Newton Company completed these transactions during

April 2014 The terms #4405

Newton Company completed these transactions during April 2014. The terms of all credit sales
are 2/10, n/30.Apr. 2 Purchased merchandise on credit from Baskin Company, invoice dated
April 2, terms 2/10, n/60, $12,800.3 Sold merchandise on credit to Linda Hobart, invoice #760,
$3,200. Cost, $1,9003 Purchased office supplies on credit from Eau Claire Inc., $1,340. Invoice
dated April 2, terms n/10 EOM.4 Issued cheque #587 to The Record for advertising expense,
$1,020.5 Sold merchandise on credit to Paul Abrams, invoice #761, $9,400. Cost, $5,6006
Received an $85 credit memorandum from Eau Claire Inc. for office supplies received on April 3
and returned for credit.9 Purchased store equipment on credit from Frank's Supply, invoice
dated April 9, terms n/10 EOM, $10,500.11 Sold merchandise on credit to Kelly Schaefer,
invoice #762, $10,000. Cost, $6,00012 Issued cheque #588 to Baskin Company in payment of
its April 2 invoice. 13 Received payment from Linda Hobart for the April 3 sale.13 Sold
merchandise on credit to Linda Hobart, invoice #763, $5,200. Cost, $3,10014 Received
payment from Paul Abrams for the April 5 sale.16 Issued cheque #589, payable to Payroll, in
payment of the sales salaries for the first half of the month, $9,500. For simplicity, we assume
one cheque.16 Cash sales for the first half of the month were $54,000. Cost, $32,400 Cash
sales are usually recorded daily from the cash register readings. However, they are recorded
only once in this problem to reduce the repetitive transactions.Required1. Set up Accounts
Receivable Sub ledger accounts for Paul Abrams, Linda Hobart, and Kelly Schaefer.2. Set up
Accounts Payable Sub ledger accounts for Frank's Supply, Baskin Company, Sprocket
Company, and Eau Claire Inc.3. Journalize the transactions of Newton Company into the
appropriate special journal, posting to the sub ledgers where required. Use page 3 for all
journals.View Solution:
Newton Company completed these transactions during April 2014 The terms

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