The financial statements of the Tigger Manufacturing Company reports net sales of S560,000 and net accounts receivable of $132,000 and S92,000 at the beginning of the year and end of year, respectively. If Tigger normally extends credit terms of 2/10, n/45 to his customers, is Tigger doing a good job of collecting cash payments from his customers? no yes
Q: ABC Sportswear Company had accounts receivable of $206,024,000 at the beginning of a recent year,…
A: Cash receipts from customers will be equal to : Accounts receivables at the beginning of the year +…
Q: Van Company provided the following data for the current year in relation to accounts receivable:…
A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…
Q: The following transactions affecting the accounts receivable of FST Inc. took place during the year…
A: Account Receivable Opening balance on January 1 950,000 Add: Credit sales made during the year…
Q: t the beginning of the period, International Accounting Standards Board (Board) had a cash balance…
A: Solution: Ending cash balance = Beginning cash balance + Collection of accounts receivables -…
Q: The following balances have been excerpted from Chlorine's Statement of Financial Position for the…
A: SOLUTION- FORMULAS 1- TOTAL GROSS SALES ON ACCOUNT = TOTAL GROSS SALES - CASH SALES . 2-TOTAL NET…
Q: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and…
A: Under accrual basis, the income and expenses are recorded when they are incurred.
Q: During its first year of operations, Cooper Company bills credit customers $19,800 for services…
A: As per accounting concept, revenue and expenses should be recognized on accrual basis. It means,…
Q: (d) The company collects $4,500 of the $18,000 of accounts that was determined to be uncollectible…
A: When bad debts are written-off using the allowance method, the allowance account reduces and is…
Q: The company Young Furniture has the following business transactions in the year 01. Always assume…
A: Calculation of VAT for each transaction 1. 65,000 * 19 % = 12,350 Gross Amount= 65,000+12,350 =…
Q: Suppose Columbia Sportswear Company (USA) had accounts receivable of $205,025,000 at the beginning…
A:
Q: At year-end, StickStick has cash of $ 22 comma 000$22,000, current accounts receivable of $ 80…
A: Calculate the receivables turnover ratio.
Q: Bill Sankey is a sole proprietor who keeps records of his cash and bank transactions. This…
A: The statement of profit or loss refers to the statement prepared at the end of a reporting period to…
Q: The following transactions affecting the accounts receivable of FST Inc. took place during the year…
A: Allowance Method - Under allowance method company make provision of uncollectible accounts at the…
Q: On its second year of operations, BBQ Co. thought of expanding its business. In order to generate…
A: Factoring of accounts receivables: Factoring of accounts receivable is done in order to get…
Q: The Dimitros Company records the following transactions during September 2018: Cash sales to…
A: Sales Revenue - Sales are recorded by company on cash and on credit basis. Cash collected is…
Q: In its income statement for the year ended December 31, 2020, Angel Company reported revenue of…
A: Cash basis of accounting - As per this concept, financial events are recorded in the books for which…
Q: Suppose Columbia Sportswear Company had accounts receivable of $206,024,000 at the beginning of a…
A: Amount of cash receipts from customers = Beginning Accounts receivable + Sales revenue - Ending…
Q: Mr. Husker’s Tuxedos Corp. ended the year 2021 with an average collection period of 33 days. The…
A: Average Collection period = Average receivables x 365 / Credit salesHence, average receivables =…
Q: The following balances have been excerpted from Chlorine's Statement of Financial Position for the…
A: The money left over after deducting the costs of producing a product or providing a service is known…
Q: Clariza Frozen Goods Inc. opened its business on January 1, 2020. The Company has the following…
A: The following calculations are done for Clariza Frozen Goods Incorporation.
Q: Von Company provided the following data for the current year in relation to accounts receivable:…
A:
Q: Maxwell Furniture Center had accounts receivable of $20,000 at the beginning of the year and $54,000…
A: Accounts receivable is increased by ($54,000-$20,000) $34,000 during the year.
Q: Starboy Company has the following data relating to accounts receivable for the year ended December…
A: The answer is as: Note: Answering first three subparts as there are multiple subparts, please…
Q: Use the information in each of the following separate cases to calculate the unknown amount. a.…
A: >Accounts Payable is the accumulated balance that the company or organisation owes to suppliers…
Q: The following balances have been excerpted from Chlorine's Statement of Financial Position for the…
A: 1. Gross sales on account = Accounts receivable, increase + Accounts written-off + Cash received…
Q: What is the amount of cash received from customers during the year?
A: There are two types of Sales: (1) Cash Sales and (2) Credit Sales. Cash is received immediately at…
Q: Presented below is information for Concord Company. 1. Beginning-of-the-year Accounts Receivable…
A: Accounts Receivable Turnover Ratio = Sales Revenue/ Average Accounts Receivable Days to collect…
Q: Presented below is information for Windsor, Inc. for 2017: 1. Beginning-of-the-year Accounts…
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…
Q: The accounting records and bank statement of Jeff's Seashell Store provide the following information…
A: The question is based on the concept of the Bank Reconciliation Statement. A bank reconciliation…
Q: tar Company provided the following transactions affecting accounts receivable during the year ended…
A: Given that Balances from jan 1 2014 statement of financial position: Accounts receivable 950000…
Q: Love Company experienced the following changes in selected accounts for the current year: ·…
A: Accrual sales - P6,000,000 Account receivable, January 1- P1,000,000 Account receivable, December…
Q: Bailey Co earns $27,792 of revenue on account and in $6,256 cash revenue transactions in Year 1.…
A: Under the accrual basis of accounting, recognition of revenues and expenses is made as and when they…
Q: Presented below is information for Jones Company. 1. Beginning-of-the-year Accounts Receivable…
A:
Q: Mickey Mouse Company has the following data relating to accounts receivable for the year ended…
A: The balance in account receivables is calculated after all the adjustment for credit sales and…
Q: Yanie's coffee beans store had accounts receivable of $18,000 at the beginning of the year and…
A: Cash received from customers = Beginning balance of Accounts Receivable + Credit sales during the…
Q: Presented below are the receivables of One Time Big Time Corporation as of December 31, 2018. Mr. A…
A:
Q: The following balances have been excerpted from Chlorine's Statement of Financial Position for the…
A: Account payable means the amount owed by business to outsider for the goods received and services…
Q: On January 1, 2022, the ledger of Splish Brothers Inc. contained these liability accounts.…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: egan December with an accounts receivable balance (net of bad debts) of €25,000. b. Walken had…
A: Preparation of cash and accounts receivables lines for the current section of the balance sheet:Cash…
Q: The following transactions occurred during the month of October 2021. Date Transactions 1 2 3 4 5 6…
A: The cash book is prepared to record the cash transactions and bank transactions incurred during the…
Q: Presented below is information for Concord Company. 1. Beginning-of-the-year Accounts Receivable…
A: Part 2) Computation of closing balance of accounts receivable is as follows:
Q: The balance in Accounts Receivable at the beginning of the year was $520,000. The balance in…
A: Credit sales is a term in which the goods is transferred to the customer on a credit basis. In which…
Q: Presented below is information for Sunland Company. 1. Beginning-of-the-year Accounts Receivable…
A: Journal: Recording of a business transactions in a chronological order.
Q: Dedpul Company provided the following transactions affecting accounts receivable during the current…
A: The account receivable is referred to as the amount that a company is yet to received from its…
Q: 9 Maxwell Furniture Centre had accounts receivable of $20000 at the beginning of the year and $54000…
A: Collections from customers is the result of beginning account receivable plus credit sales during…
Q: Skinner Corp. required additional cash for its operation and used its accounts receivable to raise…
A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…
Q: Using the data in the preceding question, what will the income statement for the year ended December…
A: Note receivable:Note receivable refers to a written promise by a debtor for the amounts to be…
Q: The following selected transactions occurred during the year ended December 31, 2026 of RANOA…
A: Under allowance method based on a percentage on sales, a percentage is applied on the net credit…
Step by step
Solved in 2 steps
- Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?What accounting method (cash or accrual) would you recommend for the following businesses? a. A gift shop with average annual gross receipts of 900,000. b. An accounting partnership with average annual gross receipts of 12 million. c. A drywall subcontractor who works on residences and has annual gross receipts of 3 million. d. An incorporated insurance agency with average annual gross receipts of 28 million. e. A sole proprietor operating a retail clothing store with average annual gross receipts of 12 million. f. A sole proprietor operating a widget manufacturing plant with average annual gross receipts of 27 million.The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
- The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700
- If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customers ending balance for the month would show a (debit or credit) of how much?Comparing the Income Statement and the Statement of Cash Flows On January 1, Campus Internet Connection opened for business across the street from Upper Eastern University. The company charges students a monthly fee of $20 and $1 for each hour they are online. During January, 500 students signed up for the service, and each will have until the fifth of the following month to pay the monthly fee. By the end of January, 200 students had paid the monthly fee. Student usage, payable at the time connected, was 3,000 hours during January. Assume that Campus uses the accrual basis of accounting. Required Prepare the Revenues section of Campuss income statement for the month of January. Prepare the Cash Receipts section of Campuss statement of cash flows for the month of January. In addition to the Cash account, what other account will appear on Campuss balance sheet at the end of January? What amount will be in this account?To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
- Jarem Company showed 189,000 in prepaid rent on December 31, 20X1. On December 31, 20X2, the balance in the prepaid rent account was 226,800. Rent expense for 20X2 was 472,500. Required: 1. What amount of cash was paid for rent in 20X2? 2. CONCEPTUAL CONNECTION What adjustment in prepaid expenses is needed if the indirect method is used to prepare Jarems statement of cash flows?The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, 850. 2L. Yang, the owner, invested an additional 4,500 in the business. 4Bought merchandise on account from Valentine and Company, invoice no. A694, 2,830; terms 2/10, n/30; dated January 2. 4Received check from Velez Appliance for 980 in payment of invoice for 1,000 less discount. 4Sold merchandise on account to L. Parrish, invoice no. 6483, 755. 6Received check from Peck, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Frost and Son, in payment of invoice no. C127 for 600 less discount. 7Bought supplies on account from Dudley Office Supply, invoice no. 190B, 93.54; terms net 30 days. 7Sold merchandise on account to Ewing and Charles, invoice no. 6484, 1,115. 9Issued credit memo no. 43 to L. Parrish, 47, for merchandise returned. 11Cash sales for January 1 through January 10, 4,454.87. 11Issued Ck. No. 6983, 2,773.40, to Valentine and Company, in payment of 2,830 invoice less discount. 14Sold merchandise on account to Velez Appliance, invoice no. 6485, 2,100. 14Received check from L. Parrish, 693.84, in payment of 755 invoice, less return of 47 and less discount. Jan. 19Bought merchandise on account from Crawford Products, invoice no. 7281, 3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, 142 (total 3,842). 21Issued Ck. No. 6984, 245, to A. Bautista for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 3,689. 23Received credit memo no. 163, 87, from Crawford Products for merchandise returned. 29Sold merchandise on account to Bradford Supply, invoice no. 6486, 1,697.20. 29Issued Ck. No. 6985 to Western Freight, 64, for freight charges on merchandise purchased January 4. 31Cash sales for January 21 through January 31, 3,862. 31Issued Ck. No. 6986, 65, to M. Pineda for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 5,899.95; employees federal income tax withheld, 795; FICA Social Security tax withheld, 365.80, FICA Medicare tax withheld, 85.50. 31Recorded the payroll taxes: FICA Social Security tax, 365.80; FICA Medicare tax, 85.50; state unemployment tax, 318.60; federal unemployment tax, 35.40. 31Issued Ck. No. 6987, 4,653.65, for salaries for the month. 31L. Yang, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, 850. 2L. Yang, the owner, invested an additional 4,500 in the business. 4Bought merchandise on account from Valentine and Company, invoice no. A694, 2,830; terms 2/10, n/30; dated January 2. 4Received check from Velez Appliance for 980 in payment of invoice for 1,000 less discount. 4Sold merchandise on account to L. Parrish, invoice no. 6483, 755. 6Received check from Peck, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Frost and Son, in payment of invoice no. C127 for 600 less discount. 7Bought supplies on account from Dudley Office Supply, invoice no. 190B, 93.54; terms net 30 days. 7Sold merchandise on account to Ewing and Charles, invoice no. 6484, 1,115. 9Issued credit memo no. 43 to L. Parrish, 47, for merchandise returned. 11Cash sales for January 1 through January 10, 4,454.87. 11Issued Ck. No. 6983, 2,773.40, to Valentine and Company, in payment of 2,830 invoice less discount. 14Sold merchandise on account to Velez Appliance, invoice no. 6485, 2,100. 14Received check from L. Parrish, 693.84, in payment of 755 invoice, less return of 47 and less discount. Jan. 19Bought merchandise on account from Crawford Products, invoice no. 7281, 3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, 142 (total 3,842). 21Issued Ck. No. 6984, 245, to A. Bautista for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 3,689. 23Received credit memo no. 163, 87, from Crawford Products for merchandise returned. 29Sold merchandise on account to Bradford Supply, invoice no. 6486, 1,697.20. 29Issued Ck. No. 6985 to Western Freight, 64, for freight charges on merchandise purchased January 4. 31Cash sales for January 21 through January 31, 3,862. 31Issued Ck. No. 6986, 65, to M. Pineda for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 5,899.95; employees federal income tax withheld, 795; FICA Social Security tax withheld, 365.80, FICA Medicare tax withheld, 85.50. 31Recorded the payroll taxes: FICA Social Security tax, 365.80; FICA Medicare tax, 85.50; state unemployment tax, 318.60; federal unemployment tax, 35.40. 31Issued Ck. No. 6987, 4,653.65, for salaries for the month. 31L. Yang, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 91; a purchases journal, page 74; a cash receipts journal, page 56; a cash payments journal, page 63; and a general journal, page 119. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?