Record December Transactions in General Journal **Note: You will be keeping a subsidiary ledger for AP, AR, and Inventory. All transactions that debit or credit one of these accounts should have in brackets which subsidiary is used. 12/16/Y2 Paid A. Phillips (paid by check) [Hint: Salaries Payable] 12/18/Y2 Paid electric bill (paid by check) ** Show subsidiary like this: Accounts Payable [Electric Co-op] 12/18/Y2 Declared and paid Dividends of $2000. (paid by check) 12/19/Y2 Paid XYZ, Inc. (paid by check) ** 12/20/Y2 Purchased office supplies for $280 (paid by check) 12/22/Y2 Received phone bill for $225 from AT&T (didn't pay it) ** 12/24/Y2 Weekly cash sales: 1001 (18@$125), 1002 (11@$190), 1003 (3@$250), 1004 (4@$500) ** Sales tax of 9.125% is added to all sales. Cash deposited into checking account on the transaction date. Watson Sales uses a perpetual inventory system. It is okay to combine all sales into one entry. **Show subsidiary like this: Inventory [1001] 12/24/Y2 The following sale was made on account to A. McMullen: 1001 (2@$125), 1004 (3@$500) ** Sales tax of 9.125% is added to all sales. Shipping cost of $16 was paid by Watson's for this order but not charged to the customer. **Show subsidiary like this: Accounts Receivable [McMullen] 12/27/Y2 Paid $3000 for another 3 months of insurance (paid by check) 12/28/Y2 Received inventory item 1005 (30 units @ $250 plus shipping of $15) from MNO, Inc. on account. ** [Hint: Shipping is part of the cost of inventory] 12/29/Y2 Received $700 from C. McKnight; deposited. ** 12/30/Y2 Weekly Sales: 1001 (15@$125), 1002 (10@$190), 1003 (4@$250), 1004 (3@$500), 1005 (2@$620) ** Sales tax of 9.125% is added to all sales. Cash deposited into checking account on transaction date. 12/30/Y2 The following sales were made on account: ** To K. Oxner 1003 (4@$250) To Q. Wu 1004 (2@$500) Sales tax of 9.125% is added to all sales. Shipping cost of $37 was paid by Watson for these two orders but not charged to customers. 12/31/Y2 Paid all Sales tax due (paid by check) Cost: Item1001: 180@$50; Item1002: 200@$80; Item1003: 140@$95; Item1004: 52@$200 Post to the subsidiary ledger.