Assume that Moore Co. in Problem 7-1A uses the periodic inventory system. Required...

Assume that Moore Co. in Problem 7-1A uses the periodic inventory system.

Required

1. Prepare headings for a sales journal like the one in Exhibit 7A.1. Prepare headings for a cash receipts

journal like the one in Exhibit 7A.2. Journalize the April transactions shown in Problem 7-1A that

should be recorded in the sales journal and the cash receipts journal assuming the periodic inventory

system is used.

2. Open the general ledger accounts with balances as shown in Problem 7-1A (do not open a Cost of

Goods Sold ledger account). Also open accounts receivable subsidiary ledger accounts for Ty Afton,

Debra Kohn, and Pat Orlof. Under the periodic system, an Inventory account exists but is inactive

until its balance is updated to the correct inventory balance at year-end. In this problem, the

Inventory account remains inactive but must be included to correctly complete the trial balance.

3. Complete parts 3, 4, and 5 of Problem 7-1A using the results of parts 1 and 2 of this problem.