***Prepare and post adjusting and closing entries***

perpetual inventory system and both an accounts ACR7.1 (Perpetual Method) Jeter Co. uses a receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Jeter are indicated in the working papers presented below. Also following series of transactions for Jeter 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. are a GENERAL LEDGER January1 Opening Balance Account Number Account Title Cash $35,750 101 112 Accounts Receivable 13,000 39,000 18,000 115 Notes Receivable 120 Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equip Accounts Payable Owner's Capital 126 1,000 130 2,000 6,450 157 158 1,500 201 35,000 301 78,700 Schedule of Accounts Payable (from accounts payable subsidiary ledger) Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening January 1 Opening Customer Balance Creditor Balance $1,500 $9,000 15,000 11,000 R. Beltre S. Meek R. Moses B. Santos 7,500 4,000 S. Mahay D. Saito Sell merchandise on account to B. Corpas $3,600, nvoice no. 510, and to J. Revere $1,800, Jan. 3 invoice no. 511 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,200, terms n/30 Receive checks from S. Mahay $4,000 and B. Santos $2,000 after discount period has lapsed Pay freight on merchandise purchased $235 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $11,000 less 1% cash discount Issue credit of $300 to J. Revere for merchandise returned Daily cash sales from January 1 to January 10 total $15,500. Make one journal entry for these sales 5 7 9 10