Saved Matrix Toy Company sells toys and games to retail stores. The firm offers a trade discount of 40 percent on toys and 30 percent on games. Its credit sales and sales returns and allowances transactions for August 20X1 are shown below. The general ledger accounts used to record these transactions are listed below. The balance shown for Accounts Receivable is as of the beginning of August. All customers have n/45 credit terms GENERAL LEDGER ACCOUNTS 111 Accounts Receivable, $80,700 Dr. 401 Sales 451 Sales Returns and Allowances DATE TRANSACTIONS August 1 Sold toys to Bombay's Department Store; issued Invoice 1001, which shows a list price of $17,700 and a trade discount of 40 percent. 5 Sold games to Reader's Bookstores; issued Invoice 1002, which shows a list price of $21,900 and a trade discount of 40 percent. 3 Sold games to Super Gase Center; issued Invoice 1003, which shows a list price of $7,600 and a trade discount of 40 percent, 14 Sold toys to Little Annie's Toy Store; Issued Invoice 1004, which shows a list price of $23,000 and a trade discount of 30 percent. 18 Accepted a return of all the games shipped to Super Gane Center because they were damaged in transit; issued Credit Memo 151 for the original sale made on Invoice 1003 on August 9, 22 Sold toys to The Game Store; issued Invoice 1005, which shows list price of $14,600 and a trade discount of 40 percent. 26 Sold games to Bombay's Department store; issued Invoice 1006, which shows a list price of $19,000 and a trade discount of 40 percent. 30 Sold toys to Pinkerton Toy Center; Issued Invoice 1007, which shows a list price of $22,000 and a trade discount of 40 percent. Bombay's Department Store $26,900 The Game Store Little Annie's Toy Store 12,900 Pinkerton Toy Center Reader's Bookatares Super Game Center Required: 29,900 1. Open the general ledger accounts and enter the balance of Accounts Receivable for August 1 2. Set up an accounts receivable subsidiary ledger Open an account for each of the credit customers listed above and enter the balances as of August 1 Enter 45 in the blank space after "Terms" This means each customer has 45 days to pay for the merchandise it purchased 3. Record the transactions in a sales journal and in a general journal 4. Post the individual entries from the sales journal anit the general joumal 5. Total the sales journal as of August 31 6. Post the coluses total from the sales journal to the proper general ledger accounts, 7 Parte ed the firm income statement for the motherlegt August 11 Help Save & Ex Saved Matrix Toy Company sells toys and games to retail stores. The firm offers a trade discount of 40 percent on toys and 30 percent on games. Its credit sales and sales returns and allowances transactions for August 20X1 are shown below. The general ledger accounts used to record these transactions are listed below. The balance shown for Accounts Receivable is as of the beginning of August. All customers have n/45 credit terms GENERAL LEDGER ACCOUNTS 111 Accounts Receivable, $80,700 Dr. 401 Sales 451 Sales Returns and Allowances DATE TRANSACTIONS August 1 Sold toys to Bombay's Department Store; issued Invoice 1001, which shows a list price of $17,700 and a trade discount of 40 percent. 5 Sold games to Reader's Bookstores; issued Invoice 1002, which shows a list price of $21,900 and a trade discount of 40 percent. 3 Sold games to Super Gase Center; issued Invoice 1003, which shows a list price of $7,600 and a trade discount of 40 percent, 14 Sold toys to Little Annie's Toy Store; Issued Invoice 1004, which shows a list price of $23,000 and a trade discount of 30 percent. 18 Accepted a return of all the games shipped to Super Gane Center because they were damaged in transit; issued Credit Memo 151 for the original sale made on Invoice 1003 on August 9, 22 Sold toys to The Game Store; issued Invoice 1005, which shows list price of $14,600 and a trade discount of 40 percent. 26 Sold games to Bombay's Department store; issued Invoice 1006, which shows a list price of $19,000 and a trade discount of 40 percent. 30 Sold toys to Pinkerton Toy Center; Issued Invoice 1007, which shows a list price of $22,000 and a trade discount of 40 percent. Bombay's Department Store $26,900 The Game Store Little Annie's Toy Store 12,900 Pinkerton Toy Center Reader's Bookatares Super Game Center Required: 29,900 1. Open the general ledger accounts and enter the balance of Accounts Receivable for August 1 2. Set up an accounts receivable subsidiary ledger Open an account for each of the credit customers listed above and enter the balances as of August 1 Enter 45 in the blank space after "Terms" This means each customer has 45 days to pay for the merchandise it purchased 3. Record the transactions in a sales journal and in a general journal 4. Post the individual entries from the sales journal anit the general joumal 5. Total the sales journal as of August 31 6. Post the coluses total from the sales journal to the proper general ledger accounts, 7 Parte ed the firm income statement for the motherlegt August 11 Help Save & Ex