Sandhill Company has the following opening account balances in its general and subsidiary ledgers on January 1 and uses the periodic inventory system. All accounts have normal debit and credit balances. General Ledger Account Number Account Title January 1 Opening Balance 101 Cash $31,770 112 Accounts Receivable 12,610 115 Notes Receivable 40,740 120 Inventory 19.400 125 Supplies 970 130 Prepaid Insurance 1,940 157 Equipment 6,260 158 Accumulated Depreciation-Equip. 1,460 201 Accounts Payable 33,950 311 Common Stock 67,900 320 Retained Earnings 10.380 SCHEDULE OF ACCOUNTS RECEIVABLE (from accounts receivable subsidiary ledger) January 1 Opening Customer Balance G. Dukes $1,750 M. Hall 6,980 L. Longhini 3,880 SCHEDULE OF ACCOUNTS PAYABLE (from accounts payable subsidiary ledger) January 1 Opening Creditor Balance O. Kitson $8,730 D. Markoff 14,550 L. Quinn 10,670 Jan. Sell merchandise on account to W. Rayms $3,490, invoice no. 510, and M. Fischer $1,750, invoice no. 511. 3 5 Purchase merchandise on account from K. Zapfel $2.910 and J. Liotta $2,330. 7 Receive checks for $3,880 from L. Longhini and $1,940 from M. Hall. 8 Pay freight on merchandise purchased $170. 9 Send checks to O. Kitson for $8,730 and L. Quinn for $10.670. 9 Issue credit of $230 to M. Fischer for merchandise returned. 10 Summary cash sales total $15,040, 11 12 22 13 15 16 16 Sell merchandise on account to G. Dukes for $1,840, invoice no. 512, and to L. Longhini $870, invoice no. 513. Post all entries to the subsidiary ledgers. Pay rent of $970 for January Receive payment in full from W. Rayms and M. Fischer. Pay cash dividend of $630. Purchase merchandise on account from L. Quinn for $14,550, from O. Kitson for $13,480, and from K. Zapfel for $1,460. Pay $390 cash for office supplies. 4 17 18 Return $190 of merchandise to O. Kitson and receive credit. 20 Summary cash sales total $17,220. 21 Issue $14,550 note to D. Markoff in payment of balance due. 21 Receive payment in full from L. Longhini. Post all entries to the subsidiary ledgers. D Sallmoshandica.co.ascal 21 22 Issue $14,550 note to D. Markoff in payment of balance due. 21 Receive payment in full from L. Longhini. 22 Post all entries to the subsidiary ledgers. Sell merchandise on account to W. Rayms for $3,590, invoice no. 514, and to G. Dukes for $780, invoice no. 515. 23 Send checks to L. Quinn and O. Kitson in full payment. 25 27 Sell merchandise on account to M. Hall for $3,400, invoice no. 516, and to M. Fischer for $5,920, invoice no. 517. Purchase merchandise on account from L. Quinn for $12,130, from J. Liotta $1,160, and from K. Zapfel for $2.720. 28 Pay $190 cash for office supplies. 31 Summary cash sales total $22,230. 31 Pay sales salaries of $4,170 and office salaries of $3,010. Record the January transactions in a cash receipts journal. Cash Receipts Journal Account Date Credited Ref. Cash Dr. (101) Accounts Receivable Cr. (112) Sales Cr. (401) > Save for Later Attempts: 0 of 3 used Submit Answer Record the January transactions in a cash receipts journal. Cash Receipts Journal ef. Cash Dr. (101) Accounts Receivable Cr. (112) Sales Cr. (401) Other Accounts Cr. Save for Later Attempts: 0 of 3 used Submit Answer