On August 1, 2016, Stephanie Ram, a sole proprietor, started a new business, Ram Wholesale Company. The company sells refrigerators (merchandise) to various retail stores and uses the periodic inventory system. At the end of August, the company's Post-Closing Trial Balance showed the following accounts and balances: Ram Wholesale Company Post-Closing Trial Balance August 31, 2016 Account Titles Debit Credit Cash Accounts Receivable Merchandise Inventory, 9/30/15 Store Supplies Office Supplies Land Delivery Truck Accumulated Depreciation, Delivery Truck Accounts Payable $157,300 15,700 56,300 4,400 3,000 34,000 93,000 $750 20,700 2,200 58,000 282,050 $363,700 $363,700 Unearned Sales Revenue Notes Payable (Due 2040) Stephanie Ram, Capital Totals Subsidiary Ledgers balances during the month of August Customers with Outstanding Balances Customers with Outstanding Balances Customer Names Balances Dates 8/25 8/28 Jose Mendes Nicholas Jay Totals Credit Terms 3/20, N/60 2/15, N/45 $ 10,100 5,600 $15,700 Creditors with Outstanding Balances Dates 8/22 Creditors Names Lisa Supplies Company Farge Company Mason Retailers Credit Terms 1/10, N/60 2/15, N/45 1/20, N/60 8/24 8/26 Balances $7,800 9,000 3,900 $20,700 Totals During the month of September, the following transactions were completed by the business: Sept. 1 Stephanie Ram, the proprietor of the business, invested $87,900 cash and Office Supplies valued at $1,900 into the business. 2 Issued a check to establish a Petty Cash Fund for $5,000. 3 Paid a premium of $3,400 for a one-year insurance policy, effective September 1st Purchased 43 refrigerators on credit for $163,400 from Mason Retailers. The credit terms of the sale were 4/20, n/45, F.O.B. shipping point. 8 Issued a check for $2,010 for the delivery charges on the September 6th transaction. 9 The business returned two damaged refrigerators to Mason Retailers and received a credit of $8,200. 10 Sold several refrigerators to various customers with the credit terms 3/10, n/60 and bills were sent out as follows: 6 Jose Mendes $5,100 10 Sold several refrigerators to various customers with the credit terms 3/10, n/60 and bills were sent out as follows: Jose Mendes Amy Thomas Nicholas Jay $5,100 9,900 Dora Franklin 4,600 15,500 $35,100 Totals 12 Borrowed $62,300 from National Trust Bank by signing a Notes Payable. 13 Dora Franklin returned a defective refrigerator to the business and received a credit of $4,800. 14 Issued a check to pay the bi-weekly employee salaries, $15,400. 15 Purchased Store Supplies on credit, terms 2/10, n/30, as follows: $1,800 1,500 Wiley Retailers Lisa Supplies Company Farge Company Lincoln Wholesale Totals 1,100 2,200 $6,600 17 Purchased a Delivery Truck for $65,000 in cash. 20 Received payment (before any applicable discounts) from the following customers for the September 10th sale to be applied to their accounts as follows (Hint: You will need to calculate amount of net cash received from customers): Jose Mendes Amy Thomas $3,000 5,700 4,300 8.700 Nicholas Jay Dora Franklin Amy Thomas Nicholas Jay Dora Franklin 5,700 4,300 8,700 $21,700 Totals 21 22 Received cash of $24,500 in advance for 5 refrigerators to be delivered over the next few months. Made a partial payment for the Store Supplies purchased on September 15th to be applied to the below accounts (before any applicable discounts) as follows (Hint: You will need to calculate amount of the net cash payment): $1,500 3,000 Wiley Retailers Lisa Supplies Company Farge Company Lincoln Wholesale Totals 400 800 $5,700 23 Stephanie Ram withdrew $4,400 in cash for her personal use. 24 Sold several refrigerators and received $202,500 cash. 25 Made a partial payment to Mason Retailers of $89,000 to be applied as a reduction to the account balance (before any applicable discounts) for the September 6th transaction (Hint: You will need to calculate amount of the net cash payment). 26 Paid the monthly utility bills, $8,200. 27 Stephanie Ram purchased a Forklift for $32,100. 