Sheridan Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Sheridan are indicated in the working papers presented below. Also following are a series of transactions for Sheridan Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. Jan. 3 Sell merchandise on account to B. Corpas $3,000, invoice no. 510, and to J. Revere $1,500, invoice no. 511.     5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,900, terms n/30.     7 Receive checks from S. Mahay $3,500 and B. Santos $2,000 after discount period has lapsed.     8 Pay freight on merchandise purchased $245.     9 Send checks to S. Meek for $8,000 less 2% cash discount, and to D. Saito for $12,000 less 1% cash discount.     9 Issue credit of $300 to J. Revere for merchandise returned.     10 Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales. 11 Sell merchandise on account to R. Beltre $1,800, invoice no. 512, and to S. Mahay $900, invoice no. 513.     12 Pay rent of $1,200 for January.     13 Receive payment in full from B. Corpas and J. Revere less cash discounts.     15 Withdraw $800 cash by M. Sheridan for personal use.     15 Post all entries to the subsidiary ledgers.     16 Purchase merchandise from D. Saito $15,000, terms 1/10, n/30; S. Meek $14,000, terms 2/10, n/30; and S. Gamel $1,000, terms n/30.     17 Pay $700 cash for office supplies.     18 Return $300 of merchandise to S. Meek and receive credit.     20 Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales.     21 Issue $14,000 note, maturing in 90 days, to R. Moses in payment of balance due.     21 Receive payment in full from S. Mahay less cash discount.     22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,100, invoice no. 515.     22 Post all entries to the subsidiary ledgers.     23 Send checks to D. Saito and S. Meek for full payment less cash discounts.     25 Sell merchandise on account to B. Santos $3,200, invoice no. 516, and to J. Revere $6,800, invoice no. 517.     27 Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,200, terms n/30; and S. Gamel $5,800, terms n/30.     27 Post all entries to the subsidiary ledgers.     28 Pay $200 cash for office supplies.     31 Daily cash sales from January 21 to January 31 total $24,000. Make one journal entry for these sales. 31 Pay sales salaries $4,000 and office salaries $3,000.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Sheridan Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Sheridan are indicated in the working papers presented below. Also following are a series of transactions for Sheridan Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price.
Jan.
3 Sell merchandise on account to B. Corpas $3,000, invoice no. 510, and to J. Revere $1,500, invoice no. 511.    
5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,900, terms n/30.    
7 Receive checks from S. Mahay $3,500 and B. Santos $2,000 after discount period has lapsed.    
8 Pay freight on merchandise purchased $245.    
9 Send checks to S. Meek for $8,000 less 2% cash discount, and to D. Saito for $12,000 less 1% cash discount.    
9 Issue credit of $300 to J. Revere for merchandise returned.    
10 Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales.
11 Sell merchandise on account to R. Beltre $1,800, invoice no. 512, and to S. Mahay $900, invoice no. 513.    
12 Pay rent of $1,200 for January.    
13 Receive payment in full from B. Corpas and J. Revere less cash discounts.    
15 Withdraw $800 cash by M. Sheridan for personal use.    
15 Post all entries to the subsidiary ledgers.    
16 Purchase merchandise from D. Saito $15,000, terms 1/10, n/30; S. Meek $14,000, terms 2/10, n/30; and S. Gamel $1,000, terms n/30.    
17 Pay $700 cash for office supplies.    
18 Return $300 of merchandise to S. Meek and receive credit.    
20 Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales.    
21 Issue $14,000 note, maturing in 90 days, to R. Moses in payment of balance due.    
21 Receive payment in full from S. Mahay less cash discount.    
22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,100, invoice no. 515.    
22 Post all entries to the subsidiary ledgers.    
23 Send checks to D. Saito and S. Meek for full payment less cash discounts.    
25 Sell merchandise on account to B. Santos $3,200, invoice no. 516, and to J. Revere $6,800, invoice no. 517.    
27 Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,200, terms n/30; and S. Gamel $5,800, terms n/30.    
27 Post all entries to the subsidiary ledgers.    
28 Pay $200 cash for office supplies.    
31 Daily cash sales from January 21 to January 31 total $24,000. Make one journal entry for these sales.
31 Pay sales salaries $4,000 and office salaries $3,000.

 

GENERAL LEDGER
Account Title
Account
Number
101
Cash
112
Accounts Receivable
115
Notes Receivable
120
Inventory
126
Supplies
130
Prepaid Insurance
157
Equipment
158
Accumulated Depreciation-Equip.
201
Accounts Payable
301
Owner's Capital
Schedule of Accounts Receivable
(from accounts receivable subsidiary ledger)
January 1
Customer
Opening Balance
R. Beltre
$1,600
B. Santos
8,000
S. Mahay
3,500
Schedule of Accounts Payable
(from accounts payable subsidiary ledger)
January 1
Customer
Opening Balance
S. Meek
R. Moses
D. Saito
$8,000
14,000
12,000
January 1
Opening Balance
$36,500
13,100
40,000
16,500
1,500
1,900
7,350
1,400
34,000
81,450
Transcribed Image Text:GENERAL LEDGER Account Title Account Number 101 Cash 112 Accounts Receivable 115 Notes Receivable 120 Inventory 126 Supplies 130 Prepaid Insurance 157 Equipment 158 Accumulated Depreciation-Equip. 201 Accounts Payable 301 Owner's Capital Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Customer Opening Balance R. Beltre $1,600 B. Santos 8,000 S. Mahay 3,500 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance S. Meek R. Moses D. Saito $8,000 14,000 12,000 January 1 Opening Balance $36,500 13,100 40,000 16,500 1,500 1,900 7,350 1,400 34,000 81,450
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For number 13 how do i post that in a cash receipts journal?

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Follow-up Question

for the sales journal, I need one more column of "Cost of Goods sold Dr. Inventory Cr."

Date
Jan. 3
Jan. 3
Jan. 11
Jan. 11
Jan. 22
Jan. 22
Jan. 25
Jan. 25
<
<
>
Account
Debited
B. Corpas
J. Revere
R. Beltre
S. Mahay
B. Corpas
R. Beltre
B. Santos
J. Revere
>
Invoice No.
510
511
512
512
514
515
516
517
<
>
>
Ref.
V
✓
✓
V
V
V
V
V
Account Receivable Dr.
Sales Revenue Cr.
3000
1500
1800
900
2500
2100
3200
6800
21800
$1
Cost of Good Sold Dr.
Inventory Cr.
Transcribed Image Text:Date Jan. 3 Jan. 3 Jan. 11 Jan. 11 Jan. 22 Jan. 22 Jan. 25 Jan. 25 < < > Account Debited B. Corpas J. Revere R. Beltre S. Mahay B. Corpas R. Beltre B. Santos J. Revere > Invoice No. 510 511 512 512 514 515 516 517 < > > Ref. V ✓ ✓ V V V V V Account Receivable Dr. Sales Revenue Cr. 3000 1500 1800 900 2500 2100 3200 6800 21800 $1 Cost of Good Sold Dr. Inventory Cr.
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