1. Complete General Journal
2.Enter the month-end totals from the Cash Receipts journal.
3.Enter the month-end totals from the Cash Disbursements journal.
4.Enter the month-end totals from the Purchases journal.
5.Enter the month-end totals from the Sales journal.
6. Complete a trial Balance
7.Enter all transactions that are properly included in the Cash Receipts Journal.
8.Enter all transactions that are properly included in the Purchases Journal.
9.Enter all transactions that are properly included in the Sales Journal.
Mitchell Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30).
General Journal tab - Each transaction is recorded in either a special journal, or directly in the general journal. If a transaction is to be recorded in a special journal, select "Entered in special journal" in the first account field. Otherwise, prepare the general journal entry. Prepare a journal entry for each of the special journals at month-end. General Ledger and Trial Balance tabs - Journal entries are posted automatically to the general ledger and trial balance. Cash Receipts Journal tab - Enter the transactions that are properly included in this special journal. Cash Disbursements Journal tab - Enter the transactions that are properly included in this special journal. Purchases Journal tab - Enter the transactions that are properly included in this special journal. Sales Journal tab - Enter the transactions that are properly included in this special journal. Mar. 1 Purchased $45,600 of merchandise from Lane Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Wilson Co., Invoice No. 854, for $40,800 (cost is $24,000). Mar. 3 Purchased $1,900 of office supplies on credit from Perez Company, invoice dated March 3, terms n/10 EOM. Mar. 3 Sold merchandise on credit to Lindsey Martin, Invoice No. 855, for $14,000 (cost is $8,400). Mar. 6 Borrowed $86,000 cash from First Bank by signing a long-term note payable. Mar. 9 Purchased $22,350 of office equipment on credit from Mannion Supply, invoice dated March 9, terms n/10 EOM. Mar. 10 Sold merchandise on credit to Rita Griffin, Invoice No. 856, for $11,200 (cost is $6,700). Mar. 12 Received payment from Wilson Co. for the March 2 sale less the discount. Mar. 13 Sent Lane Industries Check No. 416 in payment of the March 1 invoice less the discount. Mar. 13 Received payment from Lindsey Martin for the March 3 sale less the discount. Mar. 14 Purchased $48,600 of merchandise from the Sanchez Co., invoice dated March 13, terms 2/10, n/30. Mar. 15 Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $22,300. Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $38,000 (cost is $22,800). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Mar. 16 Purchased $2,800 of store supplies on credit from Perez Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $4,600 credit memorandum from Sanchez Co. for the return of unsatisfactory merchandise purchased on March 14. Mar. 19 Received a $3,350 credit memorandum from Mannion Supply for office equipment received on March 9 and returned for credit. Mar. 20 Received payment from Rita Griffin for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Sanchez Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Rita Griffin, Invoice No. 857, for $25,000 (cost is $15,000). Mar. 28 Sold merchandise on credit to Lindsey Martin, Invoice No. 858, for $8,400 (cost is $5,000). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $22,300. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $34,200 (cost is $20,500). Journal entry worksheet 1 19 20 21 22 23 24 25 26 > Enter the month-end totals from the Cash Receipts journal. Note: Enter debits before credits. Date Account Title Debit Credit Mar 31 Journal entry worksheet Enter the month-end totals from the Cash Disbursements journal. Note: Enter debits before credits. Date Account Title Debit Credit Mar 31 Journal entry worksheet Enter the month-end totals from the Purchases journal. Note: Enter debits before credits. Date Account Title Debit Credit Mar 31 Journal entry worksheet
