Following are the merchandising transactions of Dollar Store. Nov. 1 Dollar Store purchases merchandise for $1,900 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and returns $250 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. 10 Dollar Store pays $95 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $2,052 with terms n/30. The cost of the merchandise is $1,026. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $230 and cost $115; the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method,
Q: Refer to the following merchandising transactions for Scout Systems. Nov. 1 Scout Systems purchases…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: 2. Maeve's Store had the following transactions during December, the last month of the accounting…
A: The journal book keeps the record of business transactions on regular basis.
Q: On September 1, Jerry’s Lighting purchased merchandise with a list price of $6,700 with credit terms…
A: Lets understand the basics. For attracting early cash receipt, seller generally offer discount term…
Q: Following are the merchandising transactions of Dollar Store. November 1 Dolar Store purchases…
A: Journal entries are used to keep records of financial transactions. To generate a journal entry, you…
Q: The following were selected from among the transactions completed by Harrison Company during…
A: Journal is a book of accounts in which monetary events are recorded. Monetary events which are…
Q: Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments…
A: Purchase Journal A customized journal used by businesses to track all credit purchases is called a…
Q: Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and…
A: Special Journal: Special journals are used to record similar kind of transactions to expedite…
Q: On November 1, Al Ain Systems purchases merchandise for $1,500 on credit with terms of 2/5, n/30,…
A:
Q: On March 15, Monroe Sales sells $9,525 on account to Garrison Brewer with terms of 2/10, n/30. The…
A: Journal: Recording of business transactions in a chronological order.
Q: Customer refunds, allowances, and re On February 18, Silverman Enterprises sold $24,000 of…
A: Accounts receivables: Accounts receivables are considered as current asset of the company that…
Q: The following were selected from among the transactions completed by Babcock Company during November…
A: Nov 3 purchase=$85,000×100-25%×100-2%=$62,475
Q: plo owns a varlety store called stars Forever. The following are purchases of Inventory, returns,…
A: Part (i) Purchase Journal Date Invoice No. Purchased Accounts Payable Credit Mar-02 2177…
Q: h from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. July 10: Furniture…
A: Date Particulars Debit Amount Credit Amount Jul-05 Supplies (150 x 30) $4,500 To…
Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11…
A: The question is based on the concept of Journal entries
Q: May 4, Bargain Wholesalers sells inventory to Pet World Supplies for $8,250.00 with terms 1/10,…
A: Cash to be received = Final amount due - Discount amount Cash to be received = (8,250 + 10,985) -…
Q: The following are credit purchase transactions of Geuel Enterprises for the month of July: Geuel…
A: In the context of the given question, we are required to prepare the journal entries. Journal…
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $56,900, terms…
A: Req-a Transaction General Journal Debit Credit (1) Accounts Receivable $56,900…
Q: On February 3, Smart Company sold merchandise in the amount of $5,800 to Kennedy Company, with…
A: Amount received = Invoice amount - Discount amount where, Discount amount = Invoice amount x…
Q: Presented below are selected transactions of Swifty Company. Swifty sells in large quantities to…
A: A journal entry is used to record the day-to-day transactions of an organization by debiting and…
Q: Littleton Books has the following transactions during May.May 2 Purchases books on account from…
A: Given transactions are: May 2 Purchases books on account from Readers Wholesale for $3,300, terms…
Q: Refer to the following merchandising transactions for Scout Systems. Nov. 1 Scout Systems purchases…
A: Journal entry is the first recording of any transaction in the books of accounts based on a…
Q: Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments…
A: Purchase Journal - Purchase Journal is a form of table used to record all the purchases made on…
Q: Following are the merchandising transactions of Dollar Store. Nov. 1 Dollar Store purchases…
A: The journal entries are prepared to record day to day transactions of the business. Under perpetual…
Q: The following transactions were selected from among those completed by Bennett Retailers in November…
A: In the above table, the net sales for the month of november and december has been calculated by…
Q: On March 15, Monroe Sales sells $9,525.00 on account to Garrison Brewer with terms of 2/10, n/30.…
A: Journal Entry: Journal is the primary record of any transaction which is entered in financial…
Q: Refer to the following merchandising transactions for Scout Systems. Nov. 1 Scout Systems purchases…
A:
Q: Following are the merchandising transactions of Dollar Store. Nov. 1 Dollar Store purchases…
A: A journal entry is used to record the business monetary transactions in the books of accounting. It…
Q: Blossom Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30…
A: Inventory: It refers to the items held by an organization which were in various forms like raw…
Q: Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: The cost of all merchandise sold was 60% of the sales price. During January, Ayoade completed the…
A: Sales Journal: The Sales Journal is a journal used to record all the credit sales by the company.…
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: The following were selected from among the transactions completed by Babcock Company during November…
A: Journal entry: A journal entry is a systematic record of the economic transaction of a company.
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms…
A: Pass a journal entry to record sale of inventory on account.
Q: Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card…
A: To Complete the given table following formulas are used:Net sales - Cost of Goods Sold = Gross…
Q: On March 12, Fret Company sold merchandise in the amount of $7,800 to Babson Company, with credit…
A: As per net method of accounting, it assumes that customer will pay within discount period hence it…
Q: On September 12, Ryan Company sold merchandise in the amount of $8,000 to Johnson Company, with…
A: Ryan company is using net method of accounting. The entry at the time of receipt of payment will be:…
Q: purchases were completed during March March 2- Bought merchandising from Levi Company with a list…
A: Journal: It is the primary book of accounts where all the business transactions are recorded at…
Q: Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Petra Co. returned defective goods costing $25,000 to Irbid Company on April 19, for credit. The…
A:
Q: Nov. 1 Dollar Store purchases merchandise for $1,300 on terms of 2/5, n/30, FOB shipping point,…
A: Discount on November 1 Purchase = 1,300 x 2%…
Q: Customer return and refund On December 28, 20Y3, Silverman Enterprises sold $18,500 of merchandise…
A: Journal entry: A journal entry is the act of keeping records of the business's day-to-day…
Q: On June 21, Marble Company purchased goods from Steel Company for $30,000, terms 2/10, n/30. The…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: The following were selected from among the transactions completed by Babcock Company during November…
A: The journal entries are prepared to record daily transactions of the business.
Q: Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9…
A: Journal: Recording of a business transactions in a chronological order.
Q: XYZ Company was established in Decemberof the current year. Its sales of merchandise on account,…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Stellar Stores purchases $8,500 of merchandise for resale from Blossom Wholesalers, terms 2/10,…
A: Journal Entries - Journal Entries are the form of recording transactions. Every transaction is…
Q: Dana Co. purchased S2,600 of merchandise from Mona Co. on April 10 with terms 2/10, n/30. On April…
A: Purchase of merchandise inventory will be debited to inventory account and any decrease in inventory…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each. B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition at the original cost. C. May 20: Customer found 2 defective hammers but kept the merchandise for an allowance of $200. D. May 22: Customer paid their account in full with cash.Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
- The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this year. Terms of sale are 2/10, n/30. The company is located in Los Angeles, California. June 1Sold merchandise on account to Hendrix Office Store, invoice no. 1001, 451.20. The cost of the merchandise was 397.06. 3Bought merchandise on account from Krueger, Inc., invoice no. 845A, 485.15; terms 1/10, n/30; dated June 1; FOB San Diego, freight prepaid and added to the invoice, 15 (total 500.15). 10Sold merchandise on account to Ballard Stores, invoice no. 1002, 2,483.65. The cost of the merchandise was 2,235.29. 13Bought merchandise on account from Kennedy, Inc., invoice no. 4833, 2,450.13; terms 2/10, n/30; dated June 11; FOB San Francisco, freight prepaid and added to the invoice, 123 (total 2,573.13). 18Sold merchandise on account to Lawson Office Store, invoice no. 1003, 754.99. The cost of the merchandise was 671.94. 20Issued credit memo no. 33 to Lawson Office Store for merchandise returned, 103.25. The cost of the merchandise was 91.89. 25Bought merchandise on account from Villarreal, Inc., invoice no. 4R32, 1,552.30; terms net 30; dated June 18; FOB Santa Rosa, freight prepaid and added to the invoice, 84 (total 1,636.30). 30Received credit memo no. 44 for merchandise returned to Villarreal, Inc., for 224.50. Required Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 25 and 26.Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.The following transactions relate to Khan, Inc., a sporting goods wholesaler, during November of this year. Terms of sale are 2/10, n/30. The company is located in Denver, Colorado. Nov. 3Sold merchandise on account to Spence Tennis Shop, invoice no. 5420, 2,482.51. The cost of the merchandise was 1,961.18. 5Issued credit memo no. 38 to Spence Tennis Shop for merchandise returned, 287.45. The cost of the merchandise was 227.09. 7Bought merchandise on account from Maldonado Manufacturing, Inc., invoice no. 1548, 3,854.16; terms n/45; dated November 4; FOB Memphis, freight prepaid and added to the invoice, 135 (total 3,989.16). 9Bought merchandise on account from Lozano, Inc., invoice no. 8755, 426.65; terms 1/15, n/30; dated November 5; FOB New York City, freight prepaid and added to the invoice, 67 (total 493.65). 12Received credit memo no. 542 to Lozano, Inc., for merchandise returned, 102.20. 17Sold merchandise on account to Jacks Golfing Shop, invoice no. 5421, 486.35. The cost of the merchandise was 432.85. 23Sold merchandise on account to Yates Sporting Goods, invoice no. 5422, 2,465.99. The cost of the merchandise was 1,972.79. 28Bought merchandise on account from Fields, Inc., invoice no. 4599, 441.29; terms 2/10, n/30; dated November 25; FOB Austin, freight prepaid and added to the invoice, 102 (total 543.29). Required Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 84 and 85.
- The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.West Bicycle Shop uses a three-column purchases journal. The company is located in Topeka, Kansas. In addition to a general ledger, the company also uses an accounts payable ledger. Transactions for January related to the purchase of merchandise are as follows: Jan. 4 Bought fifty 10-speed bicycles from Nielsen Company, 4,775, invoice no. 26145, dated January 3; terms net 60 days; FOB Topeka. 7 Bought tires from Barton Tire Company, 792, invoice no. 9763, dated January 5; terms 2/10, n/30; FOB Topeka. 8 Bought bicycle lights and reflectors from Gross Products Company, 384, invoice no. 17317, dated January 6; terms net 30 days; FOB Topeka. 11 Bought hand brakes from Bray, Inc., 470, invoice no. 291GE, dated January 9; terms 1/10, n/30; FOB Kansas City, freight prepaid and added to the invoice, 36 (total 506). 19 Bought handle grips from Gross Products Company, 96.50, invoice no. 17520, dated January 17; terms net 30 days; FOB Topeka. 24 Bought thirty 5-speed bicycles from Nielsen Company, 1,487, invoice no. 26942, dated January 23; terms net 60 days; FOB Topeka. 29 Bought knapsacks from Davila Manufacturing Company, 304.80, invoice no. 762AC, dated January 26; terms 2/10, n/30; FOB Topeka. 31 Bought locks from Lamb Safety Net, 415.47, invoice no. 27712, dated January 26; terms 2/10, n/30; FOB Dodge City, freight prepaid and added to the invoice, 22 (total 437.47). Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the January 1 balances, if any, as given: Barton Tire Company, 156; Bray, Inc.; Davila Manufacturing Company, 82.88; Gross Products Company; Lamb Safety Net, 184.20; Nielsen Company. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 2. If using Working Papers, record the balance of 423.08 in the Accounts Payable 212 controlling account as of January 1. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 3. Record the transactions in the purchases journal. If using Working Papers, begin on page 81. 4. Post to the accounts payable ledger daily. Skip this step if using CLGL. 5. Post to the general ledger at the end of the month. Skip this step if using CLGL. 6. Prepare a schedule of accounts payable, and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.Mays Beauty Store records sales and purchase transactions in the general journal. In addition to a general ledger, Mays Beauty Store also uses an accounts receivable ledger and an accounts payable ledger. Transactions for January related to the sales and purchase of merchandise are as follows: Jan. 2Bought nine Matte Nail Color Kits from Mejia, Inc., 450, invoice no. 4521, dated January 1; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 87.50 (total 537.50). 5Bought 30 Perfume Cocktail Rings from Braun, Inc., 1,200, invoice no. 37A, dated January 3; terms 2/10, n/30; FOB destination. 8Sold two Matte Nail Color Kits on account to J. Herbert, sales slip no. 113, 110, plus sales tax of 8.80, total 118.80. 11Received credit memo no. 455 from Braun, Inc., for merchandise returned, 315.25. 18Bought 15 Eye Palettes from Vargas, Inc., 660, invoice no. 910, dated January 14; terms net 30; FOB destination. 23Sold four Eye Palettes on account to T. Cantrell, sales slip no. 114, 200, plus sales tax of 16, total 216. 26Issued credit memo no. 12 to T. Cantrell for merchandise returned, 50 plus 4 sales tax, total 54. Required 1. If using Working Papers, open the following accounts in the accounts receivable ledger and record the balances as of January 1: T. Cantrell, 86.99; J. Hebert, 63.47. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using Working Papers, open the following accounts in the accounts payable ledger and record the balances as of January 1: Braun, Inc., 513.20; Mejia, Inc., 113.40; Vargas, Inc., 67.15. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. If using Working Papers, record the January 1 balances in the general ledger as given: Accounts Receivable 113 controlling account, 150.46; Accounts Payable 212 controlling account, 693.75; Sales Tax Payable 214, 237.89. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 4. Record the transactions in the general journal. If using Working Papers, begin on page 17. 5. Post the entries to the general ledger and accounts receivable ledger or accounts payable ledger as appropriate. 6. Prepare a schedule of accounts receivable. 7. Prepare a schedule of accounts payable. 8. Compare the totals of the schedules with the balances of the controlling accounts.
- Record journal entries for the following transactions of Mason Suppliers. A. Sep. 8: Purchased 50 deluxe hammers at a cost of $95 each from a manufacturer. Credit terms are 5/20, n/60, invoice date September 8. B. Sep. 12: Mason Suppliers returned 8 hammers for a full refund. C. Sep. 16: Mason Suppliers found 4 defective hammers, but kept the merchandise for an allowance of $250. D. Sep. 28: Mason Suppliers paid their account in full with cash.Lowerys Pet Depot records purchase transactions in the general journal. The company is located in Cleveland, Ohio. In addition to a general ledger, Lowerys Pet Depot also uses an accounts payable ledger. Transactions for October related to the purchase of merchandise are as follows: Oct. 3Bought 12 Automatic Fish Feeders from Barrera Company, 959.88, invoice no. 5493, dated October 2; terms net 30 days; FOB shipping point, freight prepaid and added to the invoice, 79.45 (total 1,039.33). 4Bought two 18 x 18 Terrarium Stands from Hickman Company, 259.98, invoice no. 2JYX, dated October 2; terms 2/10, n/30; FOB destination. 7Bought four Chinchilla Bath Houses from Baldwin, Inc., 67.96, invoice no. 4183, dated October 6; terms 1/10, n/30; FOB destination. 10Received credit memo no. 123 from Baldwin, Inc., for merchandise returned, 13.94. Oct. 14Bought 20 Zoo Slider Hoods from Douglas, Inc., 2,599.80, invoice no. X431, dated October 12; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 140.50 (total 2,740.30). 15Bought four Hanging Bird Baths from Krause, Inc., 71.96, invoice no. A499, dated October 11; terms net 60 days; FOB destination. 24Bought eight Automatic Cat Litter Boxes from Villa Manufacturing, 2,399.92, invoice no. 4429, dated October 21; terms net 30 days; FOB destination. 27Received credit memo no. 452 from Villa Manufacturing for merchandise returned, 346.78. Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the October 1 balances, if any, as given: Baldwin, Inc., 46.57; Barrera Company, 743.15; Douglas, Inc., 615.20; Hickman Company; Krause, Inc., 23.45; Villa Manufacturing, 725.64. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using Working Papers, record the October 1 balances in the general ledger as given: Accounts Payable 212 controlling account, 2,154.01; Purchases 511, 2,485.12; Purchases Returns and Allowances 512, 287.52; Freight In 514, 48.57. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. Record the transactions in the general journal. If using Working Papers, begin on page 95. 4. Post to the general ledger and the accounts payable ledger. 5. Prepare a schedule of accounts payable, and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.Patterson Appliance uses a three-column purchases journal. The company is located in Fresno, California. In addition to a general ledger, Patterson Appliance also uses an accounts payable ledger. Transactions for January related to the purchase of merchandise are as follows: Jan. 2 Bought eighty 12-inch, 3-speed Brighton Oscillating Fans from Snyder and Jordan, 1,890, invoice no. 268J, dated January 2; terms net 60 days; FOB Fresno. 4 Bought ten 35-pint-capacity Crystal Humidifiers from Simpson Company, 2,300, invoice no. 39426, dated January 2; terms 2/10, n/30; FOB Durango, freight prepaid and added to the invoice, 90 (total 2,390). 7 Bought ten 16-inch Axel Window Fans from Tran, Inc., 360, invoice no. 452AD, dated January 6; terms 1/10, n/30; FOB Fresno. 10 Bought twenty-four 4-blade Tiempo Ceiling Fans, Model 2760, from Ukele Company, 3,550, invoice no. D7742, dated January 7; terms 2/10, n/30; FOB Sacramento, freight prepaid and added to the invoice, 84 (total 3,634). 14 Bought four Charger Electric Hedge Trimmers from Fernandez Products Company, 186, invoice no. 2542, dated January 13; terms net 30 days; FOB Fresno. 22 Bought 40 Lindon Electric Bug Killers from Snyder and Jordan, 2,265, invoice no. 392J, dated January 22; terms net 60 days; FOB Fresno. 28 Bought ten Charger Electric Blowers from Fernandez Products Company, 830, invoice no. 2691, dated January 27; terms net 30 days; FOB Fresno. 30 Bought ten Kole Powered Attic Ventilators from Porter Company, 446, invoice no. 664CC, dated January 27; terms 2/10, n/30; FOB Seattle, freight prepaid and added to the invoice, 48 (total 494). Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the January 1 balances, if any, as given: Fernandez Products Company; Porter Company, 163.17; Simpson Company, 167.19; Snyder and Jordan; Tran, Inc., 228.70; Ukele Company. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 2. If using Working Papers, record the balance of 559.06 in the Accounts Payable 212 controlling account as of January 1. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 3. Record the transactions in the purchases journal. If using Working Papers, begin on page 81. 4. Post to the accounts payable ledger daily. Skip this step if using CLGL. 5. Post to the general ledger at the end of the month. Skip this step if using CLGL. 6. Prepare a schedule of accounts payable and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.