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Create a General Ledger for the following transactions: Turner Company completes these transactions and events during March of the current year (terms for all its
Create a General Ledger for the following transactions:
Turner 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 $45,800 of merchandise from Wilson Industries, invoice dated March 1, terms 2/15, n/30. | ||
Mar. | 2 | Sold merchandise on credit to Perez Co., Invoice No. 854, for $43,200 (cost is $26,000). | ||
Mar. | 3 | Purchased $1,500 of office supplies on credit from Martin Company, invoice dated March 3, terms n/10 EOM. | ||
Mar. | 3 | Sold merchandise on credit to Greg Taylor, Invoice No. 855, for $16,000 (cost is $9,600). | ||
Mar. | 6 | Borrowed $90,000 cash from Countryside Bank by signing a long-term note payable. | ||
Mar. | 9 | Purchased $22,050 of office equipment on credit from Hall Supply, invoice dated March 9, terms n/10 EOM. | ||
Mar. | 10 | Sold merchandise on credit to Carlos Sanchez, Invoice No. 856, for $12,800 (cost is $7,700). | ||
Mar. | 12 | Received payment from Perez Co. for the March 2 sale less the discount. | ||
Mar. | 13 | Sent Wilson Industries Check No. 416 in payment of the March 1 invoice less the discount. | ||
Mar. | 13 | Received payment from Greg Taylor for the March 3 sale less the discount. | ||
Mar. | 14 | Purchased $50,200 of merchandise from the Carter Co., invoice dated March 13, terms 2/10, n/30. | ||
Mar. | 15 | Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $22,700. Cashed the check and paid the employees. | ||
Mar. | 15 | Cash sales for the first half of the month are $40,000 (cost is $24,000). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) | ||
Mar. | 16 | Purchased $1,800 of store supplies on credit from Martin Company, invoice dated March 16, terms n/10 EOM. | ||
Mar. | 17 | Received a $5,200 credit memorandum from Carter Co. for the return of unsatisfactory merchandise purchased on March 14. | ||
Mar. | 19 | Received a $3,310 credit memorandum from Hall Supply for office equipment received on March 9 and returned for credit. | ||
Mar. | 20 | Received payment from Carlos Sanchez for the sale of March 10 less the discount. | ||
Mar. | 23 | Issued Check No. 418 to Carter Co. in payment of the invoice of March 13 less the March 17 return and the discount. | ||
Mar. | 27 | Sold merchandise on credit to Carlos Sanchez, Invoice No. 857, for $28,000 (cost is $16,800). | ||
Mar. | 28 | Sold merchandise on credit to Greg Taylor, Invoice No. 858, for $9,600 (cost is $5,800). | ||
Mar. | 31 | Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $22,700. Cashed the check and paid the employees. | ||
Mar. | 31 | Cash sales for the last half of the month are $36,000 (cost is $21,600). |
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