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1. Journalists the transactions for the month of December. Use the periodic method.
2. Record to subsidiary ledger and post to the general ledger as appropriate.
3. Prepare a schedule of accounts receivable and a schedule of accounts payable.

10A-4. Abby Gray opened Abbys Toy House. As her newly hired accoun tasks are to do the following 1. Journalize the transactions for the month of December. Use th 2. Record to subsidiary ledgers and post to the general ledger as 3. Prepare a schedule of accounts receivable and a schedule of accounts The following is the partial chart of accounts for Abbys Toy House method appropriate. payable. Abbys Toy House Chart of Accounts Assets 110 Cash 112 Accounts Receivable 114 Prepaid Rent 121 Delivery Truck Liabilities 210 Accounts Payable Owners Equity 310 A. Gray, Capital Revenue 410 Toy Sales 412 Sales Returns and Allowances 414 Sales Discounts Cost of Goods 510 Toy Purchases 512 Purchases Returns and Allowances 514 Purchases Discount Expenses 610 Salaries Expense 612 Cleaning Expense
CHAPTER 10 Purchases and Cash Payments 3 Abby invested $7,000 in the toy store. Paid 3 months rent in advance, check no. 1, $3,100 Purchased merchandise from Morris Curtis Company on account, $4,400, invoice no. 410, dated December 2; terms 5/10, n/3o. Sold merchandise to David Plouffe on account, $500, invoice no. 1 terms 5/10, n/30. Sold merchandise to Robert Cooper on account, $400, invoice no. 2: terms 5/10, n/30. 6 s Purchased merchandise from Morris Curtis Co. on account, $1,300, involkce no. 415, dated December 9: terms 5/10, n/30. Sold merchandise to David Plouffe on account, $1,100, invoice no. 3: terms 5/10, n/30. g 9 Paid cleaning service, check no. 2, $275 Robert Cooper returned merchandise that cost $100 to Abbys Toy House. Abby issued credit memorandum no. 1 to Robert Cooper for $100. Purchased merchandise from Mildred Mann on account, $4,400, invoice no. 311, dated December 11; terms 1/15, n/60. 10 10 12 Paid Morris Curtis Co., invoice no. 410, dated December 2, check no. 3 13 Sold $1,800 of toy merchandise for cash. 13 Paid salaries, $1,100, check no. 4 14 Returned merchandise to Mildred Mann in the amount of $800. Abbys Toy House issued debit memorandum no. 1 to Mildred Mann. 15 Sold merchandise for $3,900 cash. 16 Received payment from Robert Cooper, invoice no. 2 (less returned merchandise), less discount 16 David Plouffe paid invoice no. 1 16 Sold toy merchandise to Allson Reach on account, $4,700, invoice no. 4: 20 Purchased delivery truck on account from Sam Katz Garage, $2,500, invoice 22 Sold to David Plouffe merchandise on account, $1,200, invoice no. 5; 23 Paid Mildred Mann balance owed, check no. 5 terms 5/10, n/20 no. 111, dated December 21 (no discount). terms Sold toy merchandise on account to Alison Reach, $600, invoice no. 6: terms 5/10, n/30. 24 25 Purchased toy merchandise, $1,100, check no. 6 26 Purchased toy merchandise from Sanya Burger on account, $4,300, invoice no. 211, dated December 27: terms 5/10, n/30. David Plouffe paid invoice no. 5, dated December 22. Alison Reach paid invoice no. 6, dated December 24. Abby invested an additional $4,000 in the business. Purchased merchandise from Morris Curtis Co., $1,800, invoice no. 436, dated December 29; terms 5/10, n/30 Paid Morris Curtis Co. invoice no. 436, check no. 7. Sold merchandise to Bella Falco Company on account, $3,600, invoice no. 7: terms 5/10, n/30 28 28 28 30 30
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