Chech GL0701 - Based on Problem 7-1A LO P1 Clark Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, 1/30). Mar. 1 Purchased $43,900 of merchandise from Sanchez Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Carter Co., Invoice No. 854, for $20,400 (cost is $12,000). Mar 3 Purchased $1,700 of office supplies on credit from Knight Company, invoice dated March 3, terns n/10 EON. Mar. 3 Sold merchandise on credit to Paula Parker, Invoice No. 855, for $13,000 (cost is $7,800). Mar. 6 Borrowed $88,000 cash from countryside Bank by signing a long-term note payable. Mar. 9 Purchased $22,150 of office equipment on credit from Clinton Supply, invoice dated March 9, terma n/10 EOM. Mar. 10 Sold merchandise on credit to Kathy Perry, Invoice No. 856, for $10,400 (cost is $6,200). Mar. 12 Received payment from Carter Co. for the March 2 sale less the discount. Mar. 13 Sent Sanchez Industries Check No. 416 in payment of the March 1 Invoice less the discount. Mar. 13 Received payment from Paula Parker for the March 3 sale less the discount. Mar. 14 Purchased $35,000 of merchandise from the thang 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, $18.900. Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $37,000 (cost is $22, 200). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Mar. 16 Purchased $2,200 of store supplies on credit from Knight Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $3,000 credit memorandum from Shang Co. for the return of unsatisfactory merchandise purchased on March 14. Mar. 19 Received a $3,320 credit memorandum from Clinton Supply for office equipment received on March 9 and returned for credit. Mar. 20 Received payment from Kathy Perry for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Zhang Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Kathy Perry, Invoice No. 857, for $23,000 (cost is $13,800). Mar. 28 sold merchandise on credit to Paula Parker, Invoice No. 858, for $7,800 (cost is $4,700). Mar. 31 Issued Check No. 419, payable to Payroll, In payment of sales salaries expense for the last half of the month, $18,900. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $33,300 (cost is $20,000). Ranaral s Dar a nie Prev 1 of 1 Next Vuwanitation ist View journal entry work No Date Account Title 1 Mar 01 Debit 43,900 Inventory Accounts payable Credit 43,900 2 Mar 02 ok 20,400 Accounts receivable Sales Cost of goods sold Inventory 20,400 - 12,000 12,000 3 Mar 03 Office supplies Accounts payable 1.700 1,700 4 Mar 03 Cost of goods sold Inventory 13,000 13,000 5 Mar 06 Cash Long-term notes payable 88,000 88,000 6 Mar 09 Office supplies Accounts payable 22,150 22,150 7 Mar 10 Accounts receivable Sales 10,400 6,200 Prev Next Office equipment 332 17 Mar 20 Cash Accounts receivable 1,040 1,040 18 Mar 23 Accounts payable Cash ok int 19 Mar 27 Accounts receivable Sales 20 Mar 28 Accounts receivable Sales 21 Mar 31 Sales salaries expense Cash 22 Mar 31 Cash Sales 23 Mar 31 Cost of goods sold Inventory Requirement General Ledger Dron N