Portsmouth SoccerPortsmouthSoccer uses the perpetual inventory system and makes all credit sales on terms of 22/10, n/30. Portsmouth SoccerPortsmouthSoccer completed the following transactions during NovemberNovember: LOADING...(Click the icon to view thetransactions.)

1.

Enter the transactions in a sales journal(page 10), a cash receipts journal(page 8), a purchases journal(page 13), a cash payments journal(page 12), and a general journal(page 9), as appropriate.

2.

Total each column of the special journals. Show that total debits equal total credits in each special journal.

3.

The followingfour-column accounts have been opened in the subsidiary ledgers. Enter the beginning balance as of NovemberNovember 1: Accounts receivable ledgerlong dashAnchor Co.AnchorCo., $ 2 comma 220$2,220; Becket Co.BecketCo., $ 0$0; Rick MorrisRickMorris, $ 0$0; and Heather StokesHeatherStokes, $ 0$0. Accounts payable ledgerlong dashHillsboro Co.HillsboroCo., $ 0$0; Jammin Inc.JamminInc., $ 0$0; Smile Co.SmileCo., $ 0$0; Zeb Co.ZebCo., $ 550$550.

4.

Post daily to the accounts receivable subsidiary ledger and to the accounts payable subsidiary ledger.

5.

The followingfour-column general ledger accounts have been opened using Portsmouth Soccer'sPortsmouthSoccer's account numbers and balances as of NovemberNovember 1, 20142014:

Number	Account	Bal.	Number	Account	Bal.
111	Cash	$15,300	411	Sales Revenue	$7,100
112	Accounts Receivable	2,220	412	Sales Discounts	0
114	Merchandise Inventory	6,000	413	Sales Returns and Allowances	0
116	Office Supplies	500	419	Interest Revenue	800
117	Prepaid Insurance	0	511	Cost of Goods Sold	2,800
151	Equipment	1,600	531	Salaries Expense	2,900
211	Accounts Payable	550	541	Utilities Expense	400
311	Garfield, Capital	23,270

On NovemberNovember 30, post to the general ledger.

6.

Prepare a trial balance as of NovemberNovember30,20142014to verify the equality of the general ledger. Balance the total of the customer balances in the accounts receivable subsidiary ledger against Accounts Receivable in the general ledger. Do the same for the accounts payable subsidiary ledger and Accounts Payable in the general ledger.

Requirements 1 and 2. Enter the transactions in a sales journal(page 10), a cash receipts journal(page 8), a purchases journal(page 13), a cash payments journal(page 12), and a general journal(page 9), as appropriate. Total each column of the special journals. Show that total debits equal total credits in each special journal. Begin with page 10 of the sales journal. Enter the transactions and total the journal. (Leave unused cellsblank.)

1		Owner contributed $ 42 comma 000$42,000 in exchange for capital.
	1		Purchased merchandise inventory on credit terms of 22/15, n/60 from Smile Co.SmileCo., $ 5 comma 000$5,000.
	3		Issued invoice no. 1001 for sale on account to Heather StokesHeatherStokes, $ 4 comma 200$4,200. Portsmouth Soccer'sPortsmouthSoccer's cost of this merchandise inventory was $ 1 comma 960$1,960.
	3		Collected interest revenue of $ 3 comma 500$3,500.
	4		Issued invoice no. 1002 for sale on account to Becket Co.BecketCo., $ 3 comma 400$3,400 (cost, $ 2 comma 000$2,000).
	8		Issued check no. 900 to purchase equipment forcash, $ 4 comma 500$4,500.
	9		Sold merchandise inventory forcash, $ 2 comma 300$2,300 (cost, $ 900$900).
	10		Received cash from Heather StokesHeatherStokes in full settlement of her account receivable from the sale on Nov.Nov. 3. StokesStokes earned a discount by paying early.
	11		Purchased merchandise inventory forcash, $ 5 comma 800$5,800, issuing check no. 901.
	11		Purchased office supplies on account from Jammin Inc.JamminInc., $ 800$800. Terms weren/EOM.
	13		Issued check no. 902 to pay Smile Co.SmileCo. the net amount owed from Nov.Nov. 1. Round to the nearest dollar.
	14		Issued invoice no. 1003 for credit sale to Heather StokesHeatherStokes, $ 380$380 (cost, $ 140$140).
	15		Issued credit memo to Becket Co.BecketCo. for $ 600$600 for merchandise inventory returned by BecketBecket. Also accounted for receipt of the merchandise inventory atcost, $ 470$470.
	16		Sold merchandise inventory on account to Rick MorrisRickMorris, issuing invoice no. 1004 for $ 620$620 (cost, $ 300$300).
	17		Received cash from Becket Co.BecketCo. in full settlement of its account receivable from Nov.Nov. 4, less return.
	17		Purchased merchandise inventory on credit terms of net 30 from Smile Co.SmileCo., $ 4 comma 600$4,600.
	19		Issued check no. 903 to pay for insurancecoverage, debiting Prepaid Insurance for $ 2 comma 600$2,600.
	20		Purchased equipment on credit terms of 33/10, n/60 from Hillsboro Co.HillsboroCo., $ 1 comma 490$1,490.
	22		Returned damaged merchandise inventory to Smile Co.SmileCo., issuing a debit memo for $ 500$500.
	22		Purchased merchandise inventory on credit terms of 22/10, n/30 from Smile Co.SmileCo., $ 650$650.
	25		Issued check no. 904 to payutilities, $ 430$430.
	27		Issued check no. 905 to pay Smile Co.SmileCo., in full on account from Nov.Nov. 17purchase, less return.
	30		Issued check no. 906 to pay monthly salaries of $ 4 comma 300$4,300.
	30		Received cash in full from Heather StokesHeatherStokes on credit sale of Nov.Nov. 14. There was no discount.
	30		Issued check no. 907 to pay Jammin Inc.JamminInc.in full on account from Nov.Nov.11 purchase.

