GL0701 - Based on Problem 7-1A LO P1 Brown Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, 1/30). Mar. 1 Purchased $43,700 of merchandise from Griffin Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Sanchez Co., Invoice No. 854, for $18,000 (cost is $11,000). Mar. 3 Purchased $1,300 of office supplies on credit from Carter Company, invoice dated March 3, terme n/10 EOM. Mar. 3 Sold merchandise on credit to Susan Knight, Invoice No. 855, for $11,000 (cost is $6,600). Mar. 6 Borrowed $84,000 cash from First Bank by signing a long-term note payable. Mar. 9 Purchased $21,950 of office equipment on credit from Turner Supply, invoice dated March 9, terma n/10 EOM. Mar. 10 Sold nerchandise on credit to Melanie Ryan, Invoice No. 856, for $8,800 (cost is $5,300). Mar. 12 Received payment from Sanchez Co. for the March 2 sale less the discount. Mar. 13 Sent Griffin Industries Check No. 416 in payment of the Mareh i invoice less the discount. Mar. 13 Received payment from Susan Knight for the March 3 sale less the discount. Mar. 14 Purchased $33,400 of merchandise from the Perry 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 halt of the month, $18,500. 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 $1,800 of store supplies on credit from Carter Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $3,400 credit nemorandum from Perry Co. for the return of unsatisfactory merchandise purchased on March 14. Mar. 19 Received a $3,300 credit memorandum fron Turner Supply for office equipment received on March 9 and returned for credit. Mar. 20 Received payment from Melanie Ryan for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Perry Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Melanie Ryan, Invoice No. 857, for $19,000 (cost is $11,400). Mar. 28 Sold merchandise on credit to Susan Knight, Invoice No. 858, for $6,600 (cost is $4,000). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $18,500. 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). credit. Mar. 20 Received payment from Melanie Ryan for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Perry Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Melanie Ryan, Invoice No. 857, for $19,000 (cost is $11,400). Mar. 28 Sold merchandise on credit to Susan Knight, Invoice No. 858, for $6,600 (cost is $4,000). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $18,500. 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). Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you must have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less Brown Company Trial Balance March 31, 2017 Account Title Credit $ Cash Accounts receivable Inventory P. Brown, Capital Total Debit 23,200 51.000 16,000 90,200 90,200 GA 90,200 $ GL0701 - Based on Problem 7-1A LO P1 Brown Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, 1/30). Mar. 1 Purchased $43,700 of merchandise from Griffin Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Sanchez Co., Invoice No. 854, for $18,000 (cost is $11,000). Mar. 3 Purchased $1,300 of office supplies on credit from Carter Company, invoice dated March 3, terme n/10 EOM. Mar. 3 Sold merchandise on credit to Susan Knight, Invoice No. 855, for $11,000 (cost is $6,600). Mar. 6 Borrowed $84,000 cash from First Bank by signing a long-term note payable. Mar. 9 Purchased $21,950 of office equipment on credit from Turner Supply, invoice dated March 9, terma n/10 EOM. Mar. 10 Sold nerchandise on credit to Melanie Ryan, Invoice No. 856, for $8,800 (cost is $5,300). Mar. 12 Received payment from Sanchez Co. for the March 2 sale less the discount. Mar. 13 Sent Griffin Industries Check No. 416 in payment of the Mareh i invoice less the discount. Mar. 13 Received payment from Susan Knight for the March 3 sale less the discount. Mar. 14 Purchased $33,400 of merchandise from the Perry 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 halt of the month, $18,500. 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 $1,800 of store supplies on credit from Carter Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $3,400 credit nemorandum from Perry Co. for the return of unsatisfactory merchandise purchased on March 14. Mar. 19 Received a $3,300 credit memorandum fron Turner Supply for office equipment received on March 9 and returned for credit. Mar. 20 Received payment from Melanie Ryan for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Perry Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Melanie Ryan, Invoice No. 857, for $19,000 (cost is $11,400). Mar. 28 Sold merchandise on credit to Susan Knight, Invoice No. 858, for $6,600 (cost is $4,000). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $18,500. 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). credit. Mar. 20 Received payment from Melanie Ryan for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Perry Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Melanie Ryan, Invoice No. 857, for $19,000 (cost is $11,400). Mar. 28 Sold merchandise on credit to Susan Knight, Invoice No. 858, for $6,600