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 January 1 Number Account Title Opening Balance 101 Cash $32.250 112 Accounts Receivable 12,300 115 Notes Receivable 39,000 120 Inventory 20.000 126 Supplies 1,700 130 Prepaid Insurance 1.500 157 Equipment 6,900 158 Accumulated Depreciation-Equip. 1,600 201 Accounts Payable 34,000 301 Owner's Capital 78,050 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger January 1 Customer Opening Balance R. Beltre $1,700 B. Santos 7,500 S. Mahay 3,100Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance S. Meek $9.000 R. Moses 18.000 D. Saito 7.000Jan. 3 Sell merchandise on account to B. Corpas $3,300, invoice no. 510, and to J. Revere $1,700, invoice no. 511. 5 Purchase merchandise from S. Gamel $6,000 and D. Posey $3,000, terms n/30. 7 Receive checks from S. Mahay $3,100 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $220. Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $7,000 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 $17,000. Make one journal entry for these sales. 11 Sell merchandise on account to R. Beltre $1,600, invoice no. 512, and to S. 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. Sandhill for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $15,000, terms 1/10, n/30; S. Meek $14,600, terms 2/10, n/30; and S. Gamel $2,000, terms n/30. 17 Pay $700 cash for office supplies. 18 Return $400 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $21,600. Make one journal entry for these sales. 21 Issue $18,000 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 $2,500, invoice no. 514, and to R. Beltre $2,100, 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 $3,500, invoice no. 516, and to J. Revere $6,000, invoice no. 517. 27 Purchase merchandise from D. Saito $14,200, terms 1/10, n/30; D. Posey $3,400, terms n/30; and S. Gamel $5,400, 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 $22,200. Make one journal entry for these sales. 31 Pay sales salaries $4,600 and office salaries $3,400.Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement. Select "Not Applicable" in Account Debited column, if no customer is selected.) Cash Payments Journal CP1 Other Accounts Accounts Payable Supplies Inventory Cash Date Account Debited Ref. Dr. Dr. Dr. Cr. Cr. Jan. 8 v Inventory 120 Jan. 9 v 7000 729 306 Jan. 17 v Jan. 28 v Not Applicable 627Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement. Select "Not Applicable" in Account Credited column, if no customer is selected.) Cash Receipts Journal CR1 Sales Sales Other Date Cash Discounts Revenue Accounts Cost of Good Sold Dr. Account Credited Ref. Dr. Dr. Account Receivable Cr. Cr. Cr. Inventory Cr. Jan. 7 S. Mahay 3100 i 3100 i i i Jan. 7 B. Santos 2000 i 2000 i i Jan. 10 Not Applicable 17000 i i 17000 i 10200 Jan. 13 B. Corpas 3234 66 330 i i Jan. 13 1. Revere 1372 28 1400 i i Jan. 20 Not Applicable 21600 i i 21600 i 12960 Jan. 21 S. Mahay 882 18 900 i i i Jan. 31 Not Applicable 22200 i i 22200 i 13320 71388 112 10700 60800 i 36480