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 2 Issued check no. 683 for $1,240 to pay salaries, which includes salary payable of $930 from July 31 (ignore payroll deductions). Sold inventory on account to G. Whiz, issuing invoice no. 503 for $600. Small Kine's cost of goods sold was $190. Purchased inventory on credit terms of 1/15, n/60 from Squid, Inc., $1,400 Received full payment from Good Company, $2,156, within the discount period. Sold inventory for cash, $330 (cost, $104) Sold inventory issuing invoice no. 504 for sale on account to P.B. Jay, $2,400 (cost, $759) Issued check no. 685 to pay Badd Company $2,600 of the amount owed at July 31. This payment occurred after the discount period. Issued check no. 686 to pay Squid, Inc. the net amount owed from August 3 Received cash from G. Whiz in full settlement of her account receivable from August 2 (received within the discount period) Received a total of $10,000 ($200 was forfeited discount) from the July 31 amount receivable from P.B. Jay Purchased furniture on credit terms of 3/15, n/60 from Inn Corporation, $500 Issued 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 401 $ 5,904 11,956 101 102 104 105 109 117 140 160 161 201 204 207 210 220 301 302 400 Cash Accounts Receivable Interest Receivable Inventory Supplies Prepaid Insurance Note Receivable, Long-Term Furniture Accumulated Depreciation Accounts Payable Salary Payable Interest Payable Refund Payable Note Payable, Long-Term Yu Smaht, Capital Yu Smaht, Withdrawals Income Summary 41,800 1,340 2,200 11,000 37,270 10,550 11,200 930 320 200 42,000 46,270 402 410 501 510 513 514 516 517 519 523 Sales Revenue Sales Discount Forfeited Interest Revenue Cost of Goods Sold Salary Expense Rent Expense Depreciation Expense Insurance Expense Utilities Expense Supplies Expense Interest Expense 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, Trial Balance before any adjusting entries should total Check figure: $111,910 The values for adjusting entries: coooo Supplies on hand Prepaid insurance expired Depreciation expense Accrued salary expense Inventory on hand 343 89 410 162 39,825 Balance the total of customer accounts in the accounts receivable subsidiary ledger against the Accounts Receivable balance in the General Ledger. Do the same for the accounts payable subsidiary ledger and Accounts Payable in the General Ledger. ACCOUNTS PAYABLE SUBSIDIARY LEDGER Account: Inn Corporation Balance Jrnl Ref] Debit | Credit | Debit | Credit Date | Item Account: Badd Company Jrnl Ref Debit Credit Date | Item 31-Jul Balance Balance Debit Credit 11,200 Account: Squid, Inc. Balance Debit Credit Date Item Jrnl Ref Debit Credit ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Account: Good Company Jrnl Ref Debit Credit Date | Item 31-Jul Balance Balance Debit Credit 2,156 Account: G. Whiz Balance Debit Credit Date | Item Jrnl Ref Debit Credit Account: PB Jay Balance Debit Credit Jrnl Ref Debit Credit Date Item 31-Jul Balance 9,800 GENERAL LEDGER-ASSETS Account: Cash Page 11 Account No. 101 Debit Credit Date 31-Jull Credit Item Balance Balance Debit 5,904 Jrnl Ref Account: Accounts Receivable Account No. 102 Debit Credit Date 31-Jull Credit Item Balance Balance Debit 11,956 Jrnl Ref GENERAL LEDGER-ASSETS Account: Interest Receivable Account No. 104 Balance Date Item Jrnl Refl Debit Credit | Debit Credit Account: Inventory Account No. 105 Jrnl Ref Debit | Credit Date 31-Jul Item Balance Balance Debit Credit 41,800 Account: Supplies Account No. 109 Balance Jrnl Ref Debit Credit Credit Date 31-Jul Item Balance Debit 1,340 GENERAL LEDGER-ASSETS Account: Prepaid Insurance Account No. 117 Jrnl Ref Debit Credit Balance Debit 2,200 Date Item 31-Jul Balance Credit Account: Note Receivable, Long Term Account No. 140 Balance re Debit Credit Debit Credit Date 31-Jul Item Balance Jrnl Ref V 11,000 Account: Furniture Account No. 160 Jrnl Ref Debit Credit Date 31-Jul Item Balance Balance Debit Credit 37,270 Account: Accumulated Depreciation - Furniture Account No. 161 Balance Jrnl Ref Debit Credit Debit Date | 31-Jul Item Balance Credit 10,550 GENERAL LEDGER-LIABILITIES Account: Accounts Payable Account No. 201 Balance Debit