Set up a general journal, a purchases journal, and a five-column cash payments journal

Set up three-column general ledger accounts, allowing four lines for each account, and record the beginning balances as of June 1, 200- bases on the information that follows

Account Name and Number Dr. Cr

Number

Cash 101 $5,500.00

Supplies 104 300.00

Equipment 110 2,500.00

Accounts Payable

(Control) 150 $3,000.00

Notes Payable (R. Arlen) 151 400.00

R. S. Tandy, Capital 200 2,650.00

R. S. Tandy, Drawing 201 1,300.00

Sales 205 6,750.00

Merchandise Purchases 210 3,200.00

Freight on Purchases 211 0

Discount on Purchases 212 0

(c) Set up a three-column accounts payable ledger accounts, allowing five lines for each account, as of June 1, 200- for the following creditors

200- Creditor Name and Page Designation Balance

R. Arlen A $ 200.00

M. Blume Co. B 1.300.00

T. Levine L 600.00

R. Negri N 900.00

Record the following transactions in the appropriate journal and post to the required ledger accounts. Set up additional ledger accounts as necessary

Summarize the special journals on June 30, and post the summary entries to the appropriate ledger accounts

Pencil-foot the ledger accounts and determine the balance for each general ledger and subsidiary ledger account.

Prepare a schedule of accounts payable dated June 30, 200-

Having verified that the schedule of accounts payable is in agreement with the balance with the accounts payable (control) account, prepare a trial balance dated June 30, 2000-

June 2 The proprietor, R. S. Tandy made an additional cash investment in the business amounting to $2500

June 3 Purchased merchandise from M. Blume Co. for $500 terms 2/10, n/30

June 5 Sent our check to R. Negri & Sons for $300 on account

June 7 Received a bill from the Fast Freight Co. for $25. This bill is for freight charges for the June 3 purchase and is to be paid on June 15 (Record in purchases journal)

June 8 Sent a check to R. Arlen in payment of note due today that included interest of $8

June 10 Purchased supplies from T. Levine for $260. Terms 1/10, n/30

June 12 Sent a check to M. Blume Co. in payment of its invoice dated June 3. (Refer to June 3 invoice)

June 15 Sent a a check to Fast Freight Co. for amount outstanding

June 16 The proprietor, R. S. Tandy, took supplies valued at $35 for personal use

June 18 Purchased equipment from R. Arlen for $480, terms n/30

June 20 Returned a defective piece of equipment to R. Arlen. The cost of the equipment returned was $180. Received a credit memo this day authorizing the return

June 22 Purchased merchandise from R. Negri & Sons for $530 paying cash

June 23 Purchased merchandise from M. Blume Co. for $800, terms 2/10, n/30

June 25. Sent a check to T. Levine in payment of the creditors invoice of March 10

June 30 Sent a check to M. Blume Co. in payment of the creditors invoice of March 23