Abby Ellen opened Abby's Toy House. As her newly hired accountant, your tasks are to do the following:

1. Journalize the transactions for the month of March. Use the periodic method.

2. Record to subsidiary ledgers and post to the general ledger as appropriate.

3. Prepare a schedule of accounts receivable and a schedule of accounts payable.

(Use the same chart of accounts as in Problem 10A-4, but now capital is Abby Ellen. The working papers that accompany this text have all the forms you need to complete this problem.)

201X

Mar. 1 Abby Ellen invested $7,800 in the toy store.

1 Paid 3 months' rent in advance, check no. 1, $3,400.

1 Purchased merchandise from Morris Curtis Company on account, $4,300, invoice no. 410, dated March 2; terms 3/10, n/30.

3 Sold merchandise to David Plouffe on account, $1,300, invoice no. 1; terms 3/10, n/30.

6 Sold merchandise to John Drayton on account, $1,100, invoice no. 2; terms 3/10, n/30.

8 Purchased merchandise from Morris Curtis Co. on account, $1,300, invoice no. 415, dated March 9; terms 3/10, n/30.

9 Sold merchandise to David Plouffe on account, $400, invoice no. 3; terms 3/10, n/30.

9 Paid cleaning service, check no. 2, $400.

10 John Drayton returned merchandise that cost $500 to Abby's Toy House.

Abby issued credit memorandum no. 1 to John Drayton for $500.

10 Purchased merchandise from Michael Keiser on account, $4,500, invoice no. 311, dated March 11; terms 1/15, n/60.

12 Paid Morris Curtis Co. invoice no. 410, dated March 2, check no. 3.

13 Sold $900 of toy merchandise for cash.

13 Paid salaries, $1,100, check no. 4.

14 Returned merchandise to Michael Keiser in the amount of $600. Abby's Toy

House issued debit memorandum no. 1 to Michael Keiser.

15 Sold merchandise for $4,200 cash.

16 Received payment from John Drayton, invoice no. 2 (less returned merchandise), less discount.

16 David Plouffe paid invoice no. 1.

16 Sold toy merchandise to Aimee Raypole on account, $4,000, invoice no. 4; terms 3/10, n/30.

20 Purchased delivery truck on account from Sam Katz Garage, $3,300, invoice no. 111, dated March 21 (no discount).

22 Sold merchandise to David Plouffe on account, $400, invoice no. 5; terms 3/10, n/30.

23 Paid Michael Keiser balance owed, check no. 5.

24 Sold toy merchandise to Aimee Raypole on account, $1,600, invoice no. 6; terms 3/10, n/30.

25 Purchased toy merchandise, $500, check no. 6.

26 Purchased toy merchandise from Millard Filmore on account, $4,100, invoice no. 211, dated March 27; terms 3/10, n/30.

28 David Plouffe paid invoice no. 5, dated March 22.

28 Aimee Raypole paid invoice no. 6, dated March 24.

28 Abby invested an additional $8,500 in the business.

28 Purchased merchandise from Morris Curtis Co., $2,000, invoice no. 436, dated March 29; terms 3/10, n/30.

30 Paid Morris Curtis Co. invoice no. 436, check no. 7.

30 Sold merchandise to Bella Falco Company on account, $3,400, invoice no. 7; terms 3/10, n/30.