Question 1 View Policies Current Attempt in Progress Selected accounts from the chart of accounts of Sandhill Co. are shown below. 101 Cash 301 Owner's Capital 112 Accounts Receivable 401 Sales Revenue 115 Notes Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 157 Equipment 505 Cost of Goods Sold 158 Accumulated Depreciation-Equipment 726 Salaries and Wages Expense 200 Notes Payable 729 Rent Expense 201 Accounts Payable The post-closing trial balance for Sandhill Co. is as follows. Sandhill Co. Post-Closing Trial Balance The post-closing trial balance for Sandhill Co. is as follows. Sandhill Co. Post-Closing Trial Balance December 31, 2020 Debit Credit Cash $41,700 Accounts Receivable 14,700 Notes Receivable 45,000 Inventory 22,700 Equipment 6,860 Accumulated Depreciation-Equipment $1,010 Accounts Payable 41.600 Owner's Capital 88,350 $130.960 $130.960 $130,960 $130,960 03:56:27 Hide Time The subsidiary ledgers contain the following information: (1) accounts receivable-B. Hannigan $2.300, 1. Kirk $7,000, and T. Hodges $5,400; (2) accounts payable-1. Igawa $11.200, D. Danford $18,900, and K. Thayer $11,500. The cost of all merchandise sold was 60% of the sales price. The transactions for January 2021 are as follows. Jan. 3 Sell merchandise to M. Ziesmer $7,700, terms 2/10, 1/30. 5 Purchase merchandise from E. Pheatt $2,500, terms 2/10,n/30. 7 Receive a check from T. Hodges $2,800. 11 Pay freight on merchandise purchased $390. 12 Pay rent of $1,380 for January 13 Receive payment in full from M. Ziesmer. 14 Post all entries to the subsidiary ledgers. Issued credit of $500 to B. Hannigan for returned merchandise. 15 Send K. Thayer a check for $11,385 in full payment of account, discount $115. 17 Purchase merchandise from G. Roland $1.940, terms 2/10,n/30. 18 Pay sales salaries of $3,030 and office salaries $1.830. 20 Give D. Danford a 60-day note for $18.900 in full payment of account payable. 23 Total cash sales amount to $7.800. 24 Post all entries to the subsidiary ledgers. Sell merchandise on account to I. Kirk $6,150, terms 1/10, 1/30. 27 Send E. Pheatt a check for $870. 29 Receive payment on a note of $40.800 from B. Stout. 30 Post all entries to the subsidiary ledgers. Return merchandise of $250 to G. Roland for credit Type here to search 2 444) 9:09 AM 4/21/2020 Hide 1 03.5933 Record the January transactions in a sales journal, a single-column purchases journal, a cash receipts journal, a cash payments journal, and a general journal. (Record entries in the order displayed in the problem statement Cash Receipts Journal CRI Date Account Credited Cost of Goods Sold Dr. Inventory C. Ref Cash Dr. Sales Discounts Dr Accounts Receivable Cr. Sales Revenue Cr. Other Accounts Cr. 401) (505)(120) Cash Payments Journal Ref. Other Accounts Dr. Date Account Debited Accounts Payable Dr. Inventory Cr. Cash Cr. 120 Type here to search ote 9:10 A MG Sales Journal Date Account Debited Accounts Receivable Dr. Cost of Goods Sold Dr. Ref. Sales Revenue Cr. Inventory Cr. (112)(401) (505)(120) Purchases Journal Date Account Credited Inventory Dr. Ref. Accounts Payable Cr. (120)(201) (120)201) (Credit account titles are automatically indented when amount is entered. Do not Indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record merchandise returned) (To record the cost of goods sold) Type here to search Determine whether the subsidiary ledgers agree with controlling accounts in the general ledger. Accounts Receivable Subsidiary Ledger Accounts Receivable Control Accounts Payable Subsidiary Ledger Accounts Payable Control Question 1 View Policies Current Attempt in Progress Selected accounts from the chart of accounts of Sandhill Co. are shown below. 