prepare a owners equity statement for january

prepare a classified balance sheet at the end of January

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Prepare a owner's equity statement for January. (List items that increase owner's equity first.) Prepare a classified balance sheet at the end of January. (List Current Assets in order of liquidity) co. Balance Sheet Assets s Liabilities and Owner's Equity Sunland Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidlary ledger. Balances related to both the general fedger and the subsidlary fed gers for suntand are indicated ho 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}{ll} Customer & \begin{tabular}{c} January 1 \\ Opening Balance \end{tabular} \\ \hline S. Meek & $57,000 \\ 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 I. Revere $1,500, invoice no. 511 . 5 Purchase merchandise from S. 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 Sell merchandise on account to R. Beltre $1,800, involce 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 N/30, 17 Pay $500 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily 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 Sell merchandise on account to B. Corpas $2,600, invoice 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. Santos $3.000, invoice no. 516 , and to $. Revere $6,500, involce 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 Dally cashsales from January 21 to January 31 total $21,600. Makeone journal entry for these sales 31 Pay sales salaries $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