LO 1, 2, 3 CLGL Problem Set A PROBLEM 10-1A The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in Cengage Now. Hammond Auto Supply does not track cash sales by customer. Jan. 2 2 4 4 4 6 7 7 7 Issued Ck. No. 6981 to JSS Management Company for monthly rent, $775. J. Hammond, the owner, invested an additional $3,500 in the business. Bought merchandise on account from Valencia and Company, invoice no. A691, $2,930; terms 2/10, n/30; dated January 2. Received check from Vega Appliance for $980 in payment of $1,000 invoice less discount. Sold merchandise on account to L. Paul, invoice no. 6483, $850. Received check from Petty, Inc., $637, in payment of $650 invoice less discount. Issued Ck. No. 6982, $588, to Fischer and Son, in payment of invoice no. C1272 for $600 less discount. Bought supplies on account from Doyle Office Supply, invoice no. 1906B, $108; terms net 30 days. 9 Sold merchandise on account to Ellison and Clay, invoice no. 6484, $787. Issued credit memo no. 43 to L. Paul, $54, for merchandise returned. Cash sales for January 1 through January 10, $4,863.20. 11 11 Issued Ck. No. 6983, $2,871.40, to Valencia and Company, in payment of $2,930 invoice less discount. 14 Sold merchandise on account to Vega Appliance, invoice no. 6485, $2,050. (Continued) TH

PROBLEM 10-1A The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2 Issued Ck. No. 6981 to JSS Management Company for monthly rent, \$775, 2 J. Hammond, the owner, invested an additional $3,500 in the business. 4 Bought merchandise on account from Valencia and Company, invoice no, A691, $2,930; terms 2/10,n/30; dated January 2. 4 Received check from Vega Appliance for $980 in payment of $1,000 invoice less discount. 4 Sold merchandise on account to L. Paul, invoice no, 6483,$850. 6 Received check from Petty, Inc., $637, in payment of $650 invoice less discount. 7 Issued CK. No, 6982,$588, to Fischer and Son, In payment of invoice no. C1272 for 5600 less discount. 7 Bought supplies on account from Doyle Office Supply, invoice no. 1906B, $108; terms net 30 days. 7 Sold merchandise on account to Ellison and Clay, invoice no, 6484, 5787 . 9 Issued credit memo no, 43 to L. Paul, \$54, for merchandise returned. 11 Cash sales for January 1 through January 10, \$4,863.20. 11 Issued Ck. No. 6983,$2,871.40, to Valencia and Company, in payment of $2,930 invoice less discount. 14 Sold merchandise on account to Vega Appliance, invoice no, 6485,$2,050. (Continued) 18 Bought merchandise on account from Costa Products, imvoice ba 7asp. \$4,854; terms 2/10,n/60; dated January 16 : FOB shipping point, frelight prepaid and added to the invoice, 5147 (total 55.001 ). 21 Issued CK. No. 6984, \$194, to M, Maller for miscellaneous copenices not. recorded previously. 21 Cash sales for lanuary 11 through lanuary 20,54,591. 23 Issued Ck. No, 6985 to Forbes Freight, $96, for freight charges on merchandise purchased on Jantarty 4. 23 Received credit memo no. 163, $376, from Costa Products for merchund returned. 29 Sold merchandise on account to Bruce Supply, invoice no, 6146,51,835. 31 Cash sales for January 21 through Jamuary 31,54,428. 31 Issued Ck. No, 6986, \$53, to M. Miller for miscellaneous expenies not recorded previously. 31 Recorded payroll entry from the payroll registet total sabries, 56,200 . employees' federal income tax withheld, 5872; FICA Social Security tax withheld, $384.40. FICA Medicare tax withheld, 589.99. 31 Recorded the payroll taxes: Social Security tax, 5344.40, FICA Mediare tax. $89.90; state unemployment tax,$334.80; federal unemployment tax, 537.20 . 31 Issued CK. No. 6987,54,853,70, for salaries for the month. 31 J. Hammond, the owner, withdrew 51,000 for personal use, Ck Na 6988. 1. Record the transactions in the general journal for lanuary, If you are using Working Papers, start with page I in the journal. Assume the periodic inventory method is used. - chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivabe ieager. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owner's name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts