Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10,n/30) March 1 Purchased $35, eeo of merchandise fron Van Industries, teras 1/15,n/30. Harch 2 Sold serchandise on credit to Min Cho, Involce Mumber ns4, for $14, eee ( cost is 37,000). March 3 (a) Purchased $1, 0se of office supplies on credit from Gobel coppany, termi n/30. rarch 3 (b) sold eerchandise on credit to Linde witt, tnvolce Minber as5, for 57,000 (cost is 53,500 ). Harch 6 Borroved $72, wee cash fron Federal Bank by signing a long-tern note payable. March 9 Purchased $17,500 of office equipeent on credit froe spell supply; terns n/30. Rarch 1e sold eerchandise on credit to Jovita Albany, involce mieber 856 , for \$3, 500 (cost is \$1,750). March 12 Received payeent from n in Cho for the March 2 sale less the discount of 5140. March 13 (a) Sent van industries Check Munber 416 in payment of the March 1 invofce less the discount of 5350. March 13 (b) Recelved payeent from Linda witt for the Narch 3 sale less the discount of $70. March 14 Purchased $25,000 of merchandise fron the CD Coepany, terns 1/10,n/30. March 15 (a) Issued Check Number 417 for $16,000, payee is Payroli, in paynent of tales salarles expense for the flirst half of the month. larch 15 (b) Cash sales for the first half of the month are 596,000 (cost is 544, 300 ). These cash sales are recorded in the cash recelpts journal on March 15. March 16 Purchased \$1,570 of store supplies on credit froe Gabe1 Company, terms n/30. March 17 Returned $2, 50e of unsatisfactory merchandise purchased on March 14 to co Company. Church reduces accounts March 19 Returned $525 of office equipaent purchased on March 9 to spel1 supply. Church reduces accounts payable by March 20 Recelved payment from Jovita Albany for the sale of March 10 less the discount of $35, March 23 issued Check Mumber 410 to CD Company in paysent of the March 14 purchase less the March 17 return and the March 27 Sold merchandise on credit to zovita Albany, Involce Nuaber 857 , for $10,500 (cost is $4,200). March 28 Sold serchandise on credit to Linda witt, Involce thmber ass, for $4,200 (cost is 51,600). March 31 (a) Issued check Number 419 for $16, ne0; payee is Paycol1, in payment of sales salaries expense for the last March 31 (b) Cash sales for the last half of the month are 561,600(cost is 836,960). These cash sales are recorded in March 31 (c) Verlfy that apounts impacting custoner and creditor accounts were posted and that any anounts that should have been posted as individual amounts to the general ledger accounts were posted. Foot and crossfoat the journals and make the month-end postings. Assume the following ledger account amounts: Inventory (March 1 beginning balance is $60.000 ), Z. Church, Capital (March 1 beginning balance is $60,000 ) and Church Company uses the perpetual inventory system. March 1 Purchased $35,600 of merchandise from Van Industries, terms 1/15,n/30. March 2 Sold merchandise on credit to Min Cho, Invoice Number 854, for $14,000(cost is $7,000). March 3 (a) Purchased $1,050 of office supplies on credit from Gabel Company, terms n/30. March 3 (b) Sold merchandise on credit to Linda Witt, Invoice Number 855, for $7,000(costis$3,500). March 6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable. March 9 Purchased $17,500 of office equipment on credit from Spell supply, terms n/30. March 18 Sold merchandise on credit to Jovita Albany, Invoice Number 856 , for $3,500(cost is $1,750). March 12 Received payment from Min Cho for the March 2 sale less the discount of $140. March 13 (a) Sent Van Industries Check Number 416 in payment of the March 1 invoice less the discount of $350. March 13 (b) Received payment from Linda Witt for the March 3 sale less the discount of $70. March 14 Purchased $25,000 of merchandise from the CD Company, terms 1/10,n/30. March 15 (a) Issued Check Number 417 for $16,800; payee is Payroli, in payment of sales salaries expense for the first half of the month. March 15 (b) Cash sales for the first half of the month are $56,000 (cost is $44,800). These cash sales are recorded in the cash receipts journal on March 15. March 16 Purchased $1,576 of store supplies on credit from Gabel Company, terms n/30. March 17 Returned $2,500 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts March 19 Returned $525 of office equipment purchased on March 9 to Spell Supply. Church reduces accounts payable by March 19 Returned $525 of office equipment purchased on March 9 to Spell Supply. Church reduces March 20 Received payment from Jovita Albany for the sale of March 10 less the discount of $33. March 23 Issued Check Mumber 418 to CD Company in payment of the March 14 purchase less the March 17 return and the March 27 Sold merchandise on credit to Jovita Albany, Invoice Number 857, for $10,500(cost is $4,200). March 28 Sold merchandise on credit to Linda Witt, Involce Number 858 , for $4,200(cost is $1,680). March 31 (a) Issued Check Number 419 for $16,800; payee is Payroll, in payment of sales salaries expense for the last half of the month. March 31 (b) Cash sales for the last half of the aonth are $61,600 (cost is $36,960). These cash sales are recorded in the cash receipts journal on March 31 . March 31 (c) Verify that amounts impocting 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 beginning balance is $60,000 ), Z Church, Capital (March 1 beginning balance is $60,000 ) and Church Company uses the perpetual inventory system. Required: (a) Post information from the journats in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary lecisers Comslete this guestion by entering wour answers in the tabs below. Mequired: 1-b. Enter the transactions of the Wiset Company that should be joumalited in the cash receipts joumal. The terms of all credit sales are 2/10 n/30 2. Enter the March 31 balances for Cash (\$89.000), Imventory (\$191,000). Long-Term Notes Payable (\$180.000), and B Wiset, Capital (5100.000). Post the total amounts from the journal in the respective general ledger accounts 3. Enter the March 31 balances for Cash ($89.0001 inventory ($191,000). Long-Term Notes Payable ($180,000) and 8 . Wiset, Capital (5100.000) Post the total amounts from the journal in the respective accounts receivable subsidiary ledger accounts for Paula Koht, Page Alstati, and Nic Netson 4-8. Prepare a thal bulance of the general ledger accounts. 4-b. Prepare a schedule of accounts recelvable Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10,n/30) March 1 Purchased $35, eeo of merchandise fron Van Industries, teras 1/15,n/30. Harch 2 Sold serchandise on credit to Min Cho, Involce Mumber ns4, for $14, eee ( cost is 37,000). March 3 (a) Purchased $1, 0se of office supplies on credit from Gobel coppany, termi n/30. rarch 3 (b) sold eerchandise on credit to Linde witt, tnvolce Minber as5, for 57,000 (cost is 53,500 ). Harch 6 Borroved $72, wee cash fron Federal Bank by signing a long-tern note payable. March 9 Purchased $17,500 of office equipeent on credit froe spell supply; terns n/30. Rarch 1e sold eerchandise on credit to Jovita Albany, involce mieber 856 , for \$3, 500 (cost is \$1,750). March 12 Received payeent from n in Cho for the March 2 sale less the discount of 5140. March 13 (a) Sent van industries Check Munber 416 in payment of the March 1 invofce less the discount of 5350. March 13 (b) Recelved payeent from Linda witt for the Narch 3 sale less the discount of $70. March 14 Purchased $25,000 of merchandise fron the CD Coepany, terns 1/10,n/30. March 15 (a) Issued Check Number 417 for $16,000, payee is Payroli, in paynent of tales salarles expense for the flirst half of the month. larch 15 (b) Cash sales for the first half of the month are 596,000 (cost is 544, 300 ). These cash sales are recorded in the cash recelpts journal on March 15. March 16 Purchased \$1,570 of store supplies on credit froe Gabe1 Company, terms n/30. March 17 Returned $2, 50e of unsatisfactory merchandise purchased on March 14 to co Company. Church reduces accounts March 19 Returned $525 of office equipaent purchased on March 9 to spel1 supply. Church reduces accounts payable by March 20 Recelved payment from Jovita Albany for the sale of March 10 less the discount of $35, March 23 issued Check Mumber 410 to CD Company in paysent of the March 14 purchase less the March 17 return and the March 27 Sold merchandise on credit to zovita Albany, Involce Nuaber 857 , for $10,500 (cost is $4,200). March 28 Sold serchandise on credit to Linda witt, Involce thmber ass, for $4,200 (cost is 51,600). March 31 (a) Issued