Accounting Practice problem 1

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. 12 1 Purchased $39,000 of merchandise from Van Industries, terms 2/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $15,600 (cost is $7,800). 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). 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 Bale less the discount of $156. 14 Purchased $30,000 of merchandise from the CD Companyterms 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 Mareh 15. Purchased $1,690 of store supplies on credit fron Gabel Company, terma n/30. 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 $6,680 (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 568,640 (cost is $41, 184). These cash sales are recorded in the cash receipts Journal on March 31. 31(e) 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. 28 Assurse 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 Required: 2-a. Enter the transactions in a sales journal. 2-b. Enter the transactions in a purchases journal. 2-c. Enter the transactions in a cash receipts journal. 2-d. Enter the transactions in a cash payments journal. 2-e. Enter the transactions in a general journal. 23 Complete this question by entering your answers in the tabs below. Req 2A Reg 2B Req 2C Reg 2E Enter the transactions in a sales journal. SALES JOURNAL SALE Accounts Date cost of Goods Account Debited Accounts Receivable Dr. Sales Cr. Invoice Number Cost of Goods Sold Dr. Inventory Cr. Mar. 31 Totals III 2 of 8 !! Next > MacBook Pro Required information 2.c. Enter the transactions in a cash receipts journal. 2-d. Enter the transactions in a cash payments journal. 2-e. Enter the transactions in a general journal. Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Reg 2C Reg 2D Reg 2 Enter the transactions in a purchases journal. PURCHASES JOURNAL Date of Accounts Terms Dushlace Invoice Date Account inventory Or Office Supplies Dr Other Accounts Dr. Mar. 31 Totals ( Req2A Req20 > MacBook Pro Required information 2-c. Enter the transactions in a cash receipts journal 2.d. Enter the transactions in a cash payments journal, 2-e. Enter the transactions in a general journal. Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Req 2c Req 2D Reg 2 Enter the transactions in a cash receipts journal. CASH RECEIPTS JOURNAL Date Account Credited Cash Dr. Sales Discount Dr. Accounts Receivable Cr. Sales Cr. Other Accts. Cr. Cost of Goods Sold Dr. Inventory Cr. Mar. 31 Totals Required information 2-c. Enter the transactions in a cash receipts journal 2-d. Enter the transactions in a cash payments journal. 2-e. Enter the transactions in a general Journal Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Req 2c Req 2D Reg 2E Enter the transactions in a cash payments journal. CASH PAYMENTS JOURNAL Account Debited Cash Cr. Date Ck. No. Payee Inventory Cr. Other Accounts Dr. Accounts Payable Dr. Totals MacBook Pro Required information eg Keq ZA Req 28 Enter the transactions in a general View transaction list Journal entry worksh Returned $3,000 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts payable by that amount. . Note: Enter debits before credits. Date General Journal Mar. 17 Debit Debit Credit Record entry Clear entry View general journal 1 2 of 8 Next > Required information Keq ZA keq 25 q 20 keq 2D q 2e Enter the transactions in a general journal. View transaction list Journal entry worksheet Returned $585 of office equipment purchased on March 9 to Spell Supply. Church reduces accounts payable by that amount. Note: Enter debits before credits Date General Journal Debit Credit Mar. 19 Record entry Clear entry View general journal