The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. 4 4 6 Jan. 2 Issued Ck. No. 6981 to JSS Management Company for monthly rent, $775. 2 J. Hammond, the owner, invested an additional $3,500 in the business. 4 Bought merchandise on account from Valencia and Company, invoice no. A691, $2,930; terms 2/10, n/30; dated January 2. Received check from Vega Appliance for $980 in payment of $1,000 invoice less discount. Sold merchandise on account to L. Paul, invoice no. 6483, $850. Received check from Petty, Inc., $637, in payment of $650 invoice less discount. Issued Ck. No. 6982, $588, to Fischer and Son, in payment of invoice no. 01272 for 7 $600 less discount. 7 Bought supplies on account from Doyle Office Supply, invoice no. 1906B, $108; terms net 30 days. 7 Sold merchandise on account to Ellison and Clay, invoice no. 6484, $787. Issued credit memo no. 43 to L. Paul, $54, for merchandise returned. 11 Cash sales for January 1 through January 10, $4,863.20. 11 Issued Ck. No. 6983, $2,871,40, to Valencia and Company, in payment of $2,930 invoice less discount. Sold merchandise on account to Vega Appliance, invoice no. 6485, $2,050 9 14 18 Bought merchandise on account from Costa Products, invoice no. 72810, $4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, $147 (total $5,001). 21 Issued Ck. No. 6984, $194, to M. Miller for miscellaneous expenses not recorded previously 21 Cash sales for January 11 through January 20, $4,591. 23 Issued Ck. No. 6985 to Forbes Freight, $96, for freight charges on merchandise purchased on January 4. 23 Received credit memo no. 163, $376, from Costa Products for merchandise returned. 29 Sold merchandise on account to Bruce Supply, invoice no. 6486, $1,835. Cash sales for January 21 through January 31, $4,428. 31 Issued Ck. No. 6986, $53, to M. Miller for miscellaneous expenses not recorded previously 31 Recorded payroll entry from the payroll register: total salaries, $6,200; employees federal incom tax withheld, $872; FICA Social Security tax withheld, $384.40, FICA Medicare tax withheld, $89.90. Recorded the payroll taxes: Social Security tax, $384.40, FICA Medicare tax, $89.90; 31 state unemployment tax, $334.80; federal unemployment tax, $37.20. Issued Ck. No. 6987, $4,853.70, for salaries for the month. 3. Hammond, the owner, withdrew $1,000 for personal use, Ck. No. 6988. 31 31 31 The chart of accounts is as follows: 311 J. Hammond, Capital 312 J. Hammond, Drawing 111 Cash 113 Accounts Receivable 114 Merchandise Inventory 115 Supplies 116 Prepaid Insurance 121 Equipment 411 Sales 412 Sales Returns and Allowances 413 Sales Discounts 511 Purchases 212 Accounts Payable 512 Purchases Returns and Allowances 215 Salaries Payable 513 Purchases Discounts 216 Employees' Federal Income Tax Payable 514 Freight In 217 FICA Social Security Tax Payable 621 Salary Expense 218 FICA Medicare Tax Payable 622 Payroll Tax Expense 219 State Unemployment Tax Payable 627 Rent Expense 220 Federal Unemployment Tax Payable 631 Miscellaneous Expense eBook 1. Record the transactions for January using a general Journal, page 1. Assume the periodic inventory method is used. Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank GENERAL JOURNAL Page 1 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 20- 2 Jan 2 3 3 Paid month's rent, C. No. 6981. 4 5 5 6 2 6 7 7 8 Owner invested additional capital 8 9 9 10 4 10 11 12 Purchased merchandise from Valencia and Company, invoice no. A691, invoice dated January 2, terms 2/10, 1/30 12 Book 14 14 15 > 15 16 16 17 Payment of invoice less discount. 17 18 18 19 19 20 20 21 Sold merchandise to L. Paul, invoice no. 6483. 21 22 22 23 6 23 24 24 25 25 26 Payment of invoice less discount. 26 27 27 28 7 28 29 29 30 30 31 Pald invoice no. C1272, Ck. No. 6982. 31 Check My Work Previous eBook 32 32 33 7 33 34 34 35 Purchased supplies from Doyle Office Supply, Invoice no. 1906B, terms net 30. 