1)

2)

3)

CP7-1 (Perpetual Method) Jeter Co. uses a perpetual inventory system and both an accounts receiv- able and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Jeter are indicated in the working papers presented below. Also following are a series of transactions for Jeter 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 January1 Opening Balance $35,750 13,000 39,000 18,000 1,000 2,000 6,450 1,500 35,000 78,700 Account Number Account Title Cash Accounts Receivable Notes Receivable Inventory Supplies 101 112 115 120 126 130 Prepaid Insurance 157 158 Accumulated Depreciation-Equip. 201 301 Equipment Accounts Payable Owner's Capital Comprehensive Problems: Chapters 3 to 7 349 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) Schedule of Accounts Pavable (from accounts payable subsidiary ledger) January 1 Opening Balance $1,500 7,500 4,000 January 1 Opening Balance 9,000 15,000 11,000 Customer Creditor R. Beltre B. Santos S. Mahay S. Meek R. Moses D. Saito CP7-1 (Perpetual Method) Jeter Co. uses a perpetual inventory system and both an accounts receiv- able and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Jeter are indicated in the working papers presented below. Also following are a series of transactions for Jeter 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 January1 Opening Balance $35,750 13,000 39,000 18,000 1,000 2,000 6,450 1,500 35,000 78,700 Account Number Account Title Cash Accounts Receivable Notes Receivable Inventory Supplies 101 112 115 120 126 130 Prepaid Insurance 157 158 Accumulated Depreciation-Equip. 201 301 Equipment Accounts Payable Owner's Capital Comprehensive Problems: Chapters 3 to 7 349 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) Schedule of Accounts Pavable (from accounts payable subsidiary ledger) January 1 Opening Balance $1,500 7,500 4,000 January 1 Opening Balance 9,000 15,000 11,000 Customer Creditor R. Beltre B. Santos S. Mahay S. Meek R. Moses D. Saito