Comprehensive Problem-Perpetual Part 1?

(If the Working Papers that accompany this book are not available, omit this comprehensive problem.)
Assume it is Monday, May 1, the first business day of the month, and you have just been hired
as the accountant for Colo Company, which operates with monthly accounting periods. All of the
company鈥檚 accounting work is completed through the end of April and its ledgers show April 30 balances.
During your first month on the job, the company experiences the following transactions and
events (terms for all its credit sales are 2
10, n
30 unless stated differently):
May 1 Issued Check No. 3410 to S&P Management Co. in payment of the May rent, $3,710. (Use
two lines to record the transaction. Charge 80% of the rent to Rent Expense鈥擲elling Space
and the balance to Rent Expense鈥擮ffice Space.)
2 Sold merchandise on credit to Hensel Company, Invoice No. 8785, for $6,100 (cost is $4,100).
2 Issued a $175 credit memorandum to Knox, Inc., for defective (worthless) merchandise sold
on April 28 and returned for credit. The total selling price (gross) was $4,725.
3 Received a $798 credit memorandum from Peyton Products for the return of merchandise
purchased on April 29.
4 Purchased the following on credit from Gear Supply Co.: merchandise, $37,072; store supplies,
$574; and office supplies, $83. Invoice dated May 4, terms n
10 EOM.

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