Selected accounts from the chart of accounts of Blossom 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 Blossom Co. is as follows. Blossom Co. Post-Closing Trial Balance December 31, 2020 Debit Credit Cash $41,900 Accounts Receivable 14,600 Notes Receivable 44,100 Inventory 22,400 Equipment 6,860 Accumulated Depreciation-Equipment $1,220 Accounts Payable 41,300 Owner's Capital 87,340 $129,860 $129,860 The subsidiary ledgers contain the following information: (1) accounts receivable- B Hannigan $2,800, 1. Kirk $7.900, and T. Hodges $3,900; (2) accounts payable-T. Igawa $11,100, D. Danford $18,700, 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 $8,500, terms 2/10, 1/30. 5 Purchase merchandise from E. Pheatt $1,800, terms 2/10, 1/30. 7 Receive a check from T. Hodges $2,700. 11 Pay freight on merchandise purchased $200. 12 Pay rent of $1,400 for January 13 Receive payment in full from M. Ziesmer, 14 Post all entries to the subsidiary ledgers. Issued credit of $200 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 $1,140, terms 2/10, 1/30. 18 Pay sales salaries of $2,390 and office salaries $2,190. 20 Give D. Danford a 60-day note for $18,700 in full payment of account payable. 23 Total cash sales amount to $8,800. 24 Post all entries to the subsidiary ledgers. Sell merchandise on account to l. Kirk $7,480, terms 1/10, 1/30. 27 Send E. Pheatt a check for $870. 29 Receive payment on a note of $40,700 from B. Stout. 30 Post all entries to the subsidiary ledgers, Return merchandise of $250 to G. Roland for credit. 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 CR1 Cost of Goods Sold Sales Revenue Other Accounts Date Account Credited Ref. Accounts Receivable Cr. Cash Dr. Sales Discounts Dr. Inventory Cr. (505X120) (101) (414) Date Account Debited Cash Payments Journal Ref. Other Accounts Dr. Accounts Payable Dr. Inventory Cr. CPA Cash Cr. 120 729 726 (201) (120) (101 Sales Journal Accounts Receivable Dr. Ref. Sales Revenue Cr. Cost of Goods Sold Dr. Inventory Cr. Date Account Debited (112)(401) (505)(120) Die Dor n an Wilsone in Purchases Journal Date Account Credited Inventory Dr. Ref. Accounts Payable Cr. (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) Prepare a trial balance at January 31, 2021. BLOSSOM CO. Trial Balance Debit Credit Privacy Policy. 2000-2019 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons 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 Selected accounts from the chart of accounts of Blossom 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 Blossom Co. is as follows. Blossom Co. Post-Closing Trial Balance December 31, 2020 Debit Credit Cash $41,900 Accounts Receivable 14,600 Notes Receivable 44,100 Inventory 22,400 Equipment 6,860 Accumulated Depreciation-Equipment $1,220 Accounts Payable 41,300 Owner's Capital 87,340 $129,860 $129,860 The subsidiary ledgers contain the following information: (1) accounts receivable- B Hannigan $2,800, 1. Kirk $7.900, and T. Hodges $3,900; (2) accounts payable-T. Igawa $11,100, D. Danford $18,700, 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 $8,500, terms 2/10, 1/30. 5 Purchase merchandise from E. Pheatt $1,800, terms 2/10, 1/30. 7 Receive a check from T. Hodges $2,700. 11 Pay freight on merchandise purchased $200. 12 Pay rent of $1,400 for January 13 Receive payment in full from M. Ziesmer, 14 Post all entries to the subsidiary ledgers. Issued credit of $200 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 $1,140, terms 2/10, 1/30. 18 Pay sales salaries of $2,390 and office salaries $2,190. 20 Give D. Danford a 60-day note for $18,700 in full payment of account payable. 23 Total cash sales amount to $8,800. 24 Post all entries to the subsidiary ledgers. Sell merchandise on account to l. Kirk $7,480, terms 1/10, 1/30. 27 Send E. Pheatt a check for $870. 29 Receive payment on a note of $40,700 from B. Stout. 30 Post all entries to the subsidiary ledgers, Return merchandise of $250 to G. Roland for credit. 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 CR1 Cost of Goods Sold Sales Revenue Other Accounts Date Account Credited Ref. Accounts Receivable Cr. Cash Dr. Sales Discounts Dr. Inventory Cr. (505X120) (101) (414) Date Account Debited Cash Payments Journal Ref. Other Accounts Dr. Accounts Payable Dr. Inventory Cr. CPA Cash Cr. 120 729 726 (201) (120) (101 Sales Journal Accounts Receivable Dr. Ref. Sales Revenue Cr. Cost of Goods Sold Dr. Inventory Cr. Date Account Debited (112)(401) (505)(120) Die Dor n an Wilsone in Purchases Journal Date Account Credited Inventory Dr. Ref. Accounts Payable Cr. (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) Prepare a trial balance at January 31, 2021. BLOSSOM CO. Trial Balance Debit Credit Privacy Policy. 2000-2019 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons 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