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Instructions ,050 (a) Journalize the transactions above in a four-column cash payments JoUFa WICACO umns...

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Instructions ,050 (a) Journalize the transactions above in a four-column cash payments JoUFa WICACO umns for Other Accounts Dr., Accounts Payable Dr., Inventory Cr., and Cash Cr. Foot and cross-foot the journal. (b) Insert the beginning balances in the Accounts Payable control and subsidiary accounts, and post the October transactions to these accounts. 1,700 (c) Prove the agreement of the control account and the subsidiary account balances ns in P7-3A The chart of accounts of LR Company includes the following selected accounts ases urnal; nd 112 Accounts Receivable 120 Inventory 126 Supplies 157 Equipment 201 Accounts Payable 401 Sales Revenue 412 Sales Returns and Allowances 505 Cost of Goods Sold 610 Advertising Expense In July, the following transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price. July Purchased merchandise from Eby Company $8,000. 2 Received freight bill from Shaw Shipping on Eby purchase $ 3 Made sales to Fort Company $1,300 and to Hefner Bros. $1,500. 1

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