The chart of accounts of Oriole Company includes the following selected accounts. 112 Accounts Receivable 401 Sales Revenue 120 Inventory 412 Sales Returns and Allowances 126 Supplies 505 Cost of Goods Sold 157 Equipment 610 Advertising Expense 201 Accounts Payable In July, the following transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price. July 1 Purchased merchandise from Eby Company $ 8,490. 2 Received freight bill from Shaw Shipping on Eby purchase $ 440. 3 Made sales to Fort Company $ 1,430 and to Hefner Bros. $2,170. 5 Purchased merchandise from Getz Company $3,230. 8 Received credit on merchandise returned to Getz Company $ 280. 13 Purchased store supplies from Dayne Supply $ 760. 15 Purchased merchandise from Eby Company $3,640 and from Bosco Company $ 4,330. 16 Made sales to Aybar Company $3,030 and to Hefner Bros. $ 1,880. 18 Received bill for advertising from Welton Advertisements $ 560. 21 Sales were made to Fort Company $ 460 and to Duncan Company $ 3,490. 22 Granted allowance to Fort Company for merchandise damaged in shipment $ 20. 24 Purchased merchandise from Getz Company $ 2,990. 26 Purchased equipment from Dayne Supply $ 800. 28 Received freight bill from Shaw Shipping on Getz purchase of July 24, $ 440. 30 Sales were made to Aybar Company $ 5,920. Journalize the transactions above in a purchases journal, a sales journal, and a general journal. (Record entries in the order dis Purchases Journal P1 Date Account Credited (Debited) Ref. Accounts Payable Cr. Inventory Dr. Other Accounts Dr. 126/7 610/ . 157/ (201) (120) (X) Sales Journal Accounts Receivable Dr. Sales Revenue Cr. S1 Cost of Goods Sold Dr. Inventory Cr. Date Account Debited Ref. 4 4 (112)(401) (505)(120) Date Account Titles and Explanation Debit Credit 4 Post to both the general and subsidiary ledger accounts. (Assume that all accounts have zero beginning balances.). (Post entries in the order of entries presented in the previous part.) General Ledger No. 112 Accounts Receivable Date Explanation Ref. Debit Credit Balance S1 G1 No. 120 Inventory Date Explanation Ref. Debit Credit Balance P1 G1 S1 No. 126 Supplies Date Explanation Ref. Debit Credit Balance P1 No. 157 Equipment Date Explanation Ref. Debit Credit Balance P1 No. 201 Accounts Payable Date Explanation Ref. Debit Credit Balance P1 A G1 Sales Revenue NO. 401 Date Explanation Ref. Debit Credit Balance S1 Sales Returns and Allowances Date Explanation No. 412 Balance Ref. Debit Credit G1 No. 505 Cost of Goods Sold Date Explanation Ref. Debit Credit Balance S1 No. 610 Advertising Expense Date Explanation Ref. Debit Credit Balance P1 Accounts Receivable Subsidiary Ledger Hefner Bros. Date Explanation Ref. Debit Credit Balance S1 S1 Fort Company Date Explanation Ref. Debit Credit Balance S1 S1 G1 Aybar Company Date Explanation Ref. Debit Credit Balance A S1 A S1 Duncan Company Date Explanation Ref. Debit Credit Balance A S1 Accounts Payable Subsidiary Ledger Dayne Supply Date Explanation Ref. Debit Credit Balance P1 P1 Shaw Shipping Date Explanation Ref. Debit Credit Balance P1 P1 Eby Company Date Explanation Ref. Debit Credit Balance P1 P1 Getz Company Date Explanation Ref. Debit Credit Balance 4. P1 G1 P1 Welton Advertisements Date Explanation Ref. Debit Credit Balance P1 Bosco Company Date Explanation Ref. Debit Credit Balance A P1 Prove the agreement of the control and subsidiary accounts. Accounts receivable balance $ Subsidiary account balances $ 4 Total $ Accounts payable balance Subsidiary account balances $ 4 4 Total The chart of accounts of Oriole Company includes the following selected accounts. 