Credit Debit Date 31-Jull Item Balance Jrnl Ref V Credit 11,200 T Account: Salary Payable Account No. 204 Balance | Debit Credit Debit Date 31-Jul Item Balance Jrnl Ref] Credit 930 Account: Interest Payable Account No. 207 Balance Jrnl Ref Debit Credit Debit Credit Date 31-Jul Item Balance 320 Account: Refund Payable Account No. 210 Balance Jrnl Ref] Debit Credit Debit Date 31-Jul Item Balance Credit 200 Account: Note Payable, Long Term Account No. 220 Balance Debit Credit Debit Date 31-Jul Item Balance Jrnl Ref Credit 42,000 GENERAL LEDGER-EQUITY Account: Yu Smaht, Capital Page 15 Account No. 301 Jrnl Ref Debit | Credit Debit Date 31-Jul Item Balance Balance Credit 46,270 Account: Yu Smaht, Withdrawals (Drawing) Account No. 302 Balance Date | Item Jrnl Ref Debit Credit Debit Credit GENERAL LEDGER-REVENUE AND INCOME SUMMARY Account: Income Summary Account No. 400 Balance Date Item Jrnl Ref] Debit Credit Debit Credit Account: Sales Revenue Account No. 401 Balance Date Ito Item Jrnl Ref Debit Credit Debit Credit Page 16 Account No. 402 Account: Sales Discount Forfeited Balance Date Item Jrnl Ref Debit Credit Debit Credit Account: Interest Revenue Account No. 410 Balance Date Item Jrnl Ref Debit Credit Debit Credit GENERAL LEDGER-EXPENSES Account: Cost of Goods Sold Account No. 501 Balance Date Item Jrnl Ref Debit Credit Debit Credit Account: Salary Expense Account No. 510 Balance Date Item Jrnl Ref Debit Credit Debit Credit Account: Rent Expense Account No. 513 Balance Date | Item Jrnl Refl Debit Credit Debit Credit Account: Depreciation Expense Account No. 514 Balance Date Item Jrnl Ref Debit Credit Debit Credit Page 18 GENERAL LEDGER-EXPENSES Account: Insurance Expense Account No. 516 Balance Date Item Jrnl Ref Debit | Credit Debit Credit Account: Utilities Expense Account No. 517 Balance Item Debit Credit Debit Credit Date 25-Aug Jrnl Ref GJ-11 ol GENERAL LEDGER-EXPENSES Account: Supplies Expense Account No. 519 Balance Date Item Jrnl Ref Debit Credit Debit Credit Account: Interest Expense Account No. 523 Balance Date Item Jrnl Ref Debit Credit Debit Credit 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 2 Issued check no. 683 for $1,240 to pay salaries, which includes salary payable of $930 from July 31 (ignore payroll deductions). Sold inventory on account to G. Whiz, issuing invoice no. 503 for $600. Small Kine's cost of goods sold was $190. Purchased inventory on credit terms of 1/15, n/60 from Squid, Inc., $1,400 Received full payment from Good Company, $2,156, within the discount period. Sold inventory for cash, $330 (cost, $104) Sold inventory issuing invoice no. 504 for sale on account to P.B. Jay, $2,400 (cost, $759) Issued check no. 685 to pay Badd Company $2,600 of the amount owed at July 31. This payment occurred after the discount period. Issued check no. 686 to pay Squid, Inc. the net amount owed from August 3 Received cash from G. Whiz in full settlement of her account receivable from August 2 (received within the discount period) Received a total of $10,000 ($200 was forfeited discount) from the July 31 amount receivable from P.B. Jay Purchased furniture on credit terms of 3/15, n/60 from Inn Corporation, $500 Issued 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 401 $ 5,904 11,956 101 102 104 105 109 117 140 160 161 201 204 207 210 220 301 302 400 Cash Accounts Receivable Interest Receivable Inventory Supplies Prepaid Insurance Note Receivable, Long-Term Furniture Accumulated Depreciation Accounts Payable Salary Payable Interest Payable Refund Payable Note Payable, Long-Term Yu Smaht, Capital Yu Smaht, Withdrawals Income Summary 41,800 1,340 2,200 11,000 37,270 10,550 11,200 930 320 200 42,000 46,270 402 410 501 510 513 514 516 517 519 523 Sales Revenue Sales Discount Forfeited Interest Revenue Cost of Goods Sold Salary Expense Rent Expense Depreciation Expense Insurance Expense Utilities Expense Supplies Expense Interest Expense 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, Trial Balance before any adjusting entries should total Check figure: $111,910 The values for adjusting entries: coooo Supplies on hand Prepaid insurance expired Depreciation expense Accrued salary expense