount July 30) Received the balance due from Wilson Co. for the invoice dated July 19, net of discount. July 31) Sold merchandise to Walker Co. for $11,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. July 31) The cost of the merchandise sold to Walker Co. was $6,700. Total gross profit