SOME COMPANY, INC. Jan Transactions-Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account 10 Sold $2,000 of inventory to ABC Company for 54,000 terms 2/10,30 15 Made a partial payment to Bottle Inc. for $1,500. 20 Sold $1,000 of inventory to IKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount. 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. INSTRUCTIONS Using the transactions above, shown in the journal to the right, complete the following 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) GENERAL JOURNAL PAGE 1 2 POST GENERAL DATE ACCOUNT TITLE REF DEBIT CREDIT Jan Purchases 2,000.00 Accounts Payable, Bottle, Inc 2,000.00 Purchased tantury accont 10 Accounts Receivable, ABC Compery Sales 4,000 00 4,000.00 Sold inventory on account 15 Accounts Payable, Bottle Inc. 1,500 00 Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD so all purchases and sales are reported before discounts. Post transactions as shown-DO NOT CHANGE THEM Casl 1,500 00 Partial Peyret on Account THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE-HIGHLIGHTED IN YELLOW/RED 20Accounts Recepable, K. Company 2,000.00 YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P&A/R) AND TO SUBSIDIARY ACCOUNTS Sales 2.000.00 2. Post the appropriate entries to the accounts payable control ledger (ne the individual transactions) Sold inventory on account and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided for Bottle Inc. and Jarhead, Inc. SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & AP SUBSIDIARY LEDGER 3. Post the appropriate entries to the accounts receivable control ledger juse the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided for ABC Company and JKL Company. 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts. 20 Cast 3.920.00 Sales Discount 80.00 Accounts Receivable, ABC Company 4,000.00 Received Payment less discount 21 Sales Returns & Allowances 400.00 Accounts Receivable, JKL Company 400.00 Sales Returned by JKL Company 25 Supplies 500.00 Accounts Payable, Jarhead, Inc. 500.00 Purchased supplies on account