30 Dec You must complete Problem 7 A before attempting th
You must complete Problem 7 A before attempting this problem. Using the information in Problem 4A, complete the following requirements assuming a periodic inventory system: In Problem 4A Apr. 17 Purchased merchandise on credit from Sprocket Company, invoice dated April 16, terms 2/10, n/30, $12,750. 18 Borrowed $50,000 from First Bank by giving a long-term note payable. 20 Received payment from Kelly Schaefer for the April 11 sale. 20 Purchased store supplies on credit from Frank s Supply, invoice dated April 19, terms n/10 EOM, $650. 23 Received a $400 credit memorandum from Sprocket Company for defective merchandise received on April 1 7 and returned. 23 Received payment from Linda Hobart for the April 13 sale 25 Purchased merchandise on credit from Baskin Company, invoice dated April 24, terms 2/10, n/60, $10,900. 26 Issued cheque #590 to Sprocket Company in payment of its April 16 invoice. 27 Sold merchandise on credit to Paul Abrams, invoice #764, $3,800. Cost, $2,300 27 Sold merchandise on credit to Kelly Schaefer, invoice #765, $6,200. Cost, $3,800 30 Issued cheque #591, payable to Payroll, in payment of the sales salaries for the last half of the month, $9,500. For simplicity, we assume one cheque. 30 Cash sales for the last half of the month were $69,000. Cost, $41,400 Required 1. Set up the following General Ledger accounts: Cash (101); Accounts Receivable (106); Merchandise Inventory (119); Office Supplies (124); Store Supplies (125
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