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Problem 7-03A a-c (Video) The chart of accounts of Cullumber Company includes the following selected accounts. 112 Accounts Receivable 401 Sales Revenue 120 Inventory 412 Sales Returns and Allowances 126 Supplies 505 Cost of Goods Sold 157 Equipment 610 Advertising Expense 201 Accounts Payable 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 $8,120. 1 2 Received freight bill from Shaw Shipping on Eby purchase $410. 3 Made sales to Fort Company $1,250 and to Hefner Bros. $2,340. 5 Purchased merchandise from Getz Company $3,290. 8 Received credit on merchandise returned to Getz Company $350. 13 Purchased store supplies from Dayne Supply $740. 15 Purchased merchandise from Eby Company $3,510 and from Bosco Company $4,320. 10 Made sales to Aybar Company $3,990 and to Hefner Bros. $1,510. 18 Received bill for advertising from Welton Advertisements $560. 21 Sales were made to Fort Company $380 and to Duncan Company $3,470. 22 Granted allowance to Fort Company for merchandise damaged in shipment $30. 24 Purchased merchandise from Getz Company $2,900. 26 Purchased equipment from Dayne Supply $900. 28 Received freight bill from Shaw Shipping on Getz purchase of July 24, $330. 30 Sales were made to Aybar Company $5,880. Journalize the transactions above in a purchases journal, a sales journal, and a general journal. (Record entries in the order displayed in the problem statement.) Purchases Journal P1 Ref. Accounts Payable Cr. Inventory Dr. Other Accounts Dr. Date Account Credited (Debited) 126/ + 610/ 157/V . . (201) (120) Sales Journal S1 Accounts Receivable Dr. Ref. Sales Revenue Cr. Cost of Goods Sold Dr. Inventory Cr. Date Account Debited (112)(401) (505)(120) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Post ta both the general and subsidiary ledger accounts. (Assume that all accounts have zero beginning balances.). (Post entries in the order of entries presented in the previous part.) General Ledger Accounts Receivable Date Explanation Ref. Debit No. 112 Balance Credit SI G1 Inventory Date No. 120 Balance Explanation Ref. Debit Credit P1 G1 Si Supplies Date No. 126 Balance Explanation Ref. Debit Credit PI Equipment Date No. 157 Balance Explanation Ref. Debit Credit P1 Accounts Payable Date Explanation No. 201 Balance Ref. Debit Credit P1 GI Sales Revenue Date Explanation No. 401 Balance Ref. Debit Credit S1 Sales Returns and Allowances Date Explanation Ref. Debit No. 412 Balance Credit G1 Cost of Goods Sold Date Explanation No. 505 Balance Ref. Debit Credit SI Advertising Expense Date Explanation + No. 610 Balance Ref. Debit Credit P1 Welton Advertisements Date Explanation Ref. Debit Credit Balance P1 Bosco Company Date Explanation Ref. Debit Credit Balance + P1 LINK TO TEXT LINK TO TEXT Prove the agreement of the control and subsidiary accounts. Accounts receivable balance $ Subsidiary account balances Total Accounts payable balance $ Subsidiary account balances Total Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT

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