You must complete Problem 7B before attempting this

problem Using #4416

You must complete "Problem 7B before attempting this problem. Using the information in
Problem 4B, complete the following requirements assuming a periodic inventory system:In
Problem 4BJuly 16 Received payment from Paul Kane for the July 6 sale.17 Purchased
merchandise on credit from Sprague Company, invoice dated July 17, terms 2/10, n/30,
$17,600.20 Purchased office supplies on credit from Poppe's Supply, $1,500. Invoice dated July
19, terms n/10 EOM.21 Borrowed $40,000 from College Bank by giving a long-term note
payable.23 Received payment from Kelly Grody for the July 13 sale24 Received payment from
Karen Harden for the July 14 sale.24 Received a $4,800 credit memorandum from Sprague
Company for defective merchandise received on July 17 and returned.26 Purchased
merchandise on credit from Beech Company, invoice dated July 26, terms 2/10, n/30,
$21,30027 Issued cheque #303 to Sprague Company in payment of its July 17 invoice29 Sold
merchandise on credit to Paul Kane, invoice #922, $52,000. Cost, $28,60030 Sold merchandise
on credit to Kelly Grody, invoice #923, $33,000. Cost, $18,15031 Issued cheque #304, payable
to Payroll, in payment of the sales salaries for the last half of the month, $60,400. For simplicity,
we assume one cheque.31 Cash sales for the last half of the month were $158,040. Cost,
$86,900Required1. Set up the following General Ledger accounts: Cash (101); Accounts
Receivable (106); Merchandise Inventory (119); Office Supplies (124); Store Supplies (125);
Store Equipment (165); Accounts Payable (201); Long-Term Notes Payable (251); Gene
Duncan, Capital (301); Sales (413); Sales Discounts (415); Purchases (505); Purchase
Discounts (506); Purchase Returns and Allowances (507); Sales Salaries Expense (621); and
Advertising Expense (655). Enter the June 30 balances of $190,000 for Cash; $334,000 for
Merchandise Inventory; $190,000 for Gene Duncan, Capital; and $334,000 for Long-Term
Notes Payable.2. Continuing from 'Problem 7-7B, journalize the remaining July transactions for
Duncan Industries into the appropriate special journal, posting to the sub ledgers as required.3.
Post the items that should be posted as individual amounts from the journals.4. Foot and cross
foot the journals and make the month-end postings.5. Prepare a trial balance of the General
Ledger and prepare schedules of accounts receivable and accounts payable.View Solution:
You must complete Problem 7B before attempting this problem Using

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