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Description Mar. 1 Purchased $45,300 of merchandise from Lee Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Gonzalez
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Mar. | 1 | Purchased $45,300 of merchandise from Lee Industries, invoice dated March 1, terms 2/15, n/30. | ||
Mar. | 2 | Sold merchandise on credit to Gonzalez Co., Invoice No. 854, for $37,200 (cost is $22,000). | ||
Mar. | 3 | Purchased $1,300 of office supplies on credit from Walker Company, invoice dated March 3, terms n/10 EOM. | ||
Mar. | 3 | Sold merchandise on credit to Jose Garcia, Invoice No. 855, for $19,000 (cost is $11,400). | ||
Mar. | 6 | Borrowed $98,000 cash from First Bank by signing a long-term note payable. | ||
Mar. | 9 | Purchased $22,050 of office equipment on credit from Perez Supply, invoice dated March 9, terms n/10 EOM. | ||
Mar. | 10 | Sold merchandise on credit to Hillary Mannion, Invoice No. 856, for $15,200 (cost is $9,100). | ||
Mar. | 12 | Received payment from Gonzalez Co. for the March 2 sale less the discount. | ||
Mar. | 13 | Sent Lee Industries Check No. 416 in payment of the March 1 invoice less the discount. | ||
Mar. | 13 | Received payment from Jose Garcia for the March 3 sale less the discount. | ||
Mar. | 14 | Purchased $46,200 of merchandise from the Hall 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, $21,700. Cashed the check and paid the employees. | ||
Mar. | 15 | Cash sales for the first half of the month are $35,000 (cost is $21,000). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) | ||
Mar. | 16 | Purchased $2,200 of store supplies on credit from Walker Company, invoice dated March 16, terms n/10 EOM. | ||
Mar. | 17 | Received a $4,200 credit memorandum from Hall Co. for the return of unsatisfactory merchandise purchased on March 14. | ||
Mar. | 19 | Received a $3,310 credit memorandum from Perez Supply for office equipment received on March 9 and returned for credit. | ||
Mar. | 20 | Received payment from Hillary Mannion for the sale of March 10 less the discount. | ||
Mar. | 23 | Issued Check No. 418 to Hall Co. in payment of the invoice of March 13 less the March 17 return and the discount. | ||
Mar. | 27 | Sold merchandise on credit to Hillary Mannion, Invoice No. 857, for $33,000 (cost is $19,800). | ||
Mar. | 28 | Sold merchandise on credit to Jose Garcia, Invoice No. 858, for $11,400 (cost is $6,800). | ||
Mar. | 31 | Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $21,700. Cashed the check and paid the employees. | ||
Mar. | 31 | Cash sales for the last half of the month are $31,500 (cost is $18,900). |
Each transaction is recorded in either a special journal, or directly in the general journal. If a transaction is to be recorded in a special journal, select "Entered in special journal"in the first account field. Otherwise, prepare the general journal entry.
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