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 $31,000 of merchandise from Van Industries, invoice dated March 1, terms 2/15, n/30.

2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $12,400 (cost is $6,200).

3 (a) Purchased $930 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM.

3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $6,200 (cost is $3,100).

6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable.

9 Purchased $15,500 of office equipment on credit from Spell Supply, invoice dated March 9, terms n/10 EOM.

10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,100 (cost is $1,550).

12 Received payment from Min Cho for the March 2 sale less the discount.

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 13, terms 2/10, n/30.

15 (a) Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $14,900. Cashed the check and paid the employees.

15 (b) Cash sales for the first half of the month are $49,600 (cost is $39,680). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.)

16 Purchased $1,450 of store supplies on credit from Gabel Company, invoice dated March 16, terms n/10 EOM.

17 Received a $2,900 credit memorandum from CD Company for the return of unsatisfactory merchandise purchased on March 14.

19 Received a $465 credit memorandum from Spell Supply for office equipment received on March 9 and returned for credit.

20 Received payment from Jovita Albany for the sale of March 10 less the discount.

23 Issued Check No. 418 to CD Company in payment of the invoice of March 13 less the March 17 return and the discount.

27 Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $9,300 (cost is $3,720).

28 Sold merchandise on credit to Linda Witt, Invoice No. 858, for $3,720 (cost is $1,488).

31 (a) Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $14,900. Cashed the check and paid the employees.

31 (b) Cash sales for the last half of the month are $54,560 (cost is $32,736).

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 $61,000), Z. Church, Capital (March 1 beg. bal. is $61,000) and Church Company uses the perpetual inventory system.

Here is the first complete and correct part:

Need:

1. Post information from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary ledgers.

2. Prepare the March 31 trial balance, schedule of accounts receivable and schedule of accounts payable.

Req 2A Req 2 Req 2C Req 2D Req 2E Req 28 Enter the transactions Trr d sales journal. SALES JOURNAL Invoice NumberSales CrInventory Cr AccountsCost of Goods eceivable Dr. Sold Dr Account Date Debited 12400 S Mar. 02 Mar. 03 Mar. 10 Mar. 27 Mar. 28 854 855 856 1857 858 6,200 3,100 1,550 3,720 1.488 Min Cho inda Wit Jovita Albany Jovita Albany Linda Witt 6,200 3,100 9,300 3,720 34,720 S 16,058 Mar. 31 Totals Req 2B Req 2A Req 2 Req 2C Req 2D Req 2E Req 28 Enter the transactions Trr d sales journal. SALES JOURNAL Invoice NumberSales CrInventory Cr AccountsCost of Goods eceivable Dr. Sold Dr Account Date Debited 12400 S Mar. 02 Mar. 03 Mar. 10 Mar. 27 Mar. 28 854 855 856 1857 858 6,200 3,100 1,550 3,720 1.488 Min Cho inda Wit Jovita Albany Jovita Albany Linda Witt 6,200 3,100 9,300 3,720 34,720 S 16,058 Mar. 31 Totals Req 2B