cral journal entry that affects a customer's account, 2. Open a general ledger that has T-accounts for Accounts Receivable. Inventory, Sales, Sales Returns and Allowances, and cost of Goods Sold. Post the sales journal and any portion of the general journal entry that affects these accounts. 3. Prepare a schedule 2. Prepare a schedule of accounts receivable and prove (confirm that its total equals the balance in the Accounts Receivable controlling account ck 31 Ending Accounts ercise 7-13 pable outstanding The following companies are competitors in the same industry and have many of the same suppliers. Calculate days payable outstanding for each of the following companies (round to one decimalth Assumine ench company has positive relations with its suppliers, which company has likely negotiated the best credit terms Accounts Payable Cost of Goods Sold Vio Panasonic $1,200 1.920 970 $20.000 28.000 12.000 TOL ROBLEM SETA oblem 7-1A ecial journals, subsidiary igers, trial balance P2 P3 P4 connect Church Company completes these transactions and events during March of the current year terms for all its credit sales are 2/10, 1/30). 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 $8.400) 3 Purchased $1.230 of office supplies on credit from Gabel Company, terms n/30. 3 Sold merchandise on credit to Linda Witt, Invoice No. 855. for S10.200 (cost is 55.800) 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 Spell Supply, terms 30. 10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for 55,600 (cost is $2,900). 12 Received payment from Min Cho for the March 2 sale less the discount of $336. 13 Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount of $872 13 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 Issued Check No. 417 for $18,300: payee is Payroll, in payment of sales salaries expense for the first half of the month, 15 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. 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 Ac- counts Payable by that amount. 20 Received payment from Jovita Albany for the sale of March 10 less the discount of S112 0.418 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 Issued Check No. 419 for $18,300;payee is Payroll, in payment of sales salaries expense for the last half of the month. 31 Cash sales for the last half of the month are $30.180 (cost is $16.820). These cash sales are re corded in the cash receipts journal on March 31. 31 Verity 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 crosstoot the journals and make the month-end postings Required 1. Open the following general ledger accounts: Cash; Accounts Receivable: Inventory (March 1 beg, bal is $10,000); Office Supplies; Store Supplies: Office Equipment: Accounts Payable: Long-Term Notes Payable: 2. Church, Capital (March 1 beg. bal. is $10,000): Sales: Sales Discounts: Cost of Goods Chapter 7 Accounting Information Systems Chapter 7 Accounting Information Systems Sold; and Sales Salaries Expense. Open the following accounts receivable subsidiary ledger accounts: Jovita Albany, Min Cho, and Linda Witt. Open the following accounts payable subsidiary ledger accounts: Gabel Company, Van Industries, Spell Supply, and CD Company. 2. Enter these transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal. Number all journal pages as page 2. the municir laders hy cral journal entry that affects a customer's account, 2. Open a general ledger that has T-accounts for Accounts Receivable. Inventory, Sales, Sales Returns and Allowances, and cost of Goods Sold. Post the sales journal and any portion of the general journal entry that affects these accounts. 3. Prepare a schedule 2. Prepare a schedule of accounts receivable and prove (confirm that its total equals the balance in the Accounts Receivable controlling account ck 31 Ending Accounts ercise 7-13 pable outstanding The following companies are competitors in the same industry and have many of the same suppliers. Calculate days payable outstanding for each of the following companies (round to one decimalth Assumine ench company has positive relations with its suppliers, which company has likely negotiated the best credit terms Accounts Payable Cost of Goods Sold Vio Panasonic $1,200 1.920 970 $20.000 28.000 12.000 TOL ROBLEM SETA oblem 7-1A ecial journals, subsidiary igers, trial balance P2 P3 P4 connect Church Company completes these transactions and events during March of the current year terms for all its credit sales are 2/10, 1/30). 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 $8.400) 3 Purchased $1.230 of office supplies on credit from Gabel Company, terms n/30. 3 Sold merchandise on credit to Linda Witt, Invoice No. 855. for S10.200 (cost is 55.800) 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 Spell Supply, terms 30. 10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for 55,600 (cost is $2,900). 12 Received payment from Min Cho for the March 2 sale less the discount of $336. 13 Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount of $872 13 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 Issued Check No. 417 for $18,300: payee is Payroll, in payment of sales salaries expense for the first half of the month, 15 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. 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 Ac- counts Payable by that amount. 20 Received payment from Jovita Albany for the sale of March 10 less the discount of S112 0.418 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 Issued Check No. 419 for $18,300;payee is Payroll, in payment of sales salaries expense for the last half of the month. 31 Cash sales for the last half of the month are $30.180 (cost is $16.820). These cash sales are re corded in the cash receipts journal on March 31. 31 Verity 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 crosstoot the journals and make the month-end postings Required 1. Open the following general ledger accounts: Cash; Accounts Receivable: Inventory (March 1 beg, bal is $10,000); Office Supplies; Store Supplies: Office Equipment: Accounts Payable: Long-Term Notes Payable: 2. Church, Capital (March 1 beg. bal. is $10,000): Sales: Sales Discounts: Cost of Goods Chapter 7 Accounting Information Systems Chapter 7 Accounting Information Systems Sold; and Sales Salaries Expense. Open the following accounts receivable subsidiary ledger accounts: Jovita Albany, Min Cho, and Linda Witt. Open the following accounts payable subsidiary ledger accounts: Gabel Company, Van Industries, Spell Supply, and CD Company. 2. Enter these transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal. Number all journal pages as page 2. the municir laders hy