Sandhill Co. 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 ledgers for Sandhill are indicated in the working papers presented below. Also following are a series of transactions for Sandhill Co. for the month of January. Credit sales terms are 2/10, n /30 . The cost of all merchandise sold was 60% of the sales price. Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) Schedule of Accounts Payable (from accounts payable subsidiary ledger) 3 Sell merchandise on account to B. Corpas $3 , 300 , imvice no. 510 , and to J. Revere $1 , 700 , invoice no. 511 . 5 Purchase merchandise from S. Gamel $6 , 000 and D. Posey $3 , 000 , terms n /30 , 7 Receive checks from S. Mahay $3 , 100 and 8. S antos $2 , 000 after discount period has lapsed. 8 Pay freight on merchandise purchased $220 . 9 Send checks to S. Meek for $9 , 000 less 28 cash discount, and to D. Saito for $7 , 000 less 1$ cash discount: 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Dally cash sales from January 1 to January 10 total $17.000 . Make one journal entry for these sales. 11 Sell merchandise on account to R. Beltre $1 , 600 , inwoice na 512 , and to S . Mahay $900 , invoice no. 513. 12 Pay rent of $2 , 000 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts: 15 Withdraw $800 cash by M. Sandhill for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $15 , 000 , terms 1/10 , n /30 , 5 . Meek $14 , 600 , terms 2/10 , n /30 ; and S . Gamel $2 , 000 , terms n /30 . 17 Pay $700 cash for office supplies. 18 Return $400 of merchandise to S. Meek and receive credit. 20 Dally cash sales from January 11 to January 20 total $21 , 600 . Make one journal entry for these sales. 21 Issue $18 , 000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2.500 , imvoice no. 514 and to R Beltre $2.100 , invoice no. 515 . 22 Post all entries to the subsidiary ledsers 23 Send checks to D. Saito and S. Meek for full payment less cash discounts 25 Sell merchandise on account to B. Santos 53.500 , imvoice no. 516 , and to L. Revere $6 , 000 , invoice na 517 , 27 Purchase merchandise from D. Saito $14 , 200 , terms 1/10 , n /30 , D Posey $3 , 400 , terms n 30 ; and 5 Gamei $5400 . terms n /30 . 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies: 31 Dally cash saies from January 21 to January 31 total $22200 Mabe one journal entry for these sales 31 Pay saies salaries $4.600 and otfice salarier $400 Prepare a post-closing trial balance. Determine whether the subsidiary ledgers agree with the control accounts in the general ledger. (Do not list thase occounts that have zero ending balance.) Accounts Receivable balance 5 Accounts Receivable Subsidiary Ledger $ 5 5 Accounts Payable balance Subsidiary account balances Prepare closing entries. (Credit aconunt titles are outomoticoly indented when the ormount is entered, Do not indent manually Record fourr Record the January transactions in a sales journal. (Post entries in the order presented in the problemstatement.) Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Record the January transactions in a cash recelpts journal. (Post entries in the order presented in the problem stotement. Select "Not Applicable" in Account Credited column, if no customer is selected.)
