Using the below information provided prepare the entries to record the transactions. Check Figure: $4$ Trail balance $=$ $$512,256$

It is October $16,2020,$ and you have just taken over the accounting work for China Moon Products, whose annual accounting period ends October $31.$ The company$$s previous accountant journalized its transactions through October $15$ and posted all items that required posting as individual amounts, as an examination of the journals and ledgers in the Working Papers will show.

The company completed these transactions beginning October $16,2020.$ Terms of all sales credit sales are $2/10,$ n$/30$

Oct $16.$ Purchased office supplies on credit from Green Supply Company, $$1,470.$ Invoice dated October $16,$ terms n$/10$ EOM.

Oct $16.$ Sold merchandise on credit to Heather Flatt, invoice #$916,$ $$9,100.$ Cost, $$5,270.$

Oct $18.$ Issues a credit memo to Amy Izon for detective merchandise sold on October $15$ and returned for credit, $$400.$ The returned merchandise was scrapped.

Oct $19.$ Received a $$1,280$ credit memo from Walters Company for merchandise received on October $15$ and returned for credit.

Oct $20.$ Received a $$286$ credit memo from Green Supply Company, invoice dated October $19,$ terms n$/10$ EOM, $$14,800.$

Oct $21.$ Sold merchandise on credit to Jan Wildman, invoice #$917,$ $$10,900.$ Cost, $$6,320.$

Oct $22.$ Received payment from Heather Flatt for the October $12$ sale.

Oct $25.$ Received payment from Amy Izon for the October $15$ sale.

Oct $25.$ Issued cheque #$623$ to Walters Company in payment of its October $15$ invoice.

Oct $25.$ Issued cheque #$624$ to Sunshine Company in payment of its October $15$ Invoice

Oct $28.$ Received merchandise with an invoice dated October $28,$ terms $2/10,$ n$/60,$ from Sunshine Company, $$12,950.$

Oct $28.$ Sold a neighbouring merchant a carton of calculator tape $($store supplies$)$ for cash at cost$,$ $$116.$

Oct $29.$ Marlee Levin, the owner of China Moon Products, used cheque #$625$ to withdraw $$8,000$ cash from the business for personal use.

Oct $30.$ Issued cheque #$626$ to Midwest Electric Company in payment of the October electric bill, $$1,240.$

Oct $30.$ Issued cheque #$627$ to Jamie Ford, the company$$s only sales employee, in payment of her salary for the last half of October, $$3,260.$

Oct $31.$ Cash sales for the last half of the month were $$132,256.$ Cost, $$76,700.$ Cash sales are usually recorded daily but are recorded only twice in this problem to reduce the transactions.

Required

$1.$ Record the transactions in the journals.

$2.$ Post to the customer and creditor accounts and also post any amounts that should be posted as individual amounts to the general ledger accounts. Normally, these amounts are posted daily, but they are posted only once in this problem because they are few in number.

$3.$ Foot and cross$-$foot the journals and make the month$-$end postings.

$4.$ Prepare an October $31$ trail balance and prepare schedules of accounts receivable and payable. using this template: Sales Journal Page $3$

Date Account Debited Invoice Number PR Accounts Receivable DR Sales CR Cost of Goods Sold DR Merchandise Inventory CR

$2020$

Oct. $6$ M$.$ Craig $9136,6003,600$

$12$ H$.$ Flatt $9147,3004,000$

$15$ A$.$ Izon $9156,2003,400$

Totals $20,10011,000$

Cash Receipts Journal Page $3$

Date Account Credited PR Explanation Cash DR Sales Discounts DR A$/$R Cr$.$ Sales Cr Other accounts CR Cogs DR Inventory CR

$2020$

Oct. $2$ J$.$ Wildman $$ Inv. $09/238,2321688,400$

$15$ Sales Cash Sales $77,66077,66042,800$

$15$ M$.$ Craig $$ Inv. $10/64,802984,900$

Totals $90,69426613,30077,660-42,800$

Purchase Journal Page $2$

Date Account Credited Date of Invoice Terms PR Accounts Payable CR Merchandise Inventory Dr Office Supplies DR Other accounts DR

$2020$

Oct. $2$ Walters Co $10-22/10,$n$/606,4006,400$

$5$ Green Supply $10-3$ n$/10,$EOM $2,6002,600$

$15$ Walters Co $10-152/10,$n$/607,9807,980$

$15$ Sunshine Co $10-152/10,$n$/605,3005,300$

Totals $22,28022,280--$

Cash Disbursements Journal Page $4$

Date Cheque Payee Account Debited PR Cash CR Merchandise Inventory CR Other Accounts DR Accounts Payable DR

$2020$

Oct. $2619$ Omni Realty Rent Exp $6404,5004,500$

$6620$ Fireside Co Fireside Co $7,4481527,600$

$12621$ Walters Co Walters Co $6,2721286,400$

$15622$ Jamie Ford Sales Sal Exp $6215,2405,240$

Totals $23,4602809,74014,000$

GENERAL JOURNAL