EWORK 6 Saved Problem 7-1A (Algo) Special journals, subsidiary ledgers, trial balance LO P1, P2, P3, P4 [The following Information applies to the questions displayed below.] Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30). March 1 March 2 March 3 (a) March 3 (b) March 6 March 9 March 10 March 12 March 13 (a) March 13 (b) March 14 March 15 (a) March 15 (b) March 16 March 17 March 19 March 20 March 23 March 27 March 28 March 31 (a) March 31 (b) March 31 (c) Purchased $35,000 of merchandise from Van Industries, terms 1/15, n/30. Sold merchandise on credit to Min Cho, Invoice Number 854, for $14,000 (cost is $7,000). Purchased $1,050 of office supplies on credit from Gabel Company, terms n/38. Sold merchandise on credit to Linda Witt, Invoice Number 855, for $7,000 (cost is $3,500). Borrowed $72,000 cash from Federal Bank by signing a long-term note payable. Purchased $17,500 of office equipment on credit from Spell Supply, terms n/30. Sold merchandise on credit to Jovita Albany, Invoice Number 856, for $3,500 (cost is $1,750). Received payment from Min Cho for the March 2 sale less the discount of $140. Sent Van Industries Check Number 416 in payment of the March 1 invoice less the discount of $350. Received payment from Linda Witt for the March 3 sale less the discount of $70. Purchased $32,000 of merchandise from the CD Company, terms 1/10, n/30. Issued Check Number 417 for $17,000; payee is Payroll, in payment of sales salaries expense for the first half of the month. Cash sales for the first half of the month are $56,000 (cost is $44,800). These cash sales are recorded in the cash receipts journal on March 15. Purchased $1,570 of store supplies on credit from Gabel Company, terms n/30. Returned $3,200 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts payable by that amount. Returned $525 of office equipment purchased on March 9 to Spell Supply. Church reduces accounts payable by that amount. Received payment from Jovita Albany for the sale of March 10 less the discount of $35. Issued Check Number 418 to CD Company in payment of the March 14 purchase less the March 17 return and the $288 discount. Sold merchandise on credit to Jovita Albany, Invoice Number 857, for $10,500 (cost is $4,200). Sold merchandise on credit to Linda Witt, Invoice Number 858, for $4,200 (cost is $1,680). Issued Check Number 419 for $17,000; payee is Payroll, in payment of sales salaries expense for the last half of the month. Cash sales for the last half of the month are $61,600 (cost is $36,960). These cash sales are recorded in the cash receipts journal on March 31. 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 beginning balance is $65,000), Z. Church, Capital (March 1 beginning balance is $65,000) and Church Company uses the perpetual inventory system. Problem 7-1A (Algo) Part 2 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 payments journal. 2-e. Enter the transactions in a general journal. 2:10 ces Problem 7-1A (Algo) Part 2 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 payments 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 Date Account Debited Invoice Number Accounts Receivable Debit Sales Credit March 02 Min Cho 854 March 03 Linda Witt 855 March 10. Jovita Albany 856 March 27 Jovita Albany 857 March 28 Linda Witt 858 March 31 Totals Req 2A Cost of Goods Sold Debit Inventory Credit $ 0 $ 0 Req 2B > Problem 7-1A (Algo) Part 2 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 payments 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 purchases journal. PURCHASES JOURNAL Date Account Date of Invoice Terms Accounts Payable Credit Inventory Debit Office Supplies Debit Other Accounts Debit March 01 Van Industries 3/1 1/15, n/30 March 03 Office supplies/Gabel 3/3 n/30 March 091 Office equipment/Spell Supply 3/9 n/30 March 14 CD Company 3/13 1/10, n/30 March 16 Store supplies/Gabel 3/16 n/30 March 31 Totals $ 0 $ 0 $ $ 0 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 cash receipts journal. CASH RECEIPTS JOURNAL Date Account Credited Cash Debit Sales Discount Debit Accounts Receivable Credit Other Sales Credit Accounts Credit March 06 Long-term note payable $ 72,000 March 12 Min Cho March 13 Linda Witt March 15 Sales March 20 Jovita Albany March 31 Sales March 31 Totals Cost of Goods Sold Debit Inventory Credit $ 72,000 $ $ 0 $ $ $ 0 Problem 7-1A (Algo) Part 2 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 payments journal. 2-e. Enter the transactions in a general journal. Complete this question by entering your answers in the tabs below. Req 2A Req 28 Req 2C Req 2D Req 2E Enter the transactions in a cash payments journal.. CASH PAYMENTS JOURNAL Check Date Payee Account Debited Cash Credit Number Inventory Credit Other Accounts Debit Accounts Payable Debit March 13 416 March 15 417 Van Industries Payroll Van Industries Sales salaries expense March 23 4181 CD Company CD Company March 31 419 Payroll Sales salaries expense March 31 Totals 0 $ 05 < Req 2C Req 25 > Complete this question by entering your answers in the tabs below. 1:30 Trial Balance Schedule of AR Schedule of AP nces Prepare the March 31 trial balance. CHURCH COMPANY Trial Balance March 31 Debit Totals Credit Trial Balance Schedule of AR > (b) Prepare the March 31 trial balance, schedule of accounts receivable and sche Complete this question by entering your answers in the tabs below. Schedule of Trial Balance Schedule of AP AR Prepare the March 31 schedule of accounts receivable. CHURCH COMPANY Schedule of Accounts Receivable March 31 Jovita Albany Linda Witt |Min Cho Total accounts receivable < Trial Balance Schedule of AP > Required information Complete this question by entering your answers in the tabs below. 31 General Ledger Accounts Receivable Ledger Accounts Payable Ledger Post Information from the journals in Part 2 to the accounts payable subsidiary ledgers. ACCOUNTS PAYABLE LEDGER CD Company Gabel Company Date Debit Credit Balance Date Debil Credit Balance Spell Supply Van Industries Date Debit Credit Balance Date Debit Credit Balance Accounts Receivable Ledger 23 Complete this question by entering your answers in the tabs below. General Ledger Accounts Receivable Ledger Accounts Payable Ledger Post information from the journals in Part 2 to the accounts receivable ledger. ACCOUNTS RECEIVABLE LEDGER Jovita Albany Date Debil Credit Balance Date Linda Will Debit Credit Balance Mua cho Date Debit Credit Balance General Ledger Accounts Payable Ledger > Required information Ledger Ledger raya Ledger Post information from the journals in Part 2 to the general ledger. Data GENERAL LEDGER Cash Debit Credit Balance Accounts Receivable Date Debit Credit Balance Inventory Office Supplies Date Debit Credit Balance Date Debit Credit Balance March 01 Store Supplies Office Equipment Date Debit Credit Balance Date Debit Credit Balance Accounts Payable Long-Term Notes Payable Date Debit Credit Balance Data Debit Credit Balance Date March 01 2. Church, Capital Sales Debit Credit Balance Date Debit Credit Balance Required information Date Date Store Supplies Office Equipment Dabil Credit Balance Date Debit Credit Balance Accounts Payable Long-Term Notes Payable Debit Credit Balance Date Debil Credit Balance Z. Church, Capital Sales Date Debit Credit Balance Data Debit Credit Balance March 01 Sales Discounts Cost of Goods Sold Date Debit Credit Balance Date Debit Credit Balance Date Sales Salaries Expense Debit Credit Balance Accounts Receivable Ledger >