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 purc
Sheridan Co. uses a perpetual inventory system and both an
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
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
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.
Record the January transactions in a single-column purchases journal, the January transactions in a cash receipts journal, the January transactions in a cash payments journal, and the January transactions in a two-column general journal.
Prepare a
1. Office supplies at January 31 total $1,000.
2. Insurance coverage expires on October 31, 2022.
3. Annual depreciation on the equipment is $1,200.
4. Interest of $50 has accrued on the note payable
![### General Ledger Overview
Below is a summary of the General Ledger and subsidiary ledgers for Accounts Receivable and Accounts Payable as of January 1st.
#### General Ledger
| Account Number | Account Title | January 1 Opening Balance |
|----------------|----------------------------------|---------------------------|
| 101 | Cash | $36,500 |
| 112 | Accounts Receivable | $13,100 |
| 115 | Notes Receivable | $40,000 |
| 120 | Inventory | $16,500 |
| 126 | Supplies | $1,500 |
| 130 | Prepaid Insurance | $1,900 |
| 157 | Equipment | $7,350 |
| 158 | Accumulated Depreciation—Equip. | $1,400 |
| 201 | Accounts Payable | $34,000 |
| 301 | Owner’s Capital | $81,450 |
#### Schedule of Accounts Receivable
(derived from accounts receivable subsidiary ledger)
| Customer | January 1 Opening Balance |
|----------------|----------------------------|
| R. Beltre | $1,600 |
| B. Santos | $8,000 |
| S. Mahay | $3,500 |
#### Schedule of Accounts Payable
(derived from accounts payable subsidiary ledger)
| Customer | January 1 Opening Balance |
|----------------|----------------------------|
| S. Meek | $8,000 |
| R. Moses | $14,000 |
| D. Saito | $12,000 |
### Analysis
- **General Ledger**: This section details the opening balances for various accounts as of January 1. Key accounts include Cash with a balance of $36,500, Accounts Receivable at $13,100, and Owner's Capital which is $81,450, among others.
- **Accounts Receivable Subsidiary Ledger**: Provides a breakdown of the total Accounts Receivable balance into individual customer accounts. Notable customer balances include B. Santos with $8,000 and R. Beltre with $1,600.
- **Accounts Payable Subsidiary Ledger**: This table breaks down the total Accounts Payable into individual supplier accounts. Significant balances are held by R. Moses at](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe30699be-2882-4a27-acce-afcc593a9b43%2F90da17b9-ed6e-486b-b2e4-14fb4c8aaaa1%2Fao3gd0l_processed.png&w=3840&q=75)
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so many mistakes! unfortunately, I cannot attach more than 2 images. There are mistakes in the cash receipt journal too in addition to missing some columns.
![entered. Do not indent manually. Recora journal entries in the order presented in the problem. List all debit entries before creait entries.)
Date
Account Titles and Explanation
Debit
Credit
Sales Returns and Allowances
300
Accounts Receivable
(Issued credit for merchandise returned.)
Accounts Payable
Purchase Returns and Allowances
(Cost of merchandise returned.)
Accounts Payable
Notes Payable
(Received credit for returned goods.)
(Payment of balance due.)
Jan. 9
Jan. 18
Jan. 21
eTextbook and Media
300
14000
300
300
1400](https://content.bartleby.com/qna-images/question/e30699be-2882-4a27-acce-afcc593a9b43/ed14dc5f-e24c-4611-af94-a72d0ca59135/7hupnfa_thumbnail.png)
![Accounts Payable
Dr.
i
8000
12000
i
i
i
15000
14000
i
i
Supplies
Dr.
i
160
120
i
i
150
280
Inventory
Cr.
245
1200
800
700
200
4000
CP1
Cash
Cr.
7840
11880
1200
800
700
14850
13720
200
4000](https://content.bartleby.com/qna-images/question/e30699be-2882-4a27-acce-afcc593a9b43/ed14dc5f-e24c-4611-af94-a72d0ca59135/lk2bwds_thumbnail.png)
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