Sunland Company's chart of accounts includes the following selected accounts 101 Cash 120 Inventory 130...
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Accounting
Sunland Company's chart of accounts includes the following selected accounts 101 Cash 120 Inventory 130 Prepaid Insurance 505 Cost of Goods Sold 157 Equipment 201 Accounts Payable 306 Owner's Drawings On October 1, the accounts payable ledger of Sunland Company showed the following balances: Uggla Company $2,600, Orr Co. $2,450, Rosenthal Co. $1,760, and Clevenger Company $3,700. The October transactions involving the payment of cash were as follows. Oct. 1 Purchased merchandise, check no. 63, $250. 3 Purchased equipment, check no. 64, $800 5 Paid Uggla Company balance due of $2,600, less 2% discount, check no. 65, $2,548.00. 10 Purchased merchandise, check no. 66, $2,280. 15 Paid Rosenthal Co. balance due of $1,760, check no. 67 16 C. Sunland, the owner, pays his personal insurance premium of $310, check no. 68 19 Paid Orr Co. in full for invoice no. 610, $2,250 less 2% cash discount, check no. 69, $2,205.00. 29 Paid Clevenger Company in full for invoice no. 264, $2,550, check no. 70
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