Accoung practice problem 2

Help Save Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10,n/30). Mar. 1 P urchased $39,000 of merchandise from Van Industries, terms 2/15, 1/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $15,600 (Cost is $7,000). 3 (a) Purchased $1,170 of office supplies on credit from Gabel Company, terms n/30. 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7.800 (cost is $3,900). Borrowed $72,000 cash from Federal Bank by signing a long-term note payable. Purchased $19,500 of office equipment on credit from Spell Supply, terms n/30. 10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,900 (cost is $1,950). 12 Received payment from Min Cho for the March 2 sale less the discount of $312. 13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount of $780. 13 (b) Received payment from Linda Witt for the March 3 sale less the discount of $156. 14 Purchased $30,000 of herchandise from the CD Company, tern 2/10, 1/30 15 (a) Issued Check No. 417 for $14,800, payee is Payroll, in payment of sales salaries expense for the first half of the month. 15 (b) Cash sales for the first half of the month are $62,400 (cost is $49,920). These cash sales are recorded in the cash receipts journal on March 15. Purchased $1,690 of store supplies on credit from Gabel Company, terms n/30. 17 Returned $3,000 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts payable by that amount. 19 Returned $585 of office equipment purchased on March 9 to Spell Supply Church reduces accounts payable by that amount. Received payment from Jovita Albany for the sale of March 10 less the discount of $78. Issued Check No. 418 to CD Company in payment of the March 14 purchase less the March 17 return and the $540 discount. Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $11,700 (cost is $4,680). Sold merchandise on credit to Linda Witt, Invoice No. 858, for $4,680 (cost is $1,872). 31 (a) Issued Check No. 419 for $14,800, payee is Payroll, in payment of sales salaries expense for the last half of the month. 31 (b) Cash sales for the last half of the month are $68,640 (cost is $41,184). These cash sales are recorded in the cash receipts journal on March 31. 31 (c) Verify that amounts impacting customer and creditor accounts were posted and that any amounts that should have been posted as individual amounts to the general ledger accounts were posted. Foot and crosstoot the journals and make the month-end postings. Assume the following ledger account amounts Inventory (March 1 beg, bal is $61.000). Z. Church, Capital (March 1 beg bal. is $61,000) and Church Company uses the perpetual inventory system. Help Save & Exit Check my (a) Post Information from the journals in Part 2 to the general ledger and he accounts receivable and accounts payable subsidiary ledgers. GENERAL LEDGER Cash Debit Accounts Receivable Debit Credit Date Credit Banco Inventory Debit Office Supplies Debit Date Credit Balance Mar. 01 Store Supplies Debit Omice Equipment Debit Credit Balance Cred of 8 !! Next > Check my Required information Store Supplies Debit Credit Balance Office Equipment Debit Credit Balance Accounts Payable Debit Date Credit Balance Long-Term Notes Payable Debit Credit Date Balance 1 Z. Church, Capital Debit Date Sales Debit Credit Balance Date Credit Balance Mar. 01 Sales Discounts Debit Cost of Goods Sold Debit Credit Balance Date Date Credit 18 Next > lacBook Pro Check my Required information Sales Discounts Cost of us Sold Debit Date Debit Credit Balance Date Credit Balance Sales Salaries Expense Debit ACCOUNTS RECEIVABLE LEDGER Jovita Albany Debit Credit Balance Date Credit Balance Min Cho Linda Witt Debit Credit Balance Date Balance Credit Date Debit Gabel Company Debit Credit ACCOUNTS PAYABLE LEDGER CD Company Debit Credit Balance Date Date 2 MacBook Pro Help Save & Exit Check my Required information ACCOUNTS PAYABLE LEDGER CD Company Debit Credit Date Balance Gabel Company Debit Date Credit Balance Spell Supply Debit Van Industries Debit Date Credit Balance Date Credit Balance (b) Prepare the March 31 trial balance, schedule of accounts receivable and schedule of accounts payable. Complete this question by entering your answers in the tabs below. IR WOORT TO MARPI TURI von Arrni ALIA Required information complete this question by Part 2 of 2 Trial Balance Schedule of sc Schedule of AP AR TIN Prepare the March 31 trial balance. points eBook CHURCH COMPANY Trial Balance March 31 Debit References Totals Required information of 2 (b) Prepare the March 31 trial balance, schedule of accounts receivable and schedule of accounts payable. Complete this question by entering your answers in the tabs below. Trial Balance Schedule of Eschedule of AP AR ances Prepare the March 31 schedule of accounts receivable. CHURCH COMPANY Schedule of Accounts Receivable March 31 Jovita Albany Linda Witt Min Cho Total accounts receivable Trial Balance Schedule of AP > Required information (b) Prepare the March 31 trial balance, schedule of accounts receivable and schedule of accounts payable. Complete this question by entering your answers in the tabs below. Trial Balance Schedule of Schedule of AP AR Prepare the March 31 schedule of accounts payable. es CHURCH COMPANY Schedule of Accounts Payable March 31 Gabel Company Spell Supply Van Industries CD Company Total accounts payable