Reference no: EM131518457

Question: Jacobs Company had the following transactions that occurred during February of this year:

Feb. 1 Issued Ck. No. 4311, $637, to Barker Company for invoice no. 3113E, recorded previously for $650, less cash discount of $13.

2 Issued Ck. No. 4312 to Bonilla Express Company for freight charges, $48, for merchandise purchased.

4 Issued Ck. No. 4313 to Dillon Realty for monthly rent, $560. 9 Received and paid bill for advertising in The Nickel News, $84, Ck. No. 4314.

10 Issued Ck. No. 4315, $990, to Dorsey Company for invoice no. D642, recorded previously for $1,000, less 1 percent cash discount.

15 Paid wages recorded previously for first half of month, $1,678; Ck. No. 4316.

19 R. Jacobs, the owner, withdrew $900 for personal use; Ck. No. 4317.

25 Issued Ck. No. 4318 to First National Bank for payment on bank loan, $896, consisting of $800 on principal and $96 interest.

27 Issued Ck. No. 4319, $430, to Long Company for invoice no. 6317, recorded previously (no discount). 28 Voided Ck. No. 4320.

28 Paid wages recorded previously for second half of month, $1,648; Ck. No. 4321.

28 Received and paid telephone bill, $86; Ck. No. 4322, payable to Southwestern Telephone Company.
Required

1. Journalize the transactions for February in the cash payments journal. Assume the periodic inventory method is used.

2. Total and rule the journal.

3. Prove the equality of the debit and credit totals.