Reference no: EM132996816

Question - Hensel merchandiser completes these transactions during August of the current year (terms for all its credit sales are 3/10, n/30).

Aug. 1 Purchased $7,058 of office equipment on credit from Brun Supply, invoice dated August 1, terms n/10 EOM.

Aug. 2 Borrowed $96,500 cash from Wisconsin Bank by signing a long-term note payable.

Aug. 4 Purchased $33,500 of merchandise from BLR Industries, invoice dated August terms 2/10, n/30.

Aug. 5 Purchased $1,040 of store supplies on credit from Grebe Company, invoice dated August 5, terms n/10 EOM.

Aug. 8 Sold merchandise on credit to C/d Rounder, Invoice No. 439, for $6,550 (cost is $3,910).

Aug. 10 Sold merchandise on credit to Carlos Mantel, Invoice No. 440, for $13,500 (cost is $8,500).

Aug. 11 Purchased $2,557 of merchandise from Lo Company, invoice dated August 10, terms 2/10, n/30.

Aug. 12 Sent BLR Industries Check No. 633 in payment of its August 3 invoice less the discount.

Aug. 15 Issued Check No. 634, payable to Payroll, in payment of sales salaries expense for the first half of the month, $6,585. Cashed the check and paid the employees.

Aug. 15 Cash sales for the first half of the month are $18,170 (cost is $9,000). (Cash sales are recorded daily but are recorded only twice in this problem to reduce repetitive entries.)

Aug. 15 Sold merchandises on credit to Tori Tripp, Invoice No. 441, for $5,250 (cost is $2,450).

Aug. 16 Purchased $459 of office supplies on credit from Grebe Company, invoice dated August 16, terms n/10 EOM.

Aug. 17 Received a $557 credit memorandum from Lo Company for the return of unsatisfactory merchandise purchased on August 11.

Aug. 18 Received payment from C/d Rounder for the August 8 sale less the discount.

Aug. 19 Received payment from Carlos Mantel for the August 10 sale less the discount.

Aug. 19 Issued Check No. 635 to Lo Company in payment of its invoice of August 10 less the return and the discount.

Aug. 22 Sold merchandise on credit to Carlos Mantel, Invoice No. 442, for $3,695 (cost is $2,060).

Aug. 24 Sold merchandise on credit to Tori Tripp, Invoice No. 443, for $4,280 (cost is $2,130).

Aug. 25 Received payment from Tori Tripp for the sale of August 15 less the discount.

Aug. 26 Received a $922 credit memorandum from Brun Supply for the return of office equipment purchased on August 1.

Aug. 30 Issued Check No. 636, payable to Payroll, in payment of sales salaries expense for the last half of the month, $6,585. Cashed the check and paid the employees.

Aug. 30 Cash sales for the last half of the month are $16,703 (cost is $10,200).

Aug. 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.

Required - Enter these transactions in a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal.