“the general ledger of Pickax Electronics includes the following selected accounts, along with their account numbers:

“the general ledger of Pickax Electronics includes the following selected accounts, along with their account numbers:—————————————————————————Cash………………..111 Sales Revenue………………411Accounts Receivable…..112 Sales Discounts…………….412Notes Receivable……..115 Sales Returns and Allowances…413Inventory……………131 Interest Revenue……………417Equipment……………141 Gain on Sale of Land………..418Land………………..142 Cost of Goods Sold………….511—————————————————————————All credits sales are on the company’s standard terms of 2/10, n/30.Sales and cash receipts transactions in September were as follows:—————————————————————————Sept. 4 sold inventory on credit to J. Quilleran $1,200. Pickax’s cost of these goods was $480.7 As an accommodation to another company, sold new equipment for its cost of $1,115, receiving cash in this amount.7 Cash sales for the week totaled $3,162 (cost, $1,264).10 Sold a surround sound system to Duncan, Inc., on account, $4,245 (cost $1,698)11 sold land that cost $34,000 for cash of $53,000. The difference is a gain on sale of land.12 Sold goods on account to Weatherby good, $2,100 (cost $840).13 Received cash from J. Quilleran in full settlement of his accounts receivable from September 4.14 Cash sales for the week were $2,795 (cost $1,118).17 Sold inventory on credit to Riker and Riker, a partnership, $1,260 (cost $504).20 Received inventory sold on September 10 to Duncan, Inc., for $170. the goods we shipped were unsatisfactory. these goods cost Pickax $68.20 Sold a stereo to Weatherby Good on account, $5,500 (cost $2,200).21 Cash Sales for the week were $3,260 (cost $1,304).22 Received $1,700 cash from Duncan, Inc., in partial settlement of its account receivable. there was no discounts.24 Received cash from Riker and Riker for its account receivable from September 17.25 Sold goods on account to H. Rice Co., $2,830 (cost $1,132).27 Collected $5,880 on a note receivable, of which $380 was interest.28 Cash sales for the week totaled $4,160 (cost $1,664).29 Sold inventory on account to Kingenschoen Corporation, $3,200 (cost $1,280).29 received goods sold on September 25 to H. Rice Co. for $950. The goods were damaged in shipment. the salvage value of these goods was $134. Record the inventory at its salvage value.30 Received $2,375 cash on account from Duncan, Inc. there was no discounts.”

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