Us NONTO Stue CALCULATOR PINTEREST Accounting Cycle Review 7-01 11-12 Outlumber Cases perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger Balances related to both the general ledger and the subsidiwy ledger for od was 60% of the sales price Oulumber are indicated in the working papers. Presented below are a series of transactions for Cumber Co. for the month of January, Credit sales terms are 2/10, 1/30. The cost of all merchandise GENERAL LEDGER Account Number January 1 Account Title Opening Balance 101 Cash $37.000 112 Accounts Receivable 13,200 115 Notes Receivable 38,000 120 Inventory 19,500 126 Supplies 1,800 130 Prepaid Insurance 2.500 157 Equipment 6,450 155 Accurated Depreciation Equip 1,600 201 Accounts Payable 34,500 301 Owner's Capital 82,350 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Custoenee Opening Balance Bekre $1,500 1. Santos 7,600 5. May 4,100 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance 5. Meek $7,500 R Moon 18,000 O Sato 9,000 la 3 Se merchandise on account to B. Corpus $3,600, wice 510, and to 3. Revere $2,000, invoice no S11 MacBook Pro Hello Did $ 301 Owner's Capital 82,350 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Customer Opening Balance R Beltre $1,500 B. Santos 7,600 5. Mahay 4,100 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance S, Meek $7,500 R Moses 18,000 D. Saito 9,000 Jan. 3 Sell merchandise on account to B. Corpas $3,600 Invoice no. 510, and to). Revere $2,000, invoice no. 511. 5 Purchase merchandise from S. Gamel 56,000 and D. Posey $2,200, terms 130. 7 Receive checks from S. Mahay $4,100 and 8. Santos $2,000 after discount period has lapsed, 8 Pay freight on merchandise purchased $240. 9 Send checks to 5. Meek for $7,500 less 2% cash discounts and to D. Saito for $9,000 less 1% cash discount. 9 Issue credit of $300 to 3. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $14,000. Make one journal entry for these sales 11 Sell merchandise on account to R. Deltre $1,200, Invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,800 for January 13 Receive payment in full from B. Corpas and ). Revere less cash discounts. 15 Withdraw 5800 cash by M. Cullumber for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Sat $16,000, terms 1/10, 1/30, S. Meek $15,000, terms 2/10, 130; and S, Gamel $1,500, terms 130 17 Pay $400 cash for office supplies 18 Return $200 of merchandise to S. Meek and receive credit 20 Daily Cash sales from January 11 to January 20 total $18,600. Make one journal entry for these sales. w W MacBook Pro Hello Did D. Saito 9,000 Jan. 3 5 7 8 9 9 10 11 12 13 15 15 16 17 18 20 21 21 22 22 23 25 Sell merchandise on account to B. Corpas $3,600, Invoice no. 510, and to J. Revere $2,000, Invoice no. 511. Purchase merchandise from S. Gamel $6,000 and D. Posey $2,200, terms n/30. Receive checks from S. Mahay $4,100 and B. Santos $2,000 after discount period has lapsed. Pay freight on merchandise purchased $240. Send checks to S. Meek for $7,500 less 2% cash discount, and to D. Salto for $9,000 less 1% cash discount. Issue credit of $300 to J. Revere for merchandise returned. Daily cash sales from January 1 to January 10 total $14,000. Make one journal entry for these sales. Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. Pay rent of $1,800 for January. Receive payment in full from B. Corpas and J. Revere less cash discounts. Withdraw $800 cash by M. Cullumber for personal use. Post all entries to the subsidiary ledgers. Purchase merchandise from D. Saito $16,000, terms 1/10,n/30; S. Meek $15,000, terms 2/10, 1/30; and S. Gamel $1,500, terms 1/30, Pay $400 cash for office supplies. Return $200 of merchandise to S. Meek and receive credit. Daily cash sales from January 11 to January 20 total $18,600. Make one journal entry for these sales. Issue $18,000 note, maturing in 90 days, to R. Moses in payment of balance due. Receive payment in full from S. Mahay less cash discount. Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,400, invoice no. 515. Post all entries to the subsidiary ledgers. Send checks to D. Saito and S. Meek in full payment less cash discounts. Sell merchandise on account to B. Santos $3,600, invoice no. 516, and to J. Revere $6,500, invoice no. 517. Purchase merchandise from D. Saito $14,900, terms 1/10, 1/30; D. Posey $3,300, terms n/30; and S. Gamel $5,700, terms 1/30. Post all entries to the subsidiary ledgers. Pay $200 cash for office supplies. Daily cash sales from January 21 to January 31 total $23,100. Make one journal entry for these sales. Pay sales salaries $4,500 and office salaries $3,800. 27 27 28 31 31 Cash Date Explanation Ref. Debit Credit No. 101 Balance Jan. 1 Balance 37000 31 CR1 31 CP1 Accounts Receivable Date Explanation Ref. No. 112 Balance Debit Credit Jan. 1 Balance 31 51 31 CR1 G1 Notes Receivable Date Explanation Ref. No. 115 Balance Debit Credit Jan. 1 Balance Inventory Date Explanation No. 120 Balance Ref. Debit Credit Jan, 1 Balance 19500 31 PI BX 31 51 31 CR1 MacBook Pro Notes Receivable Date Explanation No. 115 Balance Ref. Debit Credit S Jan. 1 Balance Inventory Date Explanation No. 120 Balance Ref. Debit Credit Jan. 1 Balance 19500 x 31 P1 31 Si ODDODD 31 CR1 8 CP1 > 31 CP1 9 G1 X 18 G1 Supplies Date No. 125 Balance Explanation Ref. Debit Credit Jan. 1 Balance 31 CP1 23 CP1 dy R. Moses Date Explanation Ref. Credit Jan. 1 Balance V 21 61 D. Salto Date Explanation Ref. Jan. 1 Balance 9 CP1 16 P1 CPI TUTO 23 CP 27 P1 DODDI OOI ! OO. Gamel Date Explanation Ref. Credit Jan. 5 P1 16 PI 27 PL