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Accounting Cycle Review 7-01 a1-f2 (Part Level Submission) Wildhorse Co. uses a perpetual inventory system...

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Accounting Cycle Review 7-01 a1-f2 (Part Level Submission) Wildhorse Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related and the subsidiary ledger for Wildhorse are indicated in the working papers. Presented below are a series of transactions for Wildhorse Co. for Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price GENERAL LEDGER Account Number 101 112 115 120 126 130 157 158 201 301 January 1 Opening Balance Account Title Cash Accounts Receivable Notes Receivable Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Owner's Capital $38,500 12,900 36,000 16,500 1,800 1,600 8,700 1,400 33,500 81,100 -Equip Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance Customer R. Beltre B. Santos S. Mahay $1,200 8,000 3,700 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Opening Balance Customer S. Meek R. Moses D. Saito $7,500 14,000 12,000

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