Sales Journal	Page 10
		Invoice	Customer	Post.	Accounts Receivable DR	Cost of Goods Sold DR
Date	No.	Account Debited	Ref.	Sales Revenue CR	Merchandise Inventory CR
2014
Nov.
Nov.	30		Totals

Show how total debits equal total credits.

	Total debits	=	Total credits
Sales journal		=

Next complete page 8 of the cash receipts journal. Enter the transactions and total the journal. (Leave unused cells blank. Abbreviationused: Disc.= Discounts, Rec.= Receivables, Rev.= Revenue, Accts= Accounts, Inv.= Inventory)

Cash Receipts Journal	Page 8
		Post.		Sales	Accounts	Sales	Other	Cost of Goods Sold DR
Date	Account Credited	Ref.	Cash DR	Disc. DR	Rec. CR	Rev. CR	Accts CR	Merchandise Inv. CR
2014
Nov.
Nov.	30	Totals

Show how total debits equal total credits.

	Total debits	=	Total credits
Cash receipts journal		=

Now complete page 13 of the purchases journal. Enter the transactions and total the journal. (Leave unused cells blank. Abbreviationused: Supp.= Supplies)

Purchases Journal	Page 13
								Other Accounts DR
	Vendor		Post.	Accounts	Merchandise	Office	Account	Post.
Date	Account Credited	Terms	Ref.	Payable CR	Inventory DR	Supp. DR	Title	Ref.	Amount
2014
Nov.
Nov.	30	Totals

Show how total debits equal total credits.

	Total debits	=	Total credits
Purchases journal		=

Next complete page 12 of the cash payments journal. Enter the transactions and total the journal. (Leave unused cells blank. Round your answers to the nearest whole dollar. Enter transactions on the 30th in chronological order by check number.)

Cash Payments Journal	Page 12
	Ck.		Post.	Other	Accounts	Merchandise
Date	No.	Account Debited	Ref.	Accounts DR	Payable DR	Inventory CR	Cash CR
Nov.
Nov.	30		Totals

Show how total debits equal total credits.

	Total debits	=	Total credits
Cash payments journal		=

Finally complete the required entries to page 9 of the general journal. (Record debitsfirst, then credits. Explanations will appear on the last line of the journal entrytable.)Nov.Nov.15: Issued credit memo to Becket Co.BecketCo.for $ 600$600for merchandise inventory returned by BecketBecket. Begin by preparing the entry to journalize the sales return portion of the transaction. Do not record the return of the actual merchandise yet. We will do that in the following step.

General Journal	Page 9
Date	Accounts and Explanation	Post. Ref.	Debit	Credit
Nov.	15

Nov.Nov.15: Accounted for receipt of the merchandise inventory atcost,$ 470$470.

Date	Accounts and Explanation	Post. Ref.	Debit	Credit
Nov.	15

Nov.Nov.22: Returned damaged merchandise inventory to Smile Co.SmileCo.,issuing a debit memo for $ 500$500.

Date	Accounts and Explanation	Post. Ref.	Debit	Credit
Nov.	22

Requirements 3 and 4. The followingfour-column accounts have been opened in the subsidiary ledgers. Enter the beginning balance as of NovemberNovember1: Accounts receivable ledgerlong dashAnchor Co.AnchorCo.,$ 2 comma 220$2,220;Becket Co.BecketCo.,$ 0$0;Rick MorrisRickMorris,$ 0$0;and Heather StokesHeatherStokes,$ 0$0. Accounts payable ledgerlong dashHillsboro Co.HillsboroCo.,$ 0$0;Jammin Inc.JamminInc.,$ 0$0;Smile Co.SmileCo.,$ 0$0;Zeb Co.ZebCo.,$ 550$550. Post daily to the accounts receivable subsidiary ledger and to the accounts payable subsidiary ledger.Begin with the accounts receivable subsidiary ledger. Post the beginning balances for Anchor Co.AnchorCo.and Becket Co.BecketCo.,then for Rick MorrisRickMorrisand Heather StokesHeatherStokesand then post the daily transactions. (For accounts with a$0 balance, make sure to enter"0" in the appropriate cells on the normal side of the account. Enter the transactions in chronological order in the next available row. Leave unused cells blank. CR= Cash ReceiptsJournal, CP= Cash PaymentsJournal, J.= Journal, P= PurchasesJournal, S= SalesJournal)

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER

Anchor Co.

Becket Co.

Balance

Balance

Date

Post. Ref.

Debit

Credit

Debit

Credit

Date

Post. Ref.

Debit

Credit

Debit

Credit

Balance

Balance

Nov.

Nov.