101 Cash 301 Owner's Capital 112 Accounts Receivable 401 Sales Revenue 115 Notes Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 157 Equipment 505 Cost of Goods Sold 158 Accumulated Depreciation-Equipment 726 Salaries and Wages Expense 200 Notes Payable 729 Rent Expense 201 Accounts Payable The post-closing trial balance for Sandhill Co. is as follows. Sandhill Co. Post-Closing Trial Balance The post-closing trial balance for Sandhill Co. is as follows. Sandhill Co. Post-Closing Trial Balance December 31, 2020 Debit Credit Cash $41,700 Accounts Receivable 14,700 Notes Receivable 45,000 Inventory 22,700 Equipment 6,860 Accumulated Depreciation-Equipment $1,010 Accounts Payable 41.600 Owner's Capital 88,350 $130.960 $130.960 $130,960 $130,960 03:56:27 Hide Time The subsidiary ledgers contain the following information: (1) accounts receivable-B. Hannigan $2.300, 1. Kirk $7,000, and T. Hodges $5,400; (2) accounts payable-1. Igawa $11.200, D. Danford $18,900, and K. Thayer $11,500. The cost of all merchandise sold was 60% of the sales price. The transactions for January 2021 are as follows. Jan. 3 Sell merchandise to M. Ziesmer $7,700, terms 2/10, 1/30. 5 Purchase merchandise from E. Pheatt $2,500, terms 2/10,n/30. 7 Receive a check from T. Hodges $2,800. 11 Pay freight on merchandise purchased $390. 12 Pay rent of $1,380 for January 13 Receive payment in full from M. Ziesmer. 14 Post all entries to the subsidiary ledgers. Issued credit of $500 to B. Hannigan for returned merchandise. 15 Send K. Thayer a check for $11,385 in full payment of account, discount $115. 17 Purchase merchandise from G. Roland $1.940, terms 2/10,n/30. 18 Pay sales salaries of $3,030 and office salaries $1.830. 20 Give D. Danford a 60-day note for $18.900 in full payment of account payable. 23 Total cash sales amount to $7.800. 24 Post all entries to the subsidiary ledgers. Sell merchandise on account to I. Kirk $6,150, terms 1/10, 1/30. 27 Send E. Pheatt a check for $870. 29 Receive payment on a note of $40.800 from B. Stout. 30 Post all entries to the subsidiary ledgers. Return merchandise of $250 to G. Roland for credit Type here to search 2 444) 9:09 AM 4/21/2020 Hide 1 03.5933 Record the January transactions in a sales journal, a single-column purchases journal, a cash receipts journal, a cash payments journal, and a general journal. (Record entries in the order displayed in the problem statement Cash Receipts Journal CRI Date Account Credited Cost of Goods Sold Dr. Inventory C. Ref Cash Dr. Sales Discounts Dr Accounts Receivable Cr. Sales Revenue Cr. Other Accounts Cr. 401) (505)(120) Cash Payments Journal Ref. Other Accounts Dr. Date Account Debited Accounts Payable Dr. Inventory Cr. Cash Cr. 120 Type here to search ote 9:10 A MG Sales Journal Date Account Debited Accounts Receivable Dr. Cost of Goods Sold Dr. Ref. Sales Revenue Cr. Inventory Cr. (112)(401) (505)(120) Purchases Journal Date Account Credited Inventory Dr. Ref. Accounts Payable Cr. (120)(201) (120)201) (Credit account titles are automatically indented when amount is entered. Do not Indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record merchandise returned) (To record the cost of goods sold) Type here to search Determine whether the subsidiary ledgers agree with controlling accounts in the general ledger. Accounts Receivable Subsidiary Ledger Accounts Receivable Control Accounts Payable Subsidiary Ledger Accounts Payable Control