Sun&Fun Company uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger, Balances related to both the general ledger and the subsidiary ledger for the company are indicated in the working papers. Below are a series of transactions for Sun&Fun Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 56% of the sales price. Jan. 3 Sell merchandise on account to M. Knast $2,900, invoice no. 825, and to C. Ryder $1,800, invoice no. 826. 5 Purchase merchandise from R. Drifter $5,000 and N. Sova $2,200, terms n/30. 7 Receive checks from V. Arnold $4,000 and I. Tan $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $235. 9 Send checks to K. Xerxes for balance currently due less 2% cash discount, and to T. Caper for balance currently due less 1% cash discount 9 Issue credit of $300 to C. Ryder for merchandise returned. 10 Summary daily cash sales total $15,500. 11 Sell merchandise on account to D. Gallagher $1,600, invoice no. 827, and to V. Amold $900, invoice no. 828. 12 Pay rent of $1,000 for January. 13 Receive payment in full from M. Knast and C. Ryder less cash discounts. 15 Withdrawal of $800 cash by J. Sandy for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from T. Caper $18,000, terms 1/10, n/30; K. Xerxes $14,200, terms 2/10, 1/30; and R. Drifter $1,500, terms n/30. 17 Pay $400 cash for office supplies. 18 Return $450 of merchandise to K. Xerxes and receive credit. 20 Summary daily cash sales total $20,100. 21 Issue $15,000 note, maturing in 90 days, to M. Griffen in payment of balance due. 21 Receive payment in full from V. Amold less cash discount. 22 Sell merchandise on account to M. Knast $2,700, invoice no. 829, and to D. Gallagher $1,300, invoice ni 830. 22 Post all entries to the subsidiary ledgers. 23 Send checks to T. Caper and K. Xerxes in full payment less cash discounts. 25 Sell merchandise on account to I. Tan $3,500, invoice no. 831, and to C. Ryder $6,100, invoice no. 832. 27 Purchase merchandise from T. Caper $14,500, terms 1/10, n/30; N. Sova $1,200, terms n/30; and R. Drifter $3,800, terms n/30. 27 Post all entries to the subsidiary ledgers. (continued) page 2 of 19 28 Pay $200 cash for office supplies. 31 Summary daily cash sales total $21,300. 31 Pay salaries and wages of $8,100. Sun&Fun Company uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger, Balances related to both the general ledger and the subsidiary ledger for the company are indicated in the working papers. Below are a series of transactions for Sun&Fun Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 56% of the sales price. Jan. 3 Sell merchandise on account to M. Knast $2,900, invoice no. 825, and to C. Ryder $1,800, invoice no. 826. 5 Purchase merchandise from R. Drifter $5,000 and N. Sova $2,200, terms n/30. 7 Receive checks from V. Arnold $4,000 and I. Tan $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $235. 9 Send checks to K. Xerxes for balance currently due less 2% cash discount, and to T. Caper for balance currently due less 1% cash discount 9 Issue credit of $300 to C. Ryder for merchandise returned. 10 Summary daily cash sales total $15,500. 11 Sell merchandise on account to D. Gallagher $1,600, invoice no. 827, and to V. Amold $900, invoice no. 828. 12 Pay rent of $1,000 for January. 13 Receive payment in full from M. Knast and C. Ryder less cash discounts. 15 Withdrawal of $800 cash by J. Sandy for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from T. Caper $18,000, terms 1/10, n/30; K. Xerxes $14,200, terms 2/10, 1/30; and R. Drifter $1,500, terms n/30. 17 Pay $400 cash for office supplies. 18 Return $450 of merchandise to K. Xerxes and receive credit. 20 Summary daily cash sales total $20,100. 21 Issue $15,000 note, maturing in 90 days, to M. Griffen in payment of balance due. 21 Receive payment in full from V. Amold less cash discount. 22 Sell merchandise on account to M. Knast $2,700, invoice no. 829, and to D. Gallagher $1,300, invoice ni 830. 22 Post all entries to the subsidiary ledgers. 23 Send checks to T. Caper and K. Xerxes in full payment less cash discounts. 25 Sell merchandise on account to I. Tan $3,500, invoice no. 831, and to C. Ryder $6,100, invoice no. 832. 27 Purchase merchandise from T. Caper $14,500, terms 1/10, n/30; N. Sova $1,200, terms n/30; and R. Drifter $3,800, terms n/30. 27 Post all entries to the subsidiary ledgers. (continued) page 2 of 19 28 Pay $200 cash for office supplies. 31 Summary daily cash sales total $21,300. 31 Pay salaries and wages of $8,100