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Accounting 201 - Comprehensive Problem

Anacomp Meter Company closes its books and y closes its books and prepares financial statements at the end of each ath Aeacoup uses the perpetaal inventory system. The company completed the following nth. transactions during August, 2016: 1 2 Issued check no. 682 for August rent of $1,000 Issued check no. 683 to pay salaries of $1,240, which includes salary payable of $930 from July 31. 1 2 Aug 2 Issued invoice no. 503 for sale on account to R. T. Loeb, $600. Anacomp's cost of this merchandise was $190 3 Purchased inventory on credit terms of 1/15, n/60 from Grant, Inc., $1,400 4 Received net amount of cash on account from Fullam Company, $2,156, within the discount period 4 Sold inventory for cash, $330 (cost, $104) 5 Received from Park-Hee, Inc. merchandise that had been sold earlier for $550 5 6 7 8 (cost, $174) Issued check no. 684 to purchase supplies for cash, S780 Collected interest revenue of $1,100 Issued invoice no. 504 for sale on account to K. D. Skipper, $2,400 (cost, $759) Issued check no. 685 to pay Federal Company $2,600 of the amount owed at July 31. This payment occurred after the discount period 11 Issued check no 686 to pay Grant, Inc. the net amount owed from August 3 12 Received cash from R. T. Loeb in full settlement of her account receivable from August 2 16 Issued check no. 687 to pay salary expense of S1,240 19 Purchased inventory for cash $850, issuing check no. 688 22 Purchased furniture on credit terms of 3/15, n 60 from Beaver Corporation, $510 23 Sold inventory on account to Fullam Company, issuing invoice no. 505 for $9,966 0 (cost, $3,152)

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