112 Accounts Receivable 401 Sales Revenue 120 Inventory 412 Sales Returns and Allowances 126 Supplies 505 Cost of Goods Sold 157 Equipment 610 Advertising Expense 201 Accounts Payable In July, the following transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price. July 1 Purchased merchandise from Eby Company $ 8,490. 2 Received freight bill from Shaw Shipping on Eby purchase $ 440. 3 Made sales to Fort Company $ 1,430 and to Hefner Bros. $2,170. 5 Purchased merchandise from Getz Company $3,230. 8 Received credit on merchandise returned to Getz Company $ 280. 13 Purchased store supplies from Dayne Supply $ 760. 15 Purchased merchandise from Eby Company $3,640 and from Bosco Company $ 4,330. 16 Made sales to Aybar Company $3,030 and to Hefner Bros. $ 1,880. 18 Received bill for advertising from Welton Advertisements $ 560. 21 Sales were made to Fort Company $ 460 and to Duncan Company $ 3,490. 22 Granted allowance to Fort Company for merchandise damaged in shipment $ 20. 24 Purchased merchandise from Getz Company $ 2,990. 26 Purchased equipment from Dayne Supply $ 800. 28 Received freight bill from Shaw Shipping on Getz purchase of July 24, $ 440. 30 Sales were made to Aybar Company $ 5,920. Journalize the transactions above in a purchases journal, a sales journal, and a general journal. (Record entries in the order dis Purchases Journal P1 Date Account Credited (Debited) Ref. Accounts Payable Cr. Inventory Dr. Other Accounts Dr. 126/7 610/ . 157/ (201) (120) (X) Sales Journal Accounts Receivable Dr. Sales Revenue Cr. S1 Cost of Goods Sold Dr. Inventory Cr. Date Account Debited Ref. 4 4 (112)(401) (505)(120) Date Account Titles and Explanation Debit Credit 4 Post to both the general and subsidiary ledger accounts. (Assume that all accounts have zero beginning balances.). (Post entries in the order of entries presented in the previous part.) General Ledger No. 112 Accounts Receivable Date Explanation Ref. Debit Credit Balance S1 G1 No. 120 Inventory Date Explanation Ref. Debit Credit Balance P1 G1 S1 No. 126 Supplies Date Explanation Ref. Debit Credit Balance P1 No. 157 Equipment Date Explanation Ref. Debit Credit Balance P1 No. 201 Accounts Payable Date Explanation Ref. Debit Credit Balance P1 A G1 Sales Revenue NO. 401 Date Explanation Ref. Debit Credit Balance S1 Sales Returns and Allowances Date Explanation No. 412 Balance Ref. Debit Credit G1 No. 505 Cost of Goods Sold Date Explanation Ref. Debit Credit Balance S1 No. 610 Advertising Expense Date Explanation Ref. Debit Credit Balance P1 Accounts Receivable Subsidiary Ledger Hefner Bros. Date Explanation Ref. Debit Credit Balance S1 S1 Fort Company Date Explanation Ref. Debit Credit Balance S1 S1 G1 Aybar Company Date Explanation Ref. Debit Credit Balance A S1 A S1 Duncan Company Date Explanation Ref. Debit Credit Balance A S1 Accounts Payable Subsidiary Ledger Dayne Supply Date Explanation Ref. Debit Credit Balance P1 P1 Shaw Shipping Date Explanation Ref. Debit Credit Balance P1 P1 Eby Company Date Explanation Ref. Debit Credit Balance P1 P1 Getz Company Date Explanation Ref. Debit Credit Balance 4. P1 G1 P1 Welton Advertisements Date Explanation Ref. Debit Credit Balance P1 Bosco Company Date Explanation Ref. Debit Credit Balance A P1 Prove the agreement of the control and subsidiary accounts. Accounts receivable balance $ Subsidiary account balances $ 4 Total $ Accounts payable balance Subsidiary account balances $ 4 4 Total