Inventory on hand 343 89 410 162 39,825 Balance the total of customer accounts in the accounts receivable subsidiary ledger against the Accounts Receivable balance in the General Ledger. Do the same for the accounts payable subsidiary ledger and Accounts Payable in the General Ledger. ACCOUNTS PAYABLE SUBSIDIARY LEDGER Account: Inn Corporation Balance Jrnl Ref] Debit | Credit | Debit | Credit Date | Item Account: Badd Company Jrnl Ref Debit Credit Date | Item 31-Jul Balance Balance Debit Credit 11,200 Account: Squid, Inc. Balance Debit Credit Date Item Jrnl Ref Debit Credit ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Account: Good Company Jrnl Ref Debit Credit Date | Item 31-Jul Balance Balance Debit Credit 2,156 Account: G. Whiz Balance Debit Credit Date | Item Jrnl Ref Debit Credit Account: PB Jay Balance Debit Credit Jrnl Ref Debit Credit Date Item 31-Jul Balance 9,800 GENERAL LEDGER-ASSETS Account: Cash Page 11 Account No. 101 Debit Credit Date 31-Jull Credit Item Balance Balance Debit 5,904 Jrnl Ref Account: Accounts Receivable Account No. 102 Debit Credit Date 31-Jull Credit Item Balance Balance Debit 11,956 Jrnl Ref GENERAL LEDGER-ASSETS Account: Interest Receivable Account No. 104 Balance Date Item Jrnl Refl Debit Credit | Debit Credit Account: Inventory Account No. 105 Jrnl Ref Debit | Credit Date 31-Jul Item Balance Balance Debit Credit 41,800 Account: Supplies Account No. 109 Balance Jrnl Ref Debit Credit Credit Date 31-Jul Item Balance Debit 1,340 GENERAL LEDGER-ASSETS Account: Prepaid Insurance Account No. 117 Jrnl Ref Debit Credit Balance Debit 2,200 Date Item 31-Jul Balance Credit Account: Note Receivable, Long Term Account No. 140 Balance re Debit Credit Debit Credit Date 31-Jul Item Balance Jrnl Ref V 11,000 Account: Furniture Account No. 160 Jrnl Ref Debit Credit Date 31-Jul Item Balance Balance Debit Credit 37,270 Account: Accumulated Depreciation - Furniture Account No. 161 Balance Jrnl Ref Debit Credit Debit Date | 31-Jul Item Balance Credit 10,550 GENERAL LEDGER-LIABILITIES Account: Accounts Payable Account No. 201 Balance Debit Credit Debit Date 31-Jull Item Balance Jrnl Ref V Credit 11,200 T Account: Salary Payable Account No. 204 Balance | Debit Credit Debit Date 31-Jul Item Balance Jrnl Ref] Credit 930 Account: Interest Payable Account No. 207 Balance Jrnl Ref Debit Credit Debit Credit Date 31-Jul Item Balance 320 Account: Refund Payable Account No. 210 Balance Jrnl Ref] Debit Credit Debit Date 31-Jul Item Balance Credit 200 Account: Note Payable, Long Term Account No. 220 Balance Debit Credit Debit Date 31-Jul Item Balance Jrnl Ref Credit 42,000 GENERAL LEDGER-EQUITY Account: Yu Smaht, Capital Page 15 Account No. 301 Jrnl Ref Debit | Credit Debit Date 31-Jul Item Balance Balance Credit 46,270 Account: Yu Smaht, Withdrawals (Drawing) Account No. 302 Balance Date | Item Jrnl Ref Debit Credit Debit Credit GENERAL LEDGER-REVENUE AND INCOME SUMMARY Account: Income Summary Account No. 400 Balance Date Item Jrnl Ref] Debit Credit Debit Credit Account: Sales Revenue Account No. 401 Balance Date Ito Item Jrnl Ref Debit Credit Debit Credit Page 16 Account No. 402 Account: Sales Discount Forfeited Balance Date Item Jrnl Ref Debit Credit Debit Credit Account: Interest Revenue Account No. 410 Balance Date Item Jrnl Ref Debit Credit Debit Credit GENERAL LEDGER-EXPENSES Account: Cost of Goods Sold Account No. 501 Balance Date Item Jrnl Ref Debit Credit Debit Credit Account: Salary Expense Account No. 510 Balance Date Item Jrnl Ref Debit Credit Debit Credit Account: Rent Expense Account No. 513 Balance Date | Item Jrnl Refl Debit Credit Debit Credit Account: Depreciation Expense Account No. 514 Balance Date Item Jrnl Ref Debit Credit Debit Credit Page 18 GENERAL LEDGER-EXPENSES Account: Insurance Expense Account No. 516 Balance Date Item Jrnl Ref Debit | Credit Debit Credit Account: Utilities Expense Account No. 517 Balance Item Debit Credit Debit Credit Date 25-Aug Jrnl Ref GJ-11 ol GENERAL LEDGER-EXPENSES Account: Supplies Expense Account No. 519 Balance Date Item Jrnl Ref Debit Credit Debit Credit Account: Interest Expense Account No. 523 Balance Date Item Jrnl Ref Debit Credit Debit Credit