Check my work Problem 7-1A Special journals, subsidiary ledgers, trial balance-perpetual LO C3, P1, P2 The following information applies to the questions displayed below) Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30). Purchased $35,000 of merchandise from Van Industries, invoice dated March 1, terms 1/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $14,000 (cost is $7,000). 3 (a) Purchased $1,050 of office supplies on credit from Gabel Company, invoice dated March 3, terms Mar. 2 n/10 EOM. 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7,000 (cost is $3,500). 6 Borrowed $72,000 cash from Pederal Bank by signing a long-term note payable. Purchased $17,500 of office equipment on credit from Spell Supply, invoice dated March 9, terms n/10 EOM. Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,500 (cost is $1,750). Received payment from Min Cho for the March 2 sale less the discount. 9 10 12 13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount 13 (b) Received payment from Linda Witt for the March 3 sale less the discount. 14 Purchased $29,000 of merchandise from the CD Company, invoice dated March 10, terms 1/10, n/30. 15 (a) Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $17,200. Cas hed the check and paid the employees. 15 (b) Cash sales for the first half of the month are $56,000 (cost is $44,800). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Purchased $1,570 of store supplies on credit from Gabel Company, invoice dated March 16, terms n/10 EOM. 16 Received a $2,900 credit memorandum from CD Company for the return of unsatisfactory merchandise purchased on March 14 Received a $525 credit memorandum from Spell Supply for office equipment received on March 9 17 19 Suomi Check my work merchandise purchased on March 14 Received a $525 eredit memorandum from Spell Supply for office equipment received on March 9 and returned for eredit. Received payment from Jovita Albany for the sale of March 10 less the discount. Issued Check No. 418 to CD Company in payment of the invoice of March 13 1ess the March 17 return and the discount. Sold merchandise on eredit to Jovita Albany, Invoice No. 857, for $10,500 (cost is $4,200). Sold merchandise on eredit to Linda Witt, Invoice No. 858, for $4,200 (cost is $1,680) 19 20 23 27 28 31 (a) Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last 31 (b) Cash sales for the last hal 31 (e) Verify that anounts impacting customer and ereditor accounts vere posted and that any anounts half of the month, $17,200. Cashed the check and paid the enployees. of the month are $61,600 (cost is $36,960) that should have been posted as individual amounts to the general ledger accounts vere posted. Foot and erosstfoot the journals and make the month-end postings Assume the following ledger account amounts Inventory (March 1 beg. bal. is $63,000), Z. Church, Capital (March 1 beg. bal. is $63,000) and Church Company uses the perpetual inventory system. Problem 7-1A Part 3 Post information from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary ledgers. GENERAL LEDGER Cash Accounts Recelvable Prev Problem 7-1A Part 3 Post information from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary ledgers GENERAL LEDGER Cash Accounts Receivable Date Debit Credit Balance Date Debit Credit Bala Inventory Office Supplies Date Debit Credit Balance Date Debit Credit Bala Mar. 01 Required information Store Supplies Office Equipment Date Debit Credit Balance Date Debit Credit Bala Accounts Payable Long-Term Notes Payable Date Debit Credit Balance Date Debit Credit Bala Z. Church, Capital Sales Date Debit Credit Balance Date Debit Credit Bala Required information Z Church, Capital Sales Date Debit Credit Balance Date Debit Credit Bala Mar 01 Sales Discounts Cost of Goods Sold Date Debit Credit Balance Date Debit Credit Bala ACCOUNTS RECEIVABLE LEDGER Sales Salaries Expense Jovita Albany Date Debit Credit Balance Date Debit Credit Bala Required information Min Cho Linda Witt Date Debit Credit Balance Date Debit Credit Bala ACCOUNTS PAYABLE LEDGER CD Company Gabel Company Date Debit Credit Balance Date Debit Credit Bala Spell Supply Van Industries Date Debit Credit Balance Date Debit Credit Bala Saved Help Required information 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. Schedule of Trial Balance Schedule of AP AR Prepare the March 31 trial balance. CHURCH COMPANY Trial Balance March 31 Debit Credit De Alash Check my work Problem 7-1A Special journals, subsidiary ledgers, trial balance-perpetual LO C3, P1, P2 The following information applies to the questions displayed below) Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30). Purchased $35,000 of merchandise from Van Industries, invoice dated March 1, terms 1/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $14,000 (cost is $7,000). 3 (a) Purchased $1,050 of office supplies on credit from Gabel Company, invoice dated March 3, terms Mar. 2 n/10 EOM. 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7,000 (cost is $3,500). 6 Borrowed $72,000 cash from Pederal Bank by signing a long-term note payable. Purchased $17,500 of office equipment on credit from Spell Supply, invoice dated March 9, terms n/10 EOM. Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,500 (cost is $1,750). Received payment from Min Cho for the March 2 sale less the discount. 9 10 12 13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount 13 (b) Received payment from Linda Witt for the March 3 sale less the discount. 14 Purchased $29,000 of merchandise from the CD Company, invoice dated March 10, terms 1/10, n/30. 15 (a) Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $17,200. Cas hed the check and paid the employees. 15 (b) Cash sales for the first half of the month are $56,000 (cost is $44,800). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Purchased $1,570 of store supplies on credit from Gabel Company, invoice dated March 16, terms n/10 EOM. 16 Received a $2,900 credit memorandum from CD Company for the return of unsatisfactory merchandise purchased on March 14 Received a $525 credit memorandum from Spell Supply for office equipment received on March 9 17 19 Suomi Check my work merchandise purchased on March 14 Received a $525 eredit memorandum from Spell Supply for office equipment received on March 9 and returned for eredit. Received payment from Jovita Albany for the sale of March 10 less the discount. Issued Check No. 418 to CD Company in payment of the invoice of March 13 1ess the March 17 return and the discount. Sold merchandise on eredit to Jovita Albany, Invoice No. 857, for $10,500 (cost is $4,200). Sold merchandise on eredit to Linda Witt, Invoice No. 858, for $4,200 (cost is $1,680) 19 20 23 27 28 31 (a) Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last 31 (b) Cash sales for the last hal 31 (e) Verify that anounts impacting customer and ereditor accounts vere posted and that any anounts half of the month, $17,200. Cashed the check and paid the enployees. of the month are $61,600 (cost is $36,960) that should have been posted as individual amounts to the general ledger accounts vere posted. Foot and erosstfoot the journals and make the month-end postings Assume the following ledger account amounts Inventory (March 1 beg. bal. is $63,000), Z. Church, Capital (March 1 beg. bal. is $63,000) and Church Company uses the perpetual inventory system. Problem 7-1A Part 3 Post information from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary ledgers. GENERAL LEDGER Cash Accounts Recelvable Prev Problem 7-1A Part 3 Post information from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary ledgers GENERAL LEDGER Cash Accounts Receivable Date Debit Credit Balance Date Debit Credit Bala Inventory Office Supplies Date Debit Credit Balance Date Debit Credit Bala Mar. 01 Required information Store Supplies Office Equipment Date Debit Credit Balance Date Debit Credit Bala Accounts Payable Long-Term Notes Payable Date Debit Credit Balance Date Debit Credit Bala Z. Church, Capital Sales Date Debit Credit Balance Date Debit Credit Bala Required information Z Church, Capital Sales Date Debit Credit Balance Date Debit Credit Bala Mar 01 Sales Discounts Cost of Goods Sold Date Debit Credit Balance Date Debit Credit Bala ACCOUNTS RECEIVABLE LEDGER Sales Salaries Expense Jovita Albany Date Debit Credit Balance Date Debit Credit Bala Required information Min Cho Linda Witt Date Debit Credit Balance Date Debit Credit Bala ACCOUNTS PAYABLE LEDGER CD Company Gabel Company Date Debit Credit Balance Date Debit Credit Bala Spell Supply Van Industries Date Debit Credit Balance Date Debit Credit Bala Saved Help Required information 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. Schedule of Trial Balance Schedule of AP AR Prepare the March 31 trial balance. CHURCH COMPANY Trial Balance March 31 Debit Credit De Alash