check Number 419 for $16, ne0; payee is Paycol1, in payment of sales salaries expense for the last March 31 (b) Cash sales for the last half of the month are 561,600(cost is 836,960). These cash sales are recorded in March 31 (c) Verlfy that apounts impacting custoner and creditor accounts were posted and that any anounts that should have been posted as individual amounts to the general ledger accounts were posted. Foot and crossfoat the journals and make the month-end postings. Assume the following ledger account amounts: Inventory (March 1 beginning balance is $60.000 ), Z. Church, Capital (March 1 beginning balance is $60,000 ) and Church Company uses the perpetual inventory system. March 1 Purchased $35,600 of merchandise from Van Industries, terms 1/15,n/30. March 2 Sold merchandise on credit to Min Cho, Invoice Number 854, for $14,000(cost is $7,000). March 3 (a) Purchased $1,050 of office supplies on credit from Gabel Company, terms n/30. March 3 (b) Sold merchandise on credit to Linda Witt, Invoice Number 855, for $7,000(costis$3,500). March 6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable. March 9 Purchased $17,500 of office equipment on credit from Spell supply, terms n/30. March 18 Sold merchandise on credit to Jovita Albany, Invoice Number 856 , for $3,500(cost is $1,750). March 12 Received payment from Min Cho for the March 2 sale less the discount of $140. March 13 (a) Sent Van Industries Check Number 416 in payment of the March 1 invoice less the discount of $350. March 13 (b) Received payment from Linda Witt for the March 3 sale less the discount of $70. March 14 Purchased $25,000 of merchandise from the CD Company, terms 1/10,n/30. March 15 (a) Issued Check Number 417 for $16,800; payee is Payroli, in payment of sales salaries expense for the first half of the month. March 15 (b) Cash sales for the first half of the month are $56,000 (cost is $44,800). These cash sales are recorded in the cash receipts journal on March 15. March 16 Purchased $1,576 of store supplies on credit from Gabel Company, terms n/30. March 17 Returned $2,500 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts March 19 Returned $525 of office equipment purchased on March 9 to Spell Supply. Church reduces accounts payable by March 19 Returned $525 of office equipment purchased on March 9 to Spell Supply. Church reduces March 20 Received payment from Jovita Albany for the sale of March 10 less the discount of $33. March 23 Issued Check Mumber 418 to CD Company in payment of the March 14 purchase less the March 17 return and the March 27 Sold merchandise on credit to Jovita Albany, Invoice Number 857, for $10,500(cost is $4,200). March 28 Sold merchandise on credit to Linda Witt, Involce Number 858 , for $4,200(cost is $1,680). March 31 (a) Issued Check Number 419 for $16,800; payee is Payroll, in payment of sales salaries expense for the last half of the month. March 31 (b) Cash sales for the last half of the aonth are $61,600 (cost is $36,960). These cash sales are recorded in the cash receipts journal on March 31 . March 31 (c) Verify that amounts impocting 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 beginning balance is $60,000 ), Z Church, Capital (March 1 beginning balance is $60,000 ) and Church Company uses the perpetual inventory system. Required: (a) Post information from the journats in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary lecisers Comslete this guestion by entering wour answers in the tabs below. Mequired: 1-b. Enter the transactions of the Wiset Company that should be joumalited in the cash receipts joumal. The terms of all credit sales are 2/10 n/30 2. Enter the March 31 balances for Cash (\$89.000), Imventory (\$191,000). Long-Term Notes Payable (\$180.000), and B Wiset, Capital (5100.000). Post the total amounts from the journal in the respective general ledger accounts 3. Enter the March 31 balances for Cash ($89.0001 inventory ($191,000). Long-Term Notes Payable ($180,000) and 8 . Wiset, Capital (5100.000) Post the total amounts from the journal in the respective accounts receivable subsidiary ledger accounts for Paula Koht, Page Alstati, and Nic Netson 4-8. Prepare a thal bulance of the general ledger accounts. 4-b. Prepare a schedule of accounts recelvable