Pharoah 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 ledger for Pharoah are indicated in the working papers. Presented below are a series of transacti 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. Account Number 101 112 115 Notes Receivable 120 Inventory 126 Supplies 130 Prepaid Insurance 157 Equipment 158 Accumulated Depreciation-Equip. 201 Accounts Payable 301 Owner's Capital Customer R. Beltre B. Santos S. Mahay GENERAL LEDGER Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) Cash Accounts Receivable Account Title Customer S. Meek R. Moses D. Saito Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Opening Balance January 1 Opening Balance January 1 Opening Balance $1,600 7,300 3,400 $9,000 17,000 11,000 $38,250 12,300 42,000 15,500 1,500 2,000 8,700 1,600 37,000 81,650 Jan. 3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $2,000, invoice no. 511. 5 Purchase merchandise from S. Gamel $6,000 and D. Posey $2,900, terms n/30. 7 Receive checks from S. Mahay $3,400 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $225. 9 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $11,000 less 1% cash discount. Issue credit of $300 to J. Revere for merchandise returned. 9 Daily cash sales from January 1 to January 10 total $17,500. Make one journal entry for these sales. Sell merchandise on account to R. Beltre $1,600, invoice no. 512, and to S. Mahay $900, invoice no. 513. Pay rent of $1,400 for January. 10 11 12 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Pharoah for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,600, terms 2/10, n/30; and S. Gamel $1,600, terms n/30. Pay $400 cash for office supplies. 17 18 Return $300 of merchandise to S. Meek and receive credit. 20 21 21 22 22 23 25 27 27 28 31 31 Daily cash sales from January 11 to January 20 total $22,100. Make one journal entry for these sales. Issue $17,000 note, maturing in 90 days, to R. Moses in payment of balance due. Receive payment in full from S. Mahay less cash discount. Sell merchandise on account to B. Corpas $2,900, invoice no. 514, and to R. Beltre $2,500, invoice no. 515. Post all entries to the subsidiary ledgers. Send checks to D. Saito and S. Meek in full payment less cash discounts. Sell merchandise on account to B. Santos $3,900, invoice no. 516, and to J. Revere $6,100, invoice no. 517. Purchase merchandise from D. Saito $15,000, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,700, terms n/30. Post all entries to the subsidiary ledgers. Pay $200 cash for office supplies. Daily cash sales from January 21 to January 31 total $23,700. Make one journal entry for these sales. Pay sales salaries $4,900 and office salaries $3,800. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal Date Jan. 3 v Jan. 3 Jan. 11 v Jan. 11 v Jan. 22 Jan. 22 Jan. 25 Jan. 25 LINK TO TEXT Date Jan. 5 v JOOOO Jan. 5 v Jan. 16 Jan. 16 Jan. 16 Jan. 27 Jan. 27 v Account Debited B. Corpas J. Revere Jan. 27 R. Beltre S. Mahay B. Corpas V R. Beltre v B. Santos J. Revere v LINK TO TEXT Account Credited S. Gamel v D. Posey D. Saito S. Meek V S. Gamel v M D. Saito V D. Posey Invoice No. Ref. S. Gamel 510 V 511 v 512 v 513 V 514 515 V 516 V 517 V Your answer is correct. Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal Terms n/30 n/30 1/10, n/30 2/10, n/30 n/30 1/10, n/30 n/30 Account Receivable Dr. Sales Revenue Cr. n/30 3400 2000 1> 1600 2900 2500 3900 6100 Inventory Dr. Ref. Accounts Payable Cr. 23300 P1 6000 2900 14000 900 14600 1600 15000 3300 5700 63100 S1 Cost of Good Sold Dr. Inventory Cr. 2040 1200 960 540 1740 1500 2340 3660 13980 Date AAAAAAAA Jan. 7 v M Jan. 7 v Jan. 10 Jan. 13 v Jan. 13 v Jan. 20 v Jan. 21 v Jan. 31 v Date Jan. 8. Jan. 9 F v Jan. 9 v Jan. 12 v Jan. 15 v LINK TO TEXT LINK TO TEXT Jan. 17 v Jan. 23 v Jan, 23 JU Account Credited Ref. S. Mahay v Jan. 28 v Jan. 31 v FL A B. Santos B. Corpas v M J. Revere v S. Mahay M Inventory S. Meek M D. Saito Account Debited Rent Expense Owner's Drawings D. Saito S. Meek V |v Salaries and Wages Expense 4 |v V V V V Cash Dr. V Your answer is correct. Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cash Payments Journal 3400 2000 17500 3332 22100 1666 23700 74580 Ref. 120 729 882 306 627 [] |v Cash Receipts Journal Sales Discounts Dr. 68 35 18 121 8700 Other Accounts Accounts Payable Dr. L 225 1400 800 Account Receivable Cr. 11125 |v| Tv Dr. 9000 11000 14000 14300 3400 48300 2000 3400 1700 900 11400 F M |v M |v |v Sales Revenue Cr. Supplies Dr. 400 200 17500 600 22100 23700 63300 [] E Iv Other Accounts Cr. Inventory Cr. 180 110 140 286 716 | | Q L V P Cost of Good Sold Dr. Inventory Cr. Cash Cr. CP1 225 8820 10890 1400 800 400 13860 14014 200 8700 59309 M CR1 [13] 10500 13260 14220 37980 Your answer is correct. Record the January transactions in a two-column general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Credit Jan. 9 Sales Returns and Allowances Date Jan. 9 v Accounts Receivable (Issued credit for merchandise returned.) Inventory Jan. 21 Cost of Goods Sold (Cost of merchandise returned.) a Jan. 18 Accounts Payable v Inventory (Received credit for returned goods.) Accounts Payable Notes Payable (Payment of balance due.) D Debit 300 M 180 300 17000 300. 180 300 17000 Your answer is partially correct. Try again. Post the journals to the general ledger. (Post entries in the order of Journal entry presented in the previous parts.) General Ledger Cash Date Jan. 1 Balance 31 31 Accounts Receivable Date Explanation Jan. 1 Balance Inventory Date 31 31 Supplies 9 Notes Receivable Date Explanation Jan. 1 Balance Explanation Jan. 1 Balance 31 31 31 8 31 9 18 Explanation Date Explanation 31 Jan. 1 Balance Prepaid Insurance Date Explanation Jan. 1 Balance Ref. V CR1 CP1 Ref. V S1 G1 CR1 V Ref. P1 Ref. S1 F G1 F CR1 G1 F CP1 V CP1 V x Ref. P F x CP1 Ref. x x Debit x 1575000 Debit Debit Debit 100.0 Debit Debit x x P Tx X M x Credit Credit Credit Credit $0.0 Credit Credit x x X No. 101 Balance 1575000 No. 112 Balance No. 115 Balance No. 120 Balance No. 125 Balance No. 130 Balance Equipment Date Explanation Jan. 1 Balance Accumulated Depreciation Equipment Date Explanation Jan, 1 Balance Notes Payable Date Explanation Jan. 21 Accounts Payable Date Explanation Jan, 1 Balance 31 31 18 21 Owner's Capital Date Jan. 1 Balance Owner's Drawings Date Explanation Jan 15 Explanation Sales Revenue Date Explanation Jan. 31 31 Sales Returns and Allowances Date Explanation Jan. 9 Sales Discounts Date Explanation Jan. 31 Cost of Goods Sold Date Explanation Jan. 31 31 SESSTES 9 Ref. V Ref. v Ref. G1 Ref. V P1 CP1 G1 G1 V Ref. CP1 Ref. S1 Ref. CR1 G1 P Ref. Ref. S1 CR1 Ref. CR1 A G1 x x x P Debit Debit Debit Debit Debit Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit Credit Credit Credit Credit Credit x No. 157 Balance No. 158 Balance No. 200 Balance No. 201 Balance No. 301 Balance No. 306 Balance No, 401 Balance No. 412 Balance No. 414 Balance No. 505 Balance Salaries and Wages Expense Date Explanation Jan. 31 Rent Expense Date Explanation Jan. 12 R. Beltre Date Explanation Jan. 1 Balance 11 22 J. Revere Date Explanation Jan. 3 9 13 25 B. Santos Date Explanation Jan. 1 Balance 7 25 S. Mahey Date Explanation Jan. 1 Balance 7 11 21 B. Corpas Date Explanation Jan. 3 13 22 Ref. V 51 S1 Ref. S1 G1 Accounts Receivable Subsidiary Ledger CR1 S1 Ref. V CR1 S1 V Ref. CR1 S1 CR1 Ref. S1 CR1 F S1 P x Ref. P CP1 Ref. CP1 Debit Debit Debit Debit Debit Debit Debit E Credit Credit Credit Credit Credit Credit No. 627 Accounts Payable Subsidiary Ledger Balance No. 729 Balance Balance Balance Balance Credit 888 Balance Balance D. Posey Date Explanation Jan. 5 27 S. Meek Date Explanation Jan. 1 Balance 9 16 18 23 21 D. Saito Date Explanation Jan. 1 Balance 9 16 23 27 S. Gamel Date Explanation Jan. 5 R. Moses Date Explanation Ref. Jan. 1 Balance 16 Ref. 27 P1 P1 Ref. > CP1 P1 G1 CP1 V G1 Ref. > CP1 P1 CP1 P1 Ref. P1 P1 P1 Debit Debit Debit Debit Debit Credit Credit Credit Balance 1.00 000 Credit Balance Balance Balance Credit 88 Balance