Entradas de jornal detalladas, Detail journal entries

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Income statement

S$.$ of owner equity

Balance sheet

Church Company completes these transactions and events during March of the current year $($terms for all its credit sales are $2/10,\frac{n}{30}).$

Mar. I Purchased $$43,600$ of merchandise from Van Industries, terms $\frac{2}{15},\frac{n}{30}.$

$2$ 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 $\frac{n}{30}.$

$3$ Sold merchandise on credit to Linda Witt, Invoice No$.855,$ for $$10,200($cost is $$5,800).$

$6$ 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 n$/30.$

$10$ Sold merchandise on credit to Jovita Albany, Invoice $N0\mathrm{.}856,$ for $$5,600($cost is $$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 $\frac{2}{10},\frac{n}{30}.$

$15$ Issued Check No$.417$ for $$18,300$; payee is Payroll, in payment of sales salaries expense for the first half of the month.

I$5$ 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$/30.$

$17$ Returned $$2,425$ of unsatisfactory merchandise purchased on March $14$ to CD Company. Church reduces Accounts Payable by that amount.

$19$ Returned $$630$ 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 $$112.$

$23$ Issued Check No$.418$ 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 recorded in the cash receipts journal on March $31.$

$3$I 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.

Required

Open the following general ledger accounts: Cash; Accounts Receivable; Inventory $($March $1$ beg. bal. is $$10,000)$; Office Supplies; Store Supplies; Office Equipment; Accounts Payable; Long$-$Term Notes Payable; Z$.$ Church, Capital $($March I beg. bal. is $$10,000)$; Sales; Sales Discounts; Cost of Goods 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.

Enter these transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal. Number all journal pages as page $2.$

$($a$)$ Prepare a trial balance of the general ledger. $($b$)$ Prove the accuracy of the subsidiary ledgers by preparing schedules of both accounts receivable and accounts payable.