Bishop Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30):
1. Open the following general ledger accounts: Cash; Accounts Receivable; Inventory (March 1 beg. bal. is $300,000); Office Supplies; Store Supplies; Office Equipment; Accounts Payable; Long-Term Notes Payable; M. Bishop, Capital (March 1 beg. bal. is $300,000); Sales; Sales Discounts; Cost of Goods Sold; and Sales Salaries Expense. Open the following accounts receivable subsidiary ledger accounts: Taylor Few, Min Cho, and Lance Snow. Open the following accounts payable subsidiary ledger accounts: Stacy Company, Soy Industries, Tells Supply, and JW Company.
2. Enter these transactions in a sales journal like Exhibit 7.5, a purchases journal like Exhibit 7.9, a cash receipts journal like Exhibit 7.7, a cash disbursements journal like Exhibit 7.11, or a general journal. Number all journal pages as page 2.
3. Prepare a trial balance of the general ledger and prove the accuracy of the subsidiary ledgers by preparing schedules of both accounts receivable and accounts payable.
4. Prepare the sales journal, purchase journal, cash receipts journal, cash disbursement journal, general journal, general ledger, accounts receivable ledger, accounts payable, trial balance, schedule of accounts receivable, schedule of accounts payable.
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