Using journals, posting, balancing to ledgers From July 2- 31.

(intel) CORE 15 Received $32,967 from Bell Led. in full settlement of its account receiv- 19 able from July 9. 20 Purchased inventory on credit terms of net 30 from Burgess Distributing Ltd., $12,282. The invoice was dated July 20. 22 Purchased furniture on credit terms of 3/10, n/60 from Nakkach Corp., $3,870. The invoice was dated July 22. 22 Issued cheque no. 535 to pay for insurance coverage, debiting Prepaid Insurance for $6,000. 24 Sold supplies to an employee for cash of $324, which was the cost of the supplies. 25 Issued cheque no. 536 to pay utilities, $6,718. 28 Purchased inventory on credit terms of 2/10, n/30 from Manley Inc., $8,050. The invoice date was July 28. 29 Returned damaged inventory to Manley Inc., issuing a debit memo for $4,050. 29 Sold goods on account to Bell Lid., issuing invoice no. 917 for $2,976 (cost, $1,320). Credit sales terms are 1/10, n/30. 30 Issued cheque no. 537 to pay Manley Inc. $2,646. 31 Received cash in full on account from Ishikawa Inc. 31 Issued cheque no. 538 to pay monthly salaries of $14,082. Required 1. Open the following three-column general ledger accounts using the account numbers giv Cash....... 111 Sales Revenue ..........." Accounts Receivable .................." 112 Supplies ....." Sales Discounts ....................." 116 Sales Returns and Allowances .. Prepaid Insurance ........ 117 Inventory ....................; Interest Revenue . .................." 118 Furniture......." Cost of Goods Sold. . . .. .. ....... 151 Accounts Payable ... Salaries Expense ....................!" 211 Open these accounts Utilities Expense.22 ynne Inc. from August 12. chased supplies on account from Favron Sales, $2,740. Terms were net 30. The invoice was dated August 21. 25 Software Ltd. Returned $1,200 of the inventory purchased on August 21 to Cyber 31 Paid Cyber Software Lid. the net amount owed from August 21. Required Katie's Supplies comes purchase returns in the general journal. Use the appropriate Karnal to record the above transactions: a purchases journal, a cash payments journal omit the Cheque No. co lumn), or a general journal. Total each column of the special journals. Show that total debits equal total credits in each journal . Show how postings would be made from the journals by writing the account numbers and check marks in the appropriate places in the journals. Problem 7-7A llahan Distributors, which uses the perpetual inventory system and makes all credit sales in terms of 1/10, n/30, completed the following transactions during July: Using all the jour balancing the le Jul. 2 Issued invoice no. 913 for sale on account to Ishikawa Inc., $24,600. 3 4 5 1/10, n/30. Callahan's cost of this inventory was $10,800. Credit sales terms are 6. Total Account $2,976; total A Purchased inventory on credit terms of 3/10, n/60 from Nakkach Corp., $26, 152 $14,802. The invoice was dated July 3. OO UT UI Sold inventory for cash, $6,462 (cost, $2,880). Issued cheque no. 532 to purchase furniture for cash, $13,110. Collected interest revenue of $6,650. Issued invoice no. 914 for sale on account to Bell Ltd., $33,300 (cost, $13,860). Credit sales terms are 1/10, n/30. 10 Purchased inventory for cash, $6,858, issuing cheque no. 533. 12 Received cash from Ishikawa Inc. in full settlement of its account receiv- able from the sale on July 2. 13 Issued cheque no. 534 to pay Nakkach Corp. the net amount owed from July 3. (Round to the nearest dollar.) 13 Purchased supplies on account from Manley Inc., $8,646. Terms were net end of month. The invoice was dated July 13. 15 Sold inventory on account to M. O. Brown, issuing invoice no. 915 for $3,990 (cost, $1,440). Credit sales terms are 1/10, n/30. Issued credit memo to M. O. Brown for $3,990 for merchandise sent in error and returned by Brown. Also accounted for receipt of the inventory. Issued invoice no. 916 for credit sale to Ishikawa Inc., $2,142 (cost, $762). Credit sales terms are 1/10, n/30. Chapter 7 Accounting Info