Sandhill 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 Sandhill are indicated in the working papers presented below. Also following are a series of transactions for Sandhill 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. GENERAL LEDGER Account Number January 1 Account Title Opening Balance 101 Cash $37.250 112 Accounts Receivable 13,700 115 Notes Receivable 41,000 120 Inventory 15,500 126 Supplies 1,100 130 Prepaid Insurance 2,100 157 Equipment 6,450 158 Accumulated Depreciation-Equip. 1,600 201 Accounts Payable 27,000 301 Owner's Capital 88,500 Schedule of Accounts Receivable MacBook Pro