28 Issued a check to pay the bi-weekly employee salaries, $15,400. The Petty Cash Fund had a cash balance of $3,500 at the end of September with petty cash receipts/vouchers for postage, $360, and repair supplies, $900. A check was issued to replenish the fund. 30 Issued a check for the payment of September's rent, $13,000. 29 Post the Journal Entries to the General Ledger and Subsidiary Ledgers. Amounts to the Accounts Receivable and Accounts Payable should be posted as a total amount to the Accounts Receivable and Accounts Payable accounts in the General Ledger. (Post the General Journal entries in chronological order to the respective accounts in the Ledgers below. Calculate the running balances for each account after each posting. Do not use dollar signs ($) when entering amounts. Only recalculate the ending balances to Ledger accounts where amounts were posted. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) General Ledger Cash Date Debit Credit Balance 157,300 Aug. 31 Balance X Sept. 1 87900 245200 X X X Odd T colddddddd! Dodddiddodol Oldtiddddol Old CITDOTI Petty Cash Fund Date Debit Credit Balance Accounts Receivable Date Debit Credit Balance 15,700 Aug. 31 Balance 10 13 - 20 . x 30 Merchandise Inventory Date Debit Credit Balance 56,300 Aug. 31 Balance 30 + Store Supplies Store Supplies Date Debit Credit Balance Aug. 31 Balance 4,400 Office Supplies Date Debit Credit Balance Aug. 31 Balance 3,000 Sept. 1 DI Prepaid Insurance Date Debit Credit Balance X x Land Date Debit Credit Balance Aug. 31 Balance 34,000 Forklift Date Debit Credit Balance x X Delivery Truck Date Debit Credit Balance Aug. 31 Balance 93,000 X A 95 Accumulated Depreciation, Delivery Truck Date Debit Credit Balance Aug. 31 Balance 750 Accounts Payable Date Debit Credit Balance 20,700 X X COCOCIDO bbbb). llll!! Unearned Sales Revenue Date Balance 2,200 Notes Payable Date Debit Credit Balance Aug. 31 Balance 58,000 X Stephanie Ram, Capital Date Debit Credit Balance Aug. 31 Balance 282,050 Sept. 1 X 30 Stephanie Ram, Drawings Date Debit Credit Balance x 23 30 Sales Revenue Date Debit Credit Balance x X JI ES Sales Discounts Date Debit Credit Balance X X Sales Returns and Allowances Date Debit Credit Balance x Purchases Date Debit Credit Balance X Purchases Discounts Date Debit Credit Balance Purchases Returns and Allowances Date Debit Credit Balance . Freight-In Date Debit Credit Balance X Salaries Expense Date Debit Credit Balance x x . X x M Utilities Expense Date Debit Credit Balance X Repair Supplies Expense Date Debit Credit Balance X X Postage Expense Date Debit Credit Balance X Rent Expense Date Debit Credit Balance X Cash Short & Over Date Debit Credit Balance II Ol Accounts Receivable Subsidiary Ledger Jose Mendes Date Item Debit Credit Balance Aug. 25 Balance 3/20; N/60 10,100 3/10; N/60 X x X Amy Thomas OOO OOO Date Item Debit Credit Balance x 3/10; N/60 x Nicholas Jay Date Item Debit Credit Balance 3/20; N/45 5,600 X X 3/10; N/60 X Item Debit UGOO".00 OTED TO 000000 X 3/10; N/60 X Accounts Payable Subsidiary Ledger Wiley Retailers Date Item Debit Credit Balance X 2/10; N/30 Lisa Supplies Company Date Debit Credit Balance Aug. 22 Balance 1/10; N/60 7,800 X 2/10; N/30 X COD 55 Farge Company Date Item Debit Credit Balance Aug. 24 Balance 2/15; N/60 9,000 x 2/10; N/30 Item Debit por Don 1/20; N/45 3,900 X 4/20; N/45 x x Lincoln Wholesale Date Item Debit Credit Balance X! 2/10; N/30 CO! Prepare a Trial Balance using the account names and balances from the General Ledger. (Do not list those accounts that have zero ending balance. Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) Debit Credit . x X x x . x X X X X x X x X x x x | x | x X S] | |x| x : |x| : | E | T-A-le Using the information from the Accounts Receivable Subsidiary Ledger, prepare a Schedule of Accounts Receivable. (Do not use dollar signs ($) when entering amounts. To see comma- formatted numbers reflected in your final answers, you must enter your answers with commas.) X X X X Total Using the information from the Accounts Payable Subsidiary Ledger, prepare a Schedule of Accounts Payable. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.) X X x X X x Total