vanhoe 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 Ivanhoe are indicated in the working papers presented below. Also following are a series of transactions for Ivanhoe 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. GENERAL LEDGER Account January 1 Number Account Title Opening Balance 101 Cash $32,000 112 Accounts Receivable 12,900 115 Notes Receivable 38,000 120 Inventory 19,000 126 Supplies 1,600 130 Prepaid Insurance 2,000 157 Equipment 8,250 158 Accumulated Depreciation-Equip. 1,400 201 Accounts Payable 33,000 301 Owner's Capital: 79,350