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 Purchased $43,600 of merchandise from Van Industries, terms 2/15, 1/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,800 (cost is $8,400). 3 (a) Purchased $1,230 of office supplies on credit from Gabel Company, terms n/30. 3 (6) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $10,200 (cost is $5,800). 6 Borrowed $82,000 cash from Federal Bank by signing a long-term note payable. 9 Purchased $21,850 of office equipment on credit from Spell Supply, terms n/30. 10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $5,600 (cost is $2,900). 12 Received payment from Min Cho for the March 2 sale less the discount of $336. 13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount of $872. 13 (b) Received payment from Linda Witt for the March 3 sale less the discount of $294. 14 Purchased $32,625 of merchandise from the CD Company, terms 2/10, n/30. 15 (a) Issued Check No. 417 for $18,380, payee is Payroll, in payment of sales salaries expense for the 15 (b) Cash sales for the first half of the month are $34,680 (cost is $20,210). These cash sales are recorded in the cash receipts journal on March 15. 16 Purchased $1,770 of store supplies on credit from Gabel Company, terms n/30. 17 Returned $2,425 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts payable by that amount. 19 Returned 5630 of office equipment purchased on March 9 to Spell Supply Church reduces accounts payable by that amount. 20 Received payment fron Jovita Albany for the sale of March 10 less the discount of $112. 23 Issued Check No. 418 to CD Company in payment of the March 14 purchase less the March 17 return 27 Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $14,910 (cost is $7,220). 28 Sold merchandise on credit to Linda Witt, Invoice No. 858, for $4,315 (cost is $3,280). 31 (a) Issued Check No. 419 for $18,308, 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 530,180 (cost is $16,820). These cash sales are recorded in the cash receipts journal on March 31. 31 (c) Verity that amounts inpacting customer and creditor accounts were posted and that any amounts that should have been posted as individual anounts to the general ledger accounts were posted. Foot and crossfoot the journals and make the month-end postings. Assume the following ledger account amounts Inventory (March 1 beg. bal is $10,000); Z. Church, Capital (March 1 beg. bol. is $10,000) and Church Company uses the perpetual Inventory system (a) Post information from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary ledigers GENERAL LEDGER Cash Debit Accounts Receivable Credit Balance Date Debit Credit Balance Inventory Debit Date Credit Balance Orice Supplies Dabit Date Credit Balance Marof Store Supplies Dobit Date Office Equipment Debit Credit Balance Dato Credit Balance Accounts Payable Debit Dato Credit Balance Long-Term Notes Payable Credit Date Dobit Balance 2. Church, Capital Debit Date Credit Balance Sales Dobit Maros Date Credit Balance Sales Discounts Sales Discounts Debat Data Cost of Goods Sold Debit Credit Balance Date Credit Balance Sales Salaries Experts Debit ACCOUNTS RECEIVABLE LEDGER Jovita Albany Debit Credit Dat Credit Balance Date Balance Min Cho Dahil Dut Credit Balance Linda Wint Dahit Data Credit Balance ACCOUNTS PAYABLE LEDGER CD Company Debit Credit Gabel Company Dobit Credit Balance Balance Dato Date Spell Supply Dobit Van Industries Dobit Balance Data Credit Credit Balance Date
