Amherst Networking Systems adjusts and closes its books and then prepares financial statements monthly

 Amherst Networking Systems adjusts and closes its books and then prepares financial propositions monthly. Amherst uses the perennial register order and all sales on faith possess provisions of n/30. The crew completed the succeedingcited transactions during August: Aug. 1 Issued stay no. 682 for August station divulsion of $1,300.
2 Issued stay no. 683 to pay the salaries payable of $1,300 from July 31.
2 Issued invoice no. 503 for sale on totality to R. T. Loeb, $700. Amherst's require of this commodities register was $210.
3 Purchased commodities register on faith provisions of 1/15, n/60 from Goldner, Inc., $1,400.
4 Received specie on totality from Friend Company, $2,400.
4 Sold commodities register for specie, $370 (cost, $111).
5 Issued stay no. 684 to alienation station preparation for specie, $730.
7 Issued invoice no. 504 for sale on totality to K. D. Sanders, $2,100 (cost, $630).
8 Issued stay no. 685 to pay Filter Crew $2,500 of the aggregate appropriate at July 31. This liquidation occurred succeeding the end of the discount epoch.
11 Issued stay no. 686 to pay Goldner, Inc. the net aggregate appropriate from August 3.
12 Received specie from R. T. Loeb in unmeasured subsidence of her totality receivable from August 2.
16 Issued stay no. 687 to pay salaries outlay of $1,290.
19 Purchased commodities register for specie, $850, issuing stay no. 688.
22 Purchased wares on faith provisions of 3/15, n/60 from Bradford Corporation, $510.
23 Sold commodities register on totality to Friend Company, issuing invoice no. 505 for $9,000 (cost, $2,700).
24 Received half the July 31 aggregate receivable from K. D. Sanders.
26 Purchased station preparation on faith provisions of 2/10, n/30 from Filter Company, $240.
30 Returned injured commodities register to the crew from whom Amherst made the specie alienation on August 19, receiving specie of $850.
31 Purchased commodities register on faith provisions of 1/10, n/30 from Seacrest Supply, $8,000.
31 Issued stay no. 689 to stockholders, for dividends, $600.
1. Open these four-shaft totalitys after a while their totality aggregate and July 31 pits in the manifold ledgers.

Accounts Receivable Tending Ledger: Friend Crew $2,400; R. T. Loeb, $0; Parker, Inc., $11,300; and K. D. Sanders, $8,790.
Accounts Payable Tending Ledger: Bradford Corporation, $0; Filter Company, $12,700; Goldner, Inc., $0; and Seacrest Supply, $0.
2. Journalize the August transactions using a sales life (page 4), a specie avail life (page 11, pass-by Sales Discounts Forfeited shaft), a alienations life (page 8), a specie liquidations life (page 5), and a unconcealed life (page 9).
3. Shaft daily to the totalitys receivable tending ledger and the totalitys payable tending ledger. On August 31, shaft to the unconcealed ledger.
4. Prepare an unadjusted trouble pit for the month ended August 31.
5. Journalize and shaft the succeedingcited adjusting entries:
a. Station preparation on index, $1,000.
b. Prepaid prophylactic expired, $350.
c. Depreciation outlay on wares, $250.
d. Accrued salaries outlay, $1,060.
6. Prepare an adjusted trouble pit.
7. Prepare a multistep proceeds proposition, proposition of retained rights, and classified pit shuffle.
8. Journalize stagnation entries and shaft.
9. Prepare a shaft-stagnation trouble pit.

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