Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 3/10, n/30). Mar. 1 Purchased $34,000 of merchandise from Van Industries, terms 3/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $13,600 (cost is $6,800). 3 (a) Purchased $1,020 of office supplies on credit from Gabel Company, terms n/30. 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $6,800 (cost is $3,400). 6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable. 9 Purchased $17,000 of office equipment on credit from Spell Supply, terms n/30. 10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,400 (cost is $1,700). 12 Received payment from Min Cho for the March 2 sale less the discount of $408. 13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount of $1,020. 13 (b) Received payment from Linda Witt for the March 3 sale less the discount of $204. 14 Purchased $27,000 of merchandise from the CD Company, terms 3/10, n/30. 15 (a) Issued Check No. 417 for $13,700, 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 $54,400 (cost is $43,520). These cash sales are recorded in the cash receipts journal on March 15. 16 Purchased $1,540 of store supplies on credit from Gabel Company, terms n/30. 17 Returned $2,700 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts payable by that amount. 19 Returned $510 of office equipment purchased on March 9 to Spell Supply. Church reduces accounts payable by that amount. 20 Received payment from Jovita Albany for the sale of March 10 less the discount of $102. 23 Issued Check No. 418 to CD Company in payment of the March 14 purchase less the March 17 return and the $729 discount. 27 Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $10,200 (cost is $4,080). 28 Sold merchandise on credit to Linda Witt, Invoice No. 858, for $4,080 (cost is $1,632). 31 (a) Issued Check No. 419 for $13,700, 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 $59,840 (cost is $35,904). 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 $63,000), Z. Church, Capital (March 1 beg. bal. is $63,000) and Church Company uses the perpetual inventory system.

GENERAL LEDGER ALONS HOVH Date Di C redit Bane Problem 7-1A Special journals, subsidiary ledgers, trial balance LO P1, P2, P3, P4 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 3/10, 1/30). III Mer. Purchased $34,000 of merchandise from Van Industries, terma 3/15, a 30 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $13.600 (cost is 56,800). 3 () Purchased $1,000 of office suppliesc credit from Gabel Company, terms:30 3 ) Sold merchandise on credit to Linda Witt. Invoice No. 855, for $6.800 (cost is $3.400). 6 Borrowed $72,000 catch from Federal Bank by sining a long term note payable. 9 Purchased 517000 of office equipment on creat from Spell Supply, ten 30 10 Sold merchandise on credit to Jovita Albany, Invoice No. 836, for 53.400 (Costa $1,700) 12 Raceited payment from Min Cho for the March 2 sale less the discount of $408 13 () Sent Van Industries Check No. 416 in payment of the March 1 inice less the discount of $1,000 13 (6) Recened peyment from Linda Witt for the Morch 3 sele less the discouat of $204. 14 Purchased $27.000 of merchandise from the CD Company, terme 3/10.6 30. 15 (a) Issued Check No. 417 far $13,700, payer is Payroll, int ent of sales sales expete for the first half of the month 15 ) Cash sales for the first half of the month ace 554.400 (cost is $43.520). These cash sales are recorded in the cash receipts joumal on March 15. 16 Purchased 51.540 of store supplies on credit from Gabel Company, terms 30. 17 Returned $2,700 of unsatisfactory merchandise purchased on March 14 to CD Company Church reduces accounts payable by that amount Returned 5510 of office equipment purchased on March 9 to Spall Supply Church reduces accounts peyable by that amount Recerred payment from Jovita Albany for the sale of March 10 less the discount of $102 Issued Check No. 418 to CD Company in payment of the Marck 14 purchase less the March 17 retum and the $729 discount. Sold merchandise on credit to Jovita Albany, Invoice No 857, for $10.200 (cost is $4.090) 28 Sold merchandise on credit to Linda Witt, Invoice No. 858, for $4.080 (coot is $1.632). 31 (a) Issued Check No. 419 for $13,700, payee is Payroll, in payment of sales salaries expense for the last half of the month 31 (6) Cash sale for the last half of the month are $59.840 (cost is $35.904). These cash sales are recorded in the cash receipts joumal on March 31. 31 ) Verify that amount imparting customer and creditor accounts were posted and that any amounts that should have been posted as individual amount to the sacral ledger accounts were posted. Foot and crossfoot the journals and make the month-end postings IH HI Lihat 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. MEMME MI ACCOUNTABLE LEDDER CD Company Scresc s a Prepare the March 31 DE Intel We Complete s ection by entering ser ies in the abs bet Complete this question by entering your answers in the tabs below. She Trial Balance dece of Prepare the March 31 schedule of accounts payahla UNCTITANY Schedule M LV CHURCH COMPANY Seule of Accounts wable March 31 Cabal Company Spolupy Verndustries p Company Tolul accounts payable 3 Too Scule of AR >