Jeter Co, uses a perpetual inventory system and both an accounts recelvable and

Question

Jeter Co, uses a perpetual inventory system and both an accounts recelvable and an accounts payable subsidiary ledger Balances related to both the general ledger and the subsidiary ledger for Jeter are indicated in the working papers. Presented below are a series of transactions for Jeter Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise old was 60% of the sales price. General Ledger Account Number January 1 Account Title Opening Balance 38,500 2,900 36,000 16,500 ,300 1,600 8,700 ,400 33,500 81,100 101 2 Accounts Receivable 115 120 Inventery 126 Supplies 30 Prepaid Insurance 157 Equipment 201 Accounts Peyable 301 Owners Capital (from accounts receivable subsidlary ledger) January 1 Opening Balance R. Beltre B. Sentos S. Mahey 1,200 8,000 3,700 Schedule of Accounts Payable (from accounts payable subsidiery ledger) January 1 Opening Balance S. Meek R. Moses D. Saito $7,500 14,000 12,000

Explanation / Answer

Sales Journal Date Account Debited Invoice No. Ref. Accounts receivable Dr. Sales revenue Cr. Cost of goods sold Dr. Inventory Cr. (60% of sales) Jan 3. B. Corpas 510 3100 1860 Jan 3. J. Revere 511 1700 1020 Jan 10. Cash 18000 10800 Jan 11. R. Beltre 512 1600 960 Jan 11. S. Mahay 513 900 540 Jan 20. Cash 22600 13560 Jan 22. B. Corpas 514 2800 1680 Jan 22. R. Beltre 515 2300 1380 Jan 25. B. Santos 516 3900 2340 Jan 25. J. Revere 517 7000 4200 Jan 31. Cash 22200 13320 Total 86100 51660

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