Selected transactions completed by Gampfer Company during itsfirst fiscal year ending December 31 were as follows:
Jan. 2. Issued a check to establish a petty cash fund of$3,200.
Mar. 14. Replenished the petty cash fund, based on the followingsummary of petty cash receipts: office supplies, $1,200;miscellaneous selling expense, $410; miscellaneous administrativeexpense, $620.
Apr. 21. Purchased $22,400 of merchandise on account, terms 1/10,n/30. The perpetual inventory system is used to account forinventory.
May 20. Paid the invoice of April 21 after the discount period hadpassed.
23. Received cash from daily cash sales for $15,120. The amountindicated by the cash register was $15,152.
June 15. Received a 60-day, 10% note for $127,500 on the Cadyaccount.
Aug. 14. Received amount owed on June 15 note, plus interest at thematurity date.
18. Received $5,440 on the Yoder account and wrote off theremainder owed on a $6,400 accounts receivable balance.
Sept. 9. Reinstated the Yoder account written off on August 18 andreceived $960 cash in full payment.
15. Purchased land by issuing a $480,000, 90-day note to AceDevelopment Co., which discounted it at 8%.
Oct. 17. Sold office equipment in exchange for $96,000 cash plusreceipt of a $64,000, 90-day, 6% note. The equipment had a cost of$224,000 and accumulated depreciation of $44,800 as of October17.
Nov. 30. Journalized the monthly payroll for November, based on thefollowing data:
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