It is October $16,2023,$ and you have just taken over the accounting work of Saskan Enterprises, whose annual accounting period ends each October $31.$ The company$$s previous accountant journalized its transactions through October $15$ and posted all items that required posting as individual amounts, as an examination of the journals and ledgers in the Working Papers will show.

The company completed these transactions beginning on October $16,2023$:

$$

Oct.$16$Sold merchandise on credit to Vickie Foresman, invoice #$916,$ $$7,500.$ Cost, $$3,750.$ Terms of all credit sales are $2/10,$ n$/30.17$Received a $$1,090$ credit memo from Shore Company for merchandise received on October $15$ and returned for credit.$17$Purchased office supplies on credit from Brown Supply Company, $$580.$ Invoice dated October $16,$ terms n$/10$ EOM.$18$Received a $$40$ credit memo from Brown Supply Company for office supplies received on October $17$ and returned for credit.$20$Issued a credit memo to Amy Ihrig for defective merchandise sold on October $15$ and returned for credit, $$500.$ The returned merchandise was scrapped.$21$Purchased store equipment on credit from Brown Supply Company, invoice dated October $21,$ terms n$/10$ EOM, $$7,200.22$Received payment from Vickie Foresman for the October $12$ sale.$23$Issued cheque #$623$ to Sunshine Company in payment of its October $15$ invoice.$24$Sold merchandise on credit to Bill Grigsby, invoice #$917,$ $$1,400.$ Cost, $$750.24$Issued cheque #$624$ to Shore Company in payment of its October $15$ invoice.$25$Received payment from Amy Ihrig for the October $15$ sale.$26$Received merchandise and an invoice dated October $25,$ terms $2/10,$ n$/60,$ from Sunshine Company, $$7,900.29$Sold a neighbouring merchant five boxes of file folders $($office supplies$)$ for cash at cost$,$ $$50.30$Ken Shaw, the owner of Saskan Enterprises, used cheque #$625$ to withdraw $$2,500$ cash from the business for personal use.$31$Issued cheque #$626$ to Jamie Green, the company$$s only sales employee, in payment of her salary for the last half of October, $$2,200.31$Issued cheque #$627$ to Countywide Electric Company in payment of the October electric bill, $$680.31$Cash sales for the last half of the month were $$31,000.$ Cost, $$15,500.$ Cash sales are usually recorded daily but are recorded only twice in this problem to reduce the repetitive transactions.