Small Kine Company closes its books and prepares financial statements at the end of each month.Small Kine uses the perpetual inventory system. The company completed the following transactions during August, 2019:

Aug 2Issued check no. 683 for $1,240 to pay salaries, which includes salary payable of

$930 from July 31 (ignore payroll deductions).

2Sold inventory on account to G. Whiz, issuing invoice no. 503 for $600. Small Kine's cost of goods sold was $190.

3Purchased inventory on credit terms of 1/15, n/60 from Squid, Inc., $1,400

4Received full payment from Good Company, $2,156, within the discount period.

4Sold inventory for cash, $330 (cost, $104)

7Sold inventory issuing invoice no. 504 for sale on account to P.B. Jay, $2,400 (cost, $759)

8Issued check no. 685 to pay Badd Company $2,600 of the amount owed at July 31. This payment occurred after the discount period.

11Issued check no. 686 to pay Squid, Inc. the net amount owed from August 3

12Received cash from G. Whiz in full settlement of her account receivable from August 2 (received within the discount period)

19Received a total of $10,000 ($200 was forfeited discount) from the July 31 amount receivable from P.B. Jay

22Purchased furniture on credit terms of 3/15, n/60 from Inn Corporation, $500

30Issued check no. 687 to Yu Smaht, owner of the business, for personal withdrawal, $1,700

Requirements:

The chart of accounts with account balances as of July 31, 2019 are as follows:

General Ledger

101Cash$5,904401Sales Revenue

102Accounts Receivable11,956402Sales Discount Forfeited

104Interest Receivable410Interest Revenue

105Inventory41,800 501Cost of Goods Sold

109Supplies1,340 510Salary Expense

117Prepaid Insurance2,200513Rent Expense

140Note Receivable, Long-Term 11,000514Depreciation Expense

160Furniture37,270 516Insurance Expense

161Accumulated Depreciation10,550517Utilities Expense

201Accounts Payable11,200 519Supplies Expense

204Salary Payable930523Interest Expense

207Interest Payable320

210Refund Payable200

220Note Payable, Long-Term42,000

301Yu Smaht, Capital46,270

302Yu Smaht, Withdrawals

400Income Summary

Accounts Receivable Subsidiary Ledger:

Good Company, $2,156

G. Whiz, 0

P.B. Jay, 9,800

Accounts Payable Subsidiary Ledger:

Inn Corporation $0

Badd Company 11,200

Squid, Inc,0

1. Journalize the August transactions in the general journal (pages 5-10). Do not include the explanations.Small Kine makes all credit sales on terms of 2/10, n/30 unless otherwise indicated.