Acc225 Fundamental Accounting Principles: P7-3A The chart of accounts of Lopez Company includes the

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Acc225 Fundamental Accounting Principles
P7-3A
The chart of accounts of Lopez Company includes the following selected accounts.
112 Accounts Receivable
120 Merchandise Inventory
126 Supplies
157 Equipment
201 Accounts Payable
401 Sales
412 Sales Returns and Allowances
505 Cost of Goods Sold
610 Advertising Expense

In July the following selected transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price.
July 1 Purchased merchandise from Fritz Company $8,000.
2 Received freight bill from Wayward Shipping on Fritz purchase $400.
3 Made sales to Pinick Company $1,300, and to Wayne Bros. $1,500.
5 Purchased merchandise from Moon Company $3,200.
8 Received credit on merchandise returned to Moon Company $300.
13 Purchased store supplies from Cress Supply $720.
15 Purchased merchandise from Fritz Company $3,600 and from Anton Company $3,300.
16 Made sales to Sager Company $3,450 and to Wayne Bros. $1,570.
18 Received bill for advertising from Lynda Advertisements $600.
21 Sales were made to Pinick Company $310 and to Haddad Company $2,800.
22 Granted allowance to Pinick Company for merchandise damaged in shipment $40.
24 Purchased merchandise from Moon Company $3,000.
26 Purchased equipment from Cress Supply $900.
28 Received freight bill from Wayward Shipping on Moon purchase of July 24, $380.
30 Sales were made to Sager Company $5,600.

Instructions
(a) Journalize the transactions above in a purchases journal, a sales journal, and a general journal. (If answer is zero, please enter 0. Do not leave any fields blank. For multiple entries on the same day, list in the same order presented in the problem.)
(b) Post to both the general and subsidiary ledger accounts. (Assume that all accounts have zero beginning balances.) (If answer is zero, please enter 0. Do not leave any fields blank.
(c) Prove the agreement of the control and subsidiary accounts.
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