Suarez, Incorporated, $$2,400$

Suarez, Incorporated

DATE TRANSACTIONS

January $8,20$X$1$ Received payment of $$2,352$ on account from Bailey Company in payment of Invoice $1885,$ dated December $30,20$X$0,$

less cash discount of $$48.$

January $10,20$X$1$ Sold merchandise for $$1,200$ on account to Bailey Company, Invoice $1920,$ terms $\frac{2}{10},\frac{n}{30}.$

January $15,20$X$1$ Issued Credit Memorandum $320$ to Bailey Company for damaged merchandise totaling $$200$ that was returned; the goods

were purchased on Invoice $1920,$ dated January $10.$

January $19,201$ Received payment from Bailey Company for Invoice $1920$ of January $10,$ less the return of January $15$ and less the

cash discount.

January $30,201$ Sold merchandise for $$2,600$ to Bailey Company, Invoice $1950$ ; terms $2/10,$ n$/30.$

GENERAL LEDGER ACCOUNTS$-$SUAREZ, INCORPORATED

$111$ Accounts Receivable, $$2,400$ Debit

ACCOUNTS RECEIVABLE LEDGER ACCOUNT$-$SUAREZ, INCORPORATED

Bailey Company, $$2,400$

Required:

$1$a$.$ Journalize the transactions above in a general journal for Bailey Company.

$1$b$.$ Journalize the transactions above in a general journal for Suarez, Incorporated

Post the transactions to the appropriate accounts in the general ledger and the accounts payable subsidiary ledger for Bailey

Company.

Post the transactions to the appropriate accounts in the general ledger and the accounts receivable subsidiary ledger for Suarez,

Incorporated