The following are selected transactions related to purchases on account and cash payments completed during April of the current year. Issued Check No. 60 in payment of rent for month, $2,400. Apr. 1 Purchased office supplies from Clauson Co., $850. Issued Check No. 61 to Dame Co. for $9,750 for cash purchase of equipment. Purchased store supplies from Ewing Co., $425. 10 Issued Check No. 62 to Clauson Co. in payment of April 5 invoice. 15 Purchased store supplies from Patton Co., $7,500. 17 Issued Check No. 63 to Ewing Co. in payment of April 10 invoice of $425. 20 Purchased equipment from Sloan Co., $7,750. 25 Issued Check No. 64 to Patton Co. for partial payment of the April 17 invoice, $4,000. 27 Purchased office supplies from Winthrop Co., $400. 30 Record the transactions in the purchases and cash payments journals. a. b. Total and rule the purchases and cash payments journals as of April 30. c. Indicate the method of posting the individual items and the totals of the purchases and cash payments journals in the following manner: 1. For individual items and totals to be posted to the subsidiary ledger or not to be posted, select "Yes" in the Post. Ref. column or below the totals. 2. For individual items and totals to be posted to the general ledger, select the letter "G" (as a substitute for specific account numbers) in the Post. Ref. column or below the totals. If an amount box does not require an entry, leave it blank. CASH PAYMENTS JOURNAL Page 11 Other Accounts Accounts Payable Check No. Account Debited DATE Cash Cr. Post. Ref. Dr. Dr. Apr. 1 Apr. 9 Apr. 15 Apr. 20 Apr. 27 Apr. 30 If no entry is required, select "no entry" from the dropdown box and "no entry" under the posting reference column. If an amount box does not require an entry, leave it blank
Q: Domingo Company started its business on May 1, 2019. The following transactions occurred during the…
A: The trial balance is prepared to record the debit and credit balance of each account of the…
Q: Forest Company had the following transactions during the month of December. What is the December 31…
A: Computation of Dec 31 ending cash balance:
Q: Domingo Company started its business on January 1, 2019. The following transactions occurred during…
A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book with…
Q: Below is a summary of all transactions of Mason Furniture for the month of August 2021.…
A: CFS stands for Cash flow statement which is the statement that is prepared by companies in order to…
Q: Prepare the following journal entry; all transactions listed occurred in January: The Company…
A: Journal entries means the book of prime entry incuding debit and credit item. Necessary journal…
Q: Accounts Debits Credits Cash $ 26,600 Accounts Receivable 17,400 Prepaid…
A: A closing entry seems to be a journal entry generated at the end of the fiscal period. It requires…
Q: The balances of the ledger accounts of Beldren Home Center as of December 31, the end of its fiscal…
A: Worksheet prepared using books of accounts shows a summary of the statements of the entity such as…
Q: The following are the transactions of Spotlighter, Inc., for the month of January. Borrowed…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: The balances of the ledger accounts of Beldren Home Center as of December 31, the end of its fiscal…
A: Adjusting Entry: These are the journal entries which is being made at the end of the accounting…
Q: GoGreen started operation on 1 August 2021. The general journal of GoGreen contained the entries…
A: Introduction: Ledgers: After journal entries all the journals are posted in to ledgers accounts. It…
Q: The items making up the balance sheet of Phillips Truck Rental at December 31 are attached in…
A: Accounting equation provides the foundation for all accounting systems. The entire double entry…
Q: The accounts and their balances in the ledger of May Vera Novelty Store on December 31, 2019 are as…
A: Since, you have specifically asked for part 2, so we will solve the same for you.
Q: Enter the transactions below, using the Chart of Accounts. TRANSACTIONS: (July) July 17 Paid $3,000…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: The Office Supplies account had a $380 debit balance at the beginning of the year; and $2,680 of…
A: Adjusting entries are the entries usually made at the end of the period to fix some accounts before…
Q: Enter the transactions below, using the Chart of Accounts. TRANSACTIONS: (July) July 17 Paid $3,000…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: The accounts and their balances in the ledger of Markey's Mountain Shop as of December 31, the end…
A: 1.
Q: Following is information from Jesper Company for its initial month of business. Credit Purchases…
A: Given that, Credit Purchases Cash Paid Jan. 9 Bailey Company $ 17,400 Jan.19 Bailey Company…
Q: Directions: Enter the transactions below, using the Chart of Accounts. TRANSACTIONS: (July) July 17…
A: Journal Entry is the first step of recording process. Journal Entry involve recording of…
Q: * On November 28, JT's Consulting Services purchased supplies for $3,000, Check ?1002. Which account…
A: The different balances in the accounts have debit and credit balance. The journal entries are…
Q: Grassley Company completes these transactions during November of the current year (terms for all its…
A:
Q: The Cash account balance of Kingbird, Inc. at July 1 is $570. The total of the debit entries to the…
A: Debit to cash account means an increase in cash balance whereas credit to cash account decrease in…
Q: Holloway Company earned $9,400 of service revenue on account during Year 1. The company collected…
A: HOLLOWAY COMPANY Effect of Events on the Year 1 Accounting Equation Event Assets = Liabilities +…
Q: Milburn Motors received a P 75 telephone bill that is due next month. Which of the following…
A: The correct journal entry for telephone expense received in advance is to record the prepaid entry…
Q: On November 30, JT's Consulting Services wrote Check 1004 for $7,000 to prepay ? rent for December…
A: A journal entry records a transaction in the accounting system for an organization. Generally There…
Q: Inner Resources Company started its business on April 1, 2019. The following transactions occurred…
A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…
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: You are required to prepare a written report for the following tasks: Transactions for the month of…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: The following are the transactions of Spotlighter, Inc., for the month of January. Borrowed…
A: Each transaction has an impact on the ledger and its balance. That will impact the balances in the…
Q: Transactions related to revenue and cash receipts completed by Augusta Inc. during the month of…
A: Revenue Journal contains only revenues on the account. Cash sales are not included in the Revenue…
Q: Using the chart of accounts provided on page 2 of the Exam 2 format document, journalize the…
A: Journal entries are the entries to be recorded in the accounting books of the business for all the…
Q: Prepare the journal entries. If an amount box does not require an entry, leave it blank.
A: Journal entries are the initial form of recording a transaction for having financial records in a…
Q: Inner Resources Company started its business on April 1, 2019. The following transactions occurred…
A: A journal is a detailed account that records all the financial transactions of a business, to be…
Q: The following selected transactions were completed during August of the current year: Transactions…
A: Journal entry is the primary entry that records the transactions initially after that it would have…
Q: Below is a summary of all transactions of Mason Furniture for the month of August 2021.…
A: Introduction cash flow statement is statement that tells about cash and financial position of…
Q: Inner Resources Company started its business on April 1, 2019. The following transactions occurred…
A: Bank reconciliation statement: This statement shows the deposits, withdrawals and other charges and…
Q: Harris, Inc. incurred the following transactions during the month of February. Record the…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: following transactions took place during August of the current year. Please complete the Cash…
A: Cash Payment Journal Date Doc. No. Post. Ref. Account Title General Debit Accounts Payable Debit…
Q: Lasting Summer Inc. has $2,510 in the October 1 balance of the accounts receivable account…
A: Single column cash book records all cash receipts and payments for the reporting period. It records…
Q: Prepare the following journal entry; all transactions listed occurred in January: The company…
A: Promissory note can be defined as an financial instrument containing a written promise between two…
Q: The following selected accounts and their current balances appear in the ledger of Druid Hills Co.…
A: As posted multiple sub parts questions we are answering only first three sub parts kindly repost the…
Q: Which of the following journal entries would be recorded if a business makes a cash payment to a…
A: Step 1 Journal is the part of the bookkeeping.
Q: Southern Gift Shop, a retail business, started business on April 2 receipts for the period from…
A: Cash Receipts:- A Cash receipt may be a written acknowledgment of the quantity of cash received…
Q: Domingo Company started its business on January 1, 2019. The following transactions occurred during…
A: A bank reconciliation statement aligns an organization's bank account with its book records by…
Q: The following information is available for Jan Bartok’s business for the year ended 31 December: $…
A: We have the following information: Bank overdraft: $1,200 Trade receivables: $5,000 Opening…
Q: Forest Company had the following transactions during the month of December. What is the December 31…
A: Cash is an asset account and it will be recorded on the current asset on the balance sheet.
Q: During the month of September, the following transactions were completed by the business: Sept. 1…
A: Hi, since Ledger Account names have been not mentioned in the question, hence we are considering the…
Q: The following transactions occur for the Panther Detective Agency during the month of July:…
A: General Journal is a type of bookkeeping journal that enables the recording of various…
Q: The following are the data taken from the book of KenGied Tailoring Shop for the year ended December…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- 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?The transactions completed by AM Express Company during March, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of March 1: 2. Journalize the transactions for March, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), and twocolumn general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.
- The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of December 1: 2. Journalize the transactions for December, using the following journals similar to those illustrated in this chapter: cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single-column revenue journal (p. 35), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.Post the following July transactions to T-accounts for Accounts Receivable, Sales Revenue, and Cash, indicating the ending balance. Assume no beginning balances in these accounts. A. on first day of the month, sold products to customers for cash, $13,660 B. on fifth day of month, sold products to customers on account, $22,100 C. on tenth day of month, collected cash from customer accounts, $18,500Analyzing 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.
- Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalThe 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. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used. If using QuickBooks, record transactions using either the journal entry method or the forms-based approach as directed by your instructor. 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. If using QuickBooks or general ledger, ignore Steps 2, 3, and 4. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Summary Detail report in QuickBooks). 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. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. 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 on scratch paper. 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 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?On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal