Continuing Problem This chapter will require you to record and post the sales and cash Comprehensive problem A month has elapsed since Precision Computer Centre's year-end. journaling and posting to the Tony Freedman will use four specialized journals for recording business general and www.diary ledgers transactions in the month of September-two In this chapter, and two in 090120 min Chapter 7. To assist you in recording the following transactions, the schedule of accounts receivable as of August 31 is shown below. An updated chart of accounts with the current balance listed for each account is provided on page 306. The partial September transactions are as follows: 2022 Sept. 3 Sold 5700 worth of merchandise to Taylor Golf on credit, sales Invoice No. 12680: terms are 2/10, 1/30. Cost of Inventory was $490. 9 Received from Taylor Golf balance owing as of August 31, 10 Sold $3,000 worth of merchandise on account to Anthony Pitale, sales invoice No. 12681; terms are 2/10, 1/30. Cost of Inventory was $2,100. 10 Collected $12,000 for cash sales for the week of September 10 Cost of inventory was $8,400 17 Collected balance in full from invoice No. 12681. Anthony Pitale. 23 Sold $4,000 worth of merchandise on account to Vita Needle. sales invoice No. 12682: terms are 4/10, 1/30. Cost of inventory was $2,800. 27 Issued credit memorandum to Taylor Golf for $400 worth of defective merchandise, invoice No. 12680. The inventory was not returned. Cost of inventory was $280. 30 Sold $1,600 worth of merchandise to Anthony Pitale, invoice No. 12683; terms 2/10,n/30. Cost of inventory was $1,120. 30 Collected full payment from Vita Needle, invoice No. 12682. Schedule of Accounts Receivable Precision Computer Centre August 31, 2022 Taylor Golf $2.500.00 Carson Engineering 6,240,00 Total Amount Due $8,740.00 Assignment: (Excel templates for this Continuing Problem are available in Mylab Accounting.) 1. Journalize the transactions in the appropriate journals (cash receipts, sales, or general journal). 2. Record in the accounts receivable subsidiary ledger and post to the general ledger as appropriate. A partial general ledger is included in the Excel templates 3. Prepare a schedule of accounts receivable, as of September 30, 2022 SPECIAL JOURNALS AND SUSSDIARY LEDGERS COMPUTER CHART OF ACCOUNTS AND CURRENT BALANCES AS OF 831/2022 Debit Balance Credit Balance Account # Account Name 1 1 9500 874000 45000 15 10000 380000 9900 05000 2000 104100 181018 740600 201500 28 149 82 1000 Cash 1020 Accounts Receivable 1025 Prepaid Rent 1030 Supplies 1040 Merchandise Inventory 1080 Computer Shop Equipment 1081 Accumulated Depreciation, Computer Shop Equipment 1090 Office Equipment 1091 Accumulated Depreciation, Office Equipment 2000 Accounts Payable 2030 Other Amounts Payable 3000 T. Freedman, Capital 3010 T. Freedman, Withdrawals 3020 Income Summary 4000 Service Revenue 4010 Sales 4020 Sales Returns and Allowances 4030 Sales Discounts 5000 Cost of Goods Sold 5010 Advertising Expense 5020 Rent Expense 5030 Utilities Expense 5040 Phone Expense 5050 Supplies Expense 5060 Insurance Expense 5070 Postage Expense 5080 Depreciation Expense, Computer Shop Equipment 5090 Depreciation Expense, Office Equipment 5100 Miscellaneous Expense 5110 Wages Expense 5120 Payroll Benefits Expense Interest Expense 5140 Bad Debt Expense 48000 40000 9 500 14600 2500 10 0 0 50/2000 000 5130 3862600 38 52600 Totals Sales Journal Cash Receipts Journal Gen. Journal Ledger Ledger (2) Ledger (3) Name: Section: Date: SALES JOURNAL Date Invoice No. PAGE 1 Cost of Goods Sold Dr. Inventory Cr. Post Ref. Customer's Name Accounts Receivable Dr. Sales Cr. + Sales Journal Cash Receipts Journal Gen. Journal Ledger Ledger (2) Ledger (3) Name: Section: Date: CASH RECEIPTS JOURNAL PAGE 2 Date: Cash Dr. Accounts Receivable Cr. Sales Cr. Sales Discounts Dr. Cost of Goods Sold Dr. Inventory Cr. Description of Receipt Post Ref. Sundry Account Cr. Sales Journal Cash Receipts Journal Gen. Journal Ledger Ledger (2) Ledger (3) Name: Section: Date: GENERAL JOURNAL PAGE 1 Date Account Titles and Description Post Ref. Dr. Cr. Sales Journal Cash Receipts Journal Gen. Journal Ledger Ledger (2) Ledger (3) Name: Section: Date: ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER NAME: ADDRESS: Date 2021 Explanation Post Ref Debit Credit Dr. Balance NAME: ADDRESS: Date 2021 Explanation Post Ref Debit Credit Dr. Balance NAME: ADDRESS: Date 2021 Post Explanation Debit Credit Dr. Balance Ref NAME: ADDRESS: Date 2021 Explanation Post Ref Debit Credit Dr. Balance Sales Journal Cash Receipts Journal Gen. Journal Ledger Ledger (2) Ledger (3) Name: Section: Date: ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER NAME: ADDRESS: Date 2021 Explanation Post Ret Debit Credit Dr. Balance NAME: ADDRESS: Date 2021 Explanation Post Ref Debit Credit Dr. Balance NAME: ADDRESS: Date 2021 Post Explanation Debit Credit Dr. Balance Rot NAME: ADDRESS: Date 2021 Explanation Post Ref Debit Credit Dr. Balance Sales Journal Cash Receipts Journal Gen. Journal Ledger Ledger (2) Ledger (3) Name: Section: Date: GENERAL LEDGER CASH Date 2021 Explanation Post Ref. Debit Credit Dr/Cr Balance Date 2021 ACCOUNTS RECEIVABLE Post Explanation Ref. Debit Credit Dr/Cr Balance Date 2021 INVENTORY Post Explanation Ref. Debit Credit DriCr Balance Balance Date 2021 SNEAKER RACK EQUIPMENT Post Explanation Ref. Debit Credit Credit Drir Balance Date 2021 MARK PEAKER, CAPITAL Post Explanation Ref. Debit Credit Drir Balance Sales Journal Cash Receipts Journal Gen. Journal Ledger Ledger (2) Ledger (3) Name: Section: Date: GENERAL LEDGER SALES Date 2021 Explanation Post Ref Debit Credit Dr/Cr Balance Date 2021 SALES DISCOUNTS Post Explanation Ref Debit Credit Dr/Cr Balance Date SALES RETURNS AND ALLOWANCES Post Explanation Ref Debit 2021 Credit Dr Cr Balance Date COST OF GOODS SOLD Post Explanation Ref Debit Credit Dr/Cr 2021 Balance SCHEDULE OF ACCOUNTS RECEIVABLE