35 36 36 37 37 The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. 4 4 6 Jan. 2 Issued Ck. No. 6981 to JSS Management Company for monthly rent, $775. 2 J. Hammond, the owner, invested an additional $3,500 in the business. 4 Bought merchandise on account from Valencia and Company, invoice no. A691, $2,930; terms 2/10, n/30; dated January 2. Received check from Vega Appliance for $980 in payment of $1,000 invoice less discount. Sold merchandise on account to L. Paul, invoice no. 6483, $850. Received check from Petty, Inc., $637, in payment of $650 invoice less discount. Issued Ck. No. 6982, $588, to Fischer and Son, in payment of invoice no. 01272 for 7 $600 less discount. 7 Bought supplies on account from Doyle Office Supply, invoice no. 1906B, $108; terms net 30 days. 7 Sold merchandise on account to Ellison and Clay, invoice no. 6484, $787. Issued credit memo no. 43 to L. Paul, $54, for merchandise returned. 11 Cash sales for January 1 through January 10, $4,863.20. 11 Issued Ck. No. 6983, $2,871,40, to Valencia and Company, in payment of $2,930 invoice less discount. Sold merchandise on account to Vega Appliance, invoice no. 6485, $2,050 9 14 18 Bought merchandise on account from Costa Products, invoice no. 72810, $4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, $147 (total $5,001). 21 Issued Ck. No. 6984, $194, to M. Miller for miscellaneous expenses not recorded previously 21 Cash sales for January 11 through January 20, $4,591. 23 Issued Ck. No. 6985 to Forbes Freight, $96, for freight charges on merchandise purchased on January 4. 23 Received credit memo no. 163, $376, from Costa Products for merchandise returned. 29 Sold merchandise on account to Bruce Supply, invoice no. 6486, $1,835. Cash sales for January 21 through January 31, $4,428. 31 Issued Ck. No. 6986, $53, to M. Miller for miscellaneous expenses not recorded previously 31 Recorded payroll entry from the payroll register: total salaries, $6,200; employees federal incom tax withheld, $872; FICA Social Security tax withheld, $384.40, FICA Medicare tax withheld, $89.90. Recorded the payroll taxes: Social Security tax, $384.40, FICA Medicare tax, $89.90; 31 state unemployment tax, $334.80; federal unemployment tax, $37.20. Issued Ck. No. 6987, $4,853.70, for salaries for the month. 3. Hammond, the owner, withdrew $1,000 for personal use, Ck. No. 6988. 31 31 31 The chart of accounts is as follows: 311 J. Hammond, Capital 312 J. Hammond, Drawing 111 Cash 113 Accounts Receivable 114 Merchandise Inventory 115 Supplies 116 Prepaid Insurance 121 Equipment 411 Sales 412 Sales Returns and Allowances 413 Sales Discounts 511 Purchases 212 Accounts Payable 512 Purchases Returns and Allowances 215 Salaries Payable 513 Purchases Discounts 216 Employees' Federal Income Tax Payable 514 Freight In 217 FICA Social Security Tax Payable 621 Salary Expense 218 FICA Medicare Tax Payable 622 Payroll Tax Expense 219 State Unemployment Tax Payable 627 Rent Expense 220 Federal Unemployment Tax Payable 631 Miscellaneous Expense eBook 1. Record the transactions for January using a general Journal, page 1. Assume the periodic inventory method is used. Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank GENERAL JOURNAL Page 1 DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 20- 2 Jan 2 3 3 Paid month's rent, C. No. 6981. 4 5 5 6 2 6 7 7 8 Owner invested additional capital 8 9 9 10 4 10 11 12 Purchased merchandise from Valencia and Company, invoice no. A691, invoice dated January 2, terms 2/10, 1/30 12 Book 14 14 15 > 15 16 16 17 Payment of invoice less discount. 17 18 18 19 19 20 20 21 Sold merchandise to L. Paul, invoice no. 6483. 21 22 22 23 6 23 24 24 25 25 26 Payment of invoice less discount. 26 27 27 28 7 28 29 29 30 30 31 Pald invoice no. C1272, Ck. No. 6982. 31 Check My Work Previous eBook 32 32 33 7 33 34 34 35 Purchased supplies from Doyle Office Supply, Invoice no. 1906B, terms net 30. 35 36 36 37 37