GL0701 - Based on Problem 7-1A Church Company LO P1, P2, P3, P4 Church 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 $43,600 of merchandise from Van Industries, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,800 (cost is $8,400). Mar. 3 Purchased $1,230 of office supplies on credit from Gabel Company, terms n/30. Mar. 3 Sold merchandise on credit to Linda Witt, Invoice No. 855, for $10,200 (cost is $5,800). Mar. 6 Borrowed $82,000 cash from Federal Bank by signing a long-term note payable. Mar. 9 Purchased $21,850 of office equipment on credit from Spell Supply, terms n/30. Mar. 10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $5,600 (cost is $2,900). Mar. 12 Received payment from Min Cho for the March 2 sale less the discount of $336. Mar. 13 Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount of $872. Mar. 13 Received payment from Linda Witt for the March 3 sale less the discount of $204. Mar. 14 Purchased $32,625 of merchandise from the CD Company, terms 2/10, n/30. Mar. 15 Issued Check No. 417 for $18,300, payee is Payroll, in payment of sales salaries expense for the first half of the month. Mar. 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. Mar. 16 Purchased $1,770 of store supplies on credit from Gabel Company, terms n/30. Mar. 17 Returned $2,425 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts payable by that amount. Mar. 19 Returned $630 of office equipment purchased on March 9 to Spell Supply. Church reduces accounts payable by that amount. Mar. 20 Received payment from Jovita Albany for the sale of March 10 less the discount of $112. Mar. 23 Issued Check No. 418 to CD Company in payment of the March 14 purchase less the March 17 return and the discount of $604. Mar. 27 Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $14,910 (cost is $7,220). Mar. 28 Sold merchandise on credit to Linda Witt, Invoice No. 858, for $4,315 (cost is $3,280). Mar. 31 Issued Check No. 419 for $18,300, payee is Payroll, in payment of sales salaries expense for the last half of the month. Mar. 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. Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal 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. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 ..... 26 Mar. 1) Purchased $43,600 of merchandise from Van Industries, terms 2/15, n/30. Note: Enter debits before credits. Date Account Title Debit Credit Mar 01 Record entry Clear entry View general journal Requirement General Ledger > Account Title 000: Entered in special journal 101: Cash 106: Accounts receivable 119: Inventory 124: Office supplies 125: Store supplies 128: Prepaid insurance 167: Office equipment 201: Accounts payable 251: Long-term notes payable 301: Z. Church, Capital 302: Z. Church, Withdrawals 413: Sales 415: Sales discounts 502: Cost of goods sold 621: Sales salaries expense