completes these transactions and events during March of the current year (terms for all its credit sales Church Company are 2/10, n/30). Mar.1 Purchased $37,000 of merchandise from Van Industries, invoice dated March 1, terms 2/1 Sold merchandise on credit to Min Cho, Invoice No. 854, for $14,800 (cost in $7,400) n/ 10 Borrowed $72,000 cash from Federal Bank by nigning a long-term note payable. 3 (a) Purchased $1,110 of office supplies on credit from Gabel Company, invoice dated March 3, terms 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7,400 (cost is $3,700) Purchased $18,500 of office equipment on credit from Spell Supply, invoice dated March 9, terms n/10 EONM Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,700 (cost is $1,850) Received payment from Min Cho for the Mareh 2 sale less the discount. 10 12 13 (a) Sent Van Industries Check No. 416 in payment of the March1 invoice less the discount. 13 (b) Received payment from Linda Witt for the March 3 sale less the discount 14 15 (a) Isaued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half 1s (b) cash sales for the first half of the month are s59, 200 (cost is $47,360). (Cash sales are 16 17 19 rchased $28,000 of merchandise from the CD Company, invoice dated March 13, terms 2/10, n/30. of the month, $15,700. cashed the check and paid the employees. recorded daily, but are recorded only twice here to reduce repetitive entries.) Purchased 1,630 of store supplies on eredit from Gabel Company, invoice dated March 16, terms n/10 EON Received a $2,800 eredit memorandum from CD Company for the return of unsatisfactory merchandise purchased on March 14 Received a $555 eredie nomorandum rom Spell supply tor office equipment received on March 9 and returned for credit 20 Received payment from Jovita Albany for the sale of March 10Tless 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. Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $11,100 (cost is $4,440) Sold merchandise on credit to Linda Witt, Invoice No. 858, for $4,440 (cost is $1,776). 27 28 31 (a) Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $15,700. Cashed the check and paid the employees 31 (b) Cash sales for the last half of the month are $65,120 (cost is $39,072) 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 $64,000), Z. Church, Capital (March 1 beg bal. is $64,000) and Church Company uses the perpetual inventory system. Required: 2-a. Enter the transactions in a sales journal. 2-b. Enter the transactions in a purchases journal. 2-c. Enter the transactions in a cash receipts journal. 2-d. Enter the transactions in a cash disbursements journal. 2-e. Enter the transactions in a general journal. Complete this question by entering your answers in the tabs below Req 2A Req 2B Req 2C Req 2D Req 2E Enter the transactions in a sales journal. SALES JOURNAL Invoice Accounts Cost of Goods Number Sold Dr. Date Receivable Dr. Debited Sales Cr. Inventoryr Mar. 31 Totals Req 2A Req 2B >
