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1) prepare the general journal entries to record these transactions.

2) give the control account and subsidiary ledger balances for Accounts Payable and Accounts receivable.

3. set up control accounts and subsidiary ledger.

1. (15 points) Ceres Computer Sales uses the perpetual inventory system and had the following transactions during December December Sold merchandise on credit costing $3,500 for $7,000 to Nina Corporation, terms 2/10, n/30. Purchased merchandise on credit from Scott Corporation costing $8,000, terms 3/10, n/60. Nina returned $500 of merchandise originally costing s250 and received credit Received allowance from Scott Corporation for $750 for December 2nd purchase. 2. 3. 4. 10 Paid bill to Scott for December 2nd purchase. 15 Sold merchandise on credit costing $4000 for $8000 to Dima Inc., terms 2/10, n/30. 16 Sold merchandise on credit costing $2000 for $4000 to Pepper Inc. terms 2/10, n/30. 19 Purchased merchandise on credit from Scott Corporation costing $1,250, terms 3/10, n/60. 22 Received payment from Nina for December 1st sale. 23 Sold merchandise on credit costing $2,400 for $4,800 to Joey Corporation, terms 2/10, n/30. 24 Received payment from Dima for December 15th sale. 25 Received gifts from Santa, no journal entry required. 26 Received payment from Pepper for December 16th sale. 27 Purchased merchandise on credit from Scott Corporation costing $3,750, terms 3/10, n/60. 30 Paid bill to Scott for December 19th purchases

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