Journals and selected accounts payable, accounts receivable, and general ledger accounts for Innovative Solutions are given in the Working Papers.
Transactions:Dec.1. Sold merchandise on account to Larry Simpson, $ 4,780.00, plus sales tax. S395.2. Paid cash to Perkins Properties for rent, $800.00. C5 18.3. The board of directors declared a dividend of $ 0.20 per share; capital stock issued is 20,000 shares. M68.4. Received cash on account from Coastal Country Schools, $ 814.80, less 2 % sales discount. R289.5. Paid cash to Ulman Paper fupplies, $ 169.00. C519.6. Paid cash on account to Jing Corporation for $ 2,618.00, less 2% discount. C520.7. Purchased merchandise on account from Wilson Metals, $ 9,000.00, less a 60 % trade discount. P315.8. Bought office supplies on account from Barger Office Supply, $ 118.00. M69.9. Soid case’s Signs for miscellanneous expense, $ 42.00. C521.10. Sold merchandise on account to LaDonna Atkins, $ 2,410.00 plus sales tax..S396.12. Paid cash to Daniel Promotions for advertising, $ 590.00. C522.13. Paid cash to City Utilities for electric bill, $ 347.50. C523.14. Purchased merchandise on account from Quitman Manufacturing, $ 4,818.00. P316.15. Sold merchandise on account to Coastal County Schools, $ 3,448.00. Coastal County Schools is exemptfrom sales tax. S39716. Granted credit to Larry Simpson for merchandise returned, $ 229.00, plus sales tax, $ 13.74 ; total, $ 242.74CM21.17. Recorded cash and credit card sales. $ 6,148.90, plus sales tax, $332.04; total, $ 6,480.94. TS49.18. Returned merchandise to Jing Corporation, $ 54.00. DM8.2. Received cash on account from Joseph Greggs, $ 2,219.15. R290.28. Paid cash for dividend declared December 3. C24.30. Paid cash to replenish the petty cash fund: advertising expense, $ 49.00 ; miscellaneous, $ 25.00 ;cashshort, $ 2.00. C525.
Prove and rule the cash payments journal. Post the totals of the special columns to the general ledger.