financeAssume that Bishop Company in the previous problem uses the periodic inventory system.
***Required***
**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; Purchases; Purchases Returns and Allowances; Purchases Discounts; 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 the transactions from Problem 7-5A in a sales journal like that in Exhibit 7A.1, a purchases journal like that in Exhibit 7A.3, a cash receipts journal like that in Exhibit 7A.2, a cash disbursements journal like that in Exhibit 7A.4, or a general journal. Number 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. 23rd Edition•ISBN: 9781305575080David Twomey, Marianne Jennings, Stephanie Greene369 solutions
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