Shirley’s Beauty Store records sales and purchase transactions in the general jo

Question

Shirley’s Beauty Store records sales and purchase transactions in the general journal. In addition to a general ledger, Shirley’s Beauty Store also uses an accounts receivable ledger and an accounts payable ledger. Transactions for January related to the sales and purchase of merchandise are as follows:

Jan. 3 Bought 30 Mango Bath and Shower Gels from Madden, Inc., $660, invoice no. 3487, dated January 1; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, $125.43 (total $785.43).

4 Bought ten Beauty Candle Travel Sets from Calhoun Candles, Inc., $420, invoice no. 4513, dated January 1; terms net 45; FOB destination.

12 Sold four Mango Bath and Shower Gels on account to R. Kielman, sales slip no. 1456, $120, plus sales tax of $9.60, total $129.60.

13 Received credit memo no. 8715 from Calhoun Candles, Inc., for merchandise returned, $84.

21 Bought five Winter Skin Essentials Kits from Whitney and Waters, $197.50, invoice no. A875, dated January 18; terms 2/15, n/45; FOB destination.

25 Sold three Winter Skin Essentials on account to A. Benner, sales slip no. 1457, $135.75, plus sales tax of $10.86, total $146.61.

27 Issued credit memo no. 33 to A. Benner for merchandise returned, $45.25 plus $3.62 sales tax, total $48.87.

Required

1. Open the following accounts in the accounts receivable ledger and record the balances as of January 1: A. Benner, $45.77; R. Kielman, $175.39. Write Balance in the Item column and place a check mark in the Post. Ref. column.

2. Open the following accounts in the accounts payable ledger and record the balances as of January 1: Calhoun Candles, Inc., $355.23; Madden, Inc., $573.15; Whitney and Waters, $50.25. Write Balance in the Item column and place a check mark in the Post. Ref. column.

3. Record the January 1 balances in the general ledger as given: Accounts Receivable 113 controlling account, $221.16; Accounts Payable 212 controlling account, $978.63; Sales Tax Payable 214, $128.45. Write Balance in the Item column and place a check mark in the Post. Ref. column.

4. Record the transactions in the general journal beginning on page 25.

5. Post the entries to the general journal and accounts receivable ledger or accounts payable ledger as appropriate.

6. Prepare a schedule of accounts receivable.

7. Prepare a schedule of accounts payable.

8. Compare the totals of the schedules with the balances of the controlling accounts.

JUST NEED HELP WITH THE GENERAL LEDGER, AR LEDGER AND AP LEDGER

Explanation / Answer

ACCOUNTS RECEIVABLE LEDGER ACCOUNT NO:                                      A. BENNER DATE ITEM POST. REF. DEBIT CREDIT BALANCE Jan. 1 Balance $         45.77 Jan. 25 Sales slip no. 1456 GJ25 $                     146.61 $       192.38 Jan. 27 Credit memo no. 33 GJ25 $                         48.87 $       143.51 ACCOUNT NO:                                     R. KIELMAN DATE ITEM POST. REF. DEBIT CREDIT BALANCE Jan. 1 Balance $       175.39 Jan. 12 Sales slip no. 1456 GJ25 $                     129.60 $       304.99 ACCOUNTS PAYABLE LEDGER ACCOUNT NO:                                             CALHAUN CANDLES, INC. TERMS: NET 45 DATE ITEM POST. REF. DEBIT CREDIT BALANCE Jan. 1 Balance $       355.23 Jan. 4 Invoice 4513 GJ25 $                       420.00 $       775.23 Jan. 13 Credit memo 8715 GJ25 $                       84.00 $       691.23 ACCOUNT NO:                                              MADDEN, INC. TERMS: 2/10, n/30 DATE ITEM POST. REF. DEBIT CREDIT BALANCE Jan. 1 Balance $       573.15 Jan. 3 Invoice no. 3487 GJ25 $                       785.43 $   1,358.58 ACCOUNT NO:                                 WHITNEY AND WATERS TERMS: 2/15, n/45 DATE ITEM POST. REF. DEBIT CREDIT BALANCE Jan. 1 Balance $         50.25 Jan. 21 Invoice A875 GJ25 $                       197.50 $       247.75 GENERAL LEDGER ACCOUNTS RECEIVABLE CONTROL ACCOUNT NUMBER: 113 DATE ITEM POST REF DEBIT CREDIT BALANCE Jan. 1 Balance $       221.16 Jan. 12 R. Kielman GJ25 $                     129.60 $       350.76 Jan. 25 A. Benner GJ25 $                     146.61 $       497.37 Jan. 27 A. Benner GJ25 $                         48.87 $       448.50 ACCOUNTS PAYABLE CONTROL ACCOUNT NUMBER: 212 DATE ITEM POST REF DEBIT CREDIT BALANCE Jan. 1 Balance $       978.63 Jan. 3 Madden, Inc. GJ25 $                       785.43 $   1,764.06 Jan. 4 Calhoun Candles, Inc. GJ25 $                       420.00 $   2,184.06 Jan. 13 Calhoun Candles, Inc. GJ25 $                       84.00 $   2,100.06 Jan. 21 Whitney and Waters GJ25 $                       197.50 $   2,297.56 SALES TAX PAYABLE ACCOUNT NUMBER: 214 DATE ITEM POST REF DEBIT CREDIT BALANCE Jan. 1 Balance $       128.45 Jan. 12 R. Kielman GJ25 $                            9.60 $       138.05 Jan. 25 A. Benner GJ25 $                         10.86 $       148.91 Jan. 27 A. Benner GJ25 $                          3.62 $       145.29

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