assume that suppan company uses the periodic inventory system 646359

Suppan Company completes these transactions during November of the current year (terms for all its credit sales are 2/10, n/30).

Nov. 1 Purchased $5,062 of office equipment on credit from Blix Supply, invoice dated November 1, terms n/10 EOM.

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2 Borrowed $86,250 cash from Kansas Bank by signing a long term note payable.

4 Purchased $11,400 of merchandise from ATM Industries, invoice dated November 3, terms 2/10, n/30.

5 Purchased $1,020 of store supplies on credit from Globe Company, invoice dated November 5, terms n/10 EOM.

8 Sold merchandise on credit to Sid Ragan, Invoice No. 439, for $6,350 (cost is $3,710).

10 Sold merchandise on credit to Carlos Mane, Invoice No. 440, for $12,500 (cost is $7,500).

11 Purchased $2,887 of merchandise from Xu Company, invoice dated November 10, terms 2/10, n/30.

12 Sent ATM Industries Check No. 633 in payment of its November 3 invoice less the discount.

15 Issued Check No. 634, payable to Payroll, in payment of sales salaries expense for the first half of the month, $8,435. Cashed the check and paid the employees.

15 Cash sales for the first half of the month are $27,170 (cost is $17,000). (Cash sales are recorded daily but are recorded only twice in this problem to reduce repetitive entries.)

15 Sold merchandise on credit to Tony Timmons, Invoice No. 441, for $4,250 (cost is $1,450).

16 Purchased $559 of office supplies on credit from Globe Company, invoice dated November 16, terms n/10 EOM.

17 Received a $487 credit memorandum from Xu Company for the return of unsatisfactory merchandise purchased on November 11.

18 Received payment from Sid Ragan for the November 8 sale less the discount.

19 Received payment from Carlos Mane for the November 10 sale less the discount.

19 Issued Check No. 635 to Xu Company in payment of its invoice of November 10 less the return and the discount.

22 Sold merchandise on credit to Carlos Mane, Invoice No. 442, for $2,595 (cost is $1,060).

24 Sold merchandise on credit to Tony Timmons, Invoice No. 443, for $3,240 (cost is $1,090).

25 Received payment from Tony Timmons for the sale of November 15 less the discount.

26 Received a $922 credit memorandum from Blix Supply for the return of office equipment purchased on November 1.

30 Issued Check No. 636, payable to Payroll, in payment of sales salaries expense for the last half of the month, $8,435. Cashed the check and paid the employees.

30 Cash sales for the last half of the month are $35,703 (cost is $20,400).

30 Verify that amounts impacting customer and creditor accounts were posted and that any amounts that should have been posted as individual amounts to the general ledger accounts were posted. Foot and cross foot the journals and make the month end postings.

Assume that Suppan Company uses the periodic inventory system.

Required

1. Open the following general ledger accounts: Cash; Accounts Receivable; Inventory (November 1 beg. bal. is $40,000); Office Supplies; Store Supplies; Office Equipment; Accounts Payable; Long Term Notes Payable; J. Suppan, Capital (Nov. 1 beg. bal. is $40,000); Sales; Sales Discounts; Purchases; Purchases Returns and Allowances; Purchases Discounts; and Sales Salaries Expense. Open the following accounts receivable subsidiary ledger accounts: Carlos Mane, Tony Timmons, and Sid Ragan. Open the following accounts payable subsidiary ledger accounts: Globe Company, ATM Industries, Blix Supply, and Xu Company.

2. Enter the transactions from Problem 7 5B in a sales journal like that in Exhibit 7A.1, a purchases journal like that in Exhibit 7A.3, a cash receipts journal like that in Exhibit 7A.2, a cash disbursements journal like that in Exhibit 7A.4, or a general journal. Number journal pages as page 2.

3. Prepare a trial balance of the general ledger and prove the accuracy of the subsidiary ledgers by preparing schedules of both accounts receivable and accounts payable.

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