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 $8,490). 3 (a) Purchased $1,230 of office supplies on credit from Gabel Company, terms n/30. 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $10,200 (cost is $5,890). 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 Speil 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 (6) Received payment from Linda Witt for the March 3 sale less the discount of $204. 14 Purchased $32,625 of merchandise from the CD Company, terms 2/10, 1/30. 15 (a) Issued Check No. 417 for $18,300, 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 $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 20 Received payment from Jovita Albany for the sale of March 10 less the discount of $112. Issued Check No. 418 to CD Company in payment of the March 14 purchase less the March 17 return and the $604 discount. 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 31 (b) Cash sales for the last half of the month are $30,180 (cost is $16,820). 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 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. bal. is $10,000) and Church Company uses the perpetual inventory system. 23 SALES JOURNAL Date Account Debited Invoice Number Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr. Mar. 31 Totals $ 0 $ 0 PURCHASES JOURNAL Date Account Date of Involce Terms Accounts Payable Cr. Inventory Dr. Office Supplies Dr. Other Accounts Dr. Mar. 31 Totals $ 0 $ $ 0 CASH RECEIPTS JOURNAL Sales Discount Dr. Accounts Receivable Cr. Other Accts. Cr. Account Credited Cost of Goods Sold Dr. Inventory Cr. Date Cash Dr. Sales Cr. Mar. 31 Totals $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 CASH PAYMENTS JOURNAL Date Ck.No. Payee Account Debited Cash Cr. Inventory Cr. Other Accounts Dr. Accounts Payable Dr. Mar. 31 Totals $ 0 $ 0 $ 0 $ 0 Journal entry worksheet 1 2 Returned $2,425 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 Debit Credit Mar. 17 Journal entry worksheet > 1 2 Returned $630 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