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Prepare a trial balance at January 31, 2022, in the trial balance columns of the worksheet. Complete the worksheet using the following additional information. 1.

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image text in transcribed Prepare a trial balance at January 31, 2022, in the trial balance columns of the worksheet. Complete the worksheet using the following additional information. 1. Office supplies at January 31 total $1,000. 2. Insurance coverage expires on October 31, 2022. 3. Annual depreciation on the equipment is $1,800. 4. Interest of $50 has accrued on the note payable. Cullumber Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Cullumber are indicated in the working papers presented below. Also following are a series of transactions for Cullumber 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. Jan. 3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510 , and to J. Revere $1,700, invoice no. 511 . 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30. 7 Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $225. 9 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 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 $15,000. Make one journal entry for these sales. 11 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,000 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Cullumber for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $14,000, terms 1/10,n/30;. . Meek $14,400, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 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 $19,600. Make one journal entry for these sales. 21 Issue $16,000 note, maturing in 90 days, to R. Moses in payment balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, 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 $3,100, invoice no. 516 , and to J. Revere $6,800, invoice no. 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10,n/30;. Posey $3,300, terms n/30; and S. Gamel $5,100, 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 $21,000. Make one journal entry for these sales. 31 Pay sales salaries $4,300 and office salaries $3,400. Prepare a trial balance at January 31, 2022, in the trial balance columns of the worksheet. Complete the worksheet using the following additional information. 1. Office supplies at January 31 total $1,000. 2. Insurance coverage expires on October 31, 2022. 3. Annual depreciation on the equipment is $1,800. 4. Interest of $50 has accrued on the note payable. Cullumber Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Cullumber are indicated in the working papers presented below. Also following are a series of transactions for Cullumber 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. Jan. 3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510 , and to J. Revere $1,700, invoice no. 511 . 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30. 7 Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $225. 9 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 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 $15,000. Make one journal entry for these sales. 11 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,000 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Cullumber for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $14,000, terms 1/10,n/30;. . Meek $14,400, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 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 $19,600. Make one journal entry for these sales. 21 Issue $16,000 note, maturing in 90 days, to R. Moses in payment balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, 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 $3,100, invoice no. 516 , and to J. Revere $6,800, invoice no. 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10,n/30;. Posey $3,300, terms n/30; and S. Gamel $5,100, 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 $21,000. Make one journal entry for these sales. 31 Pay sales salaries $4,300 and office salaries $3,400

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