Problem AII$-3$B Speclal Journals, subledgers$-$perpetual LO$3$

Duncan Industries completed these transactions during July $2023.$ The terms of all credit sales are $\backslash (2/10,$ n $/30\backslash ).$

July $1$ Purchased merchandise on credit from Beech Company, invoice dated June $30,$ terms $\backslash (2/10,\backslash$mathrm$\{$n$\}/30,\backslash$$ $14,500\backslash ).$

$3$ Issued cheque $\backslash$#$300$ to The Weekly Journal for advertising expense, $\backslash (\backslash$$ $1,075\backslash ).$

$5$ Sold merchandise on credit to Karen Harden, invoice $\backslash$#$918,\backslash$$$35,000.$ Cost, $\backslash$$$19,250.$

$6$ Sold merchandise on credit to Paul Kane, invoice $\backslash$#$919,\backslash$$$16,000.$ Cost, $\backslash (\backslash$$ $8,800\backslash ).$

$7$ Purchased store supplies on credit from Blackwater Inc., $\backslash$$$2,300.$ Invoice dated July $7,$ terms n$/10$ EOM.

$8$ Received a $\backslash (\backslash$$ $300\backslash )$ credit memo from Blackwater Inc. for store supplies received on July $7$ and returned for credit.

$9$ Purchased store equipment on credit from Poppe's Supply, invoice dated July $8,$ terms n$/10$ EOM, $\backslash$$$72,500.$

$10$ Issued cheque $\backslash$#$301$ to Beech Company in payment of its June $30$ invoice.

$13$ Sold merchandise on credit to Kelly Grody, invoice $\backslash$#$920,\backslash$$$17,200.$ Cost, $\backslash$$$9,460.$

$14$ Sold merchandise on credit to Karen Harden, invoice $\backslash$#$921,\backslash$$$8,200.$ Cost, $\backslash$$$4,500.$

$15$ Received payment from Karen Harden for the July $5$ sale.

$15$ Issued cheque $\backslash$#$302,$ payable to Payroll, in payment of the sales salaries for the first half of the month, $\backslash (\backslash$$ $60,400\backslash ).($For simplicity, we assume one cheque.$)$

$15$ Cash sales for the first half of the month were $\backslash (\backslash$$ $242,740\backslash ).$ Cost, $\backslash (\backslash$$ $133,500\backslash ).$

Cash sales are usually recorded daily from the cash register readings. However, they are recorded only once in this problem to reduce the repetitive transactions.

Required

$1.$ Set up accounts receivable subledger accounts for Kelly Grody, Karen Harden, and Paul Kane.

$2.$ Set up accounts payable subledger accounts for Beech Company, Blackwater Inc., Poppe's Supply, and Sprague Company.

$3.$ Journalize the transactions of Duncan Industries into the appropriate special journal, posting to the subledgers where required. Use page $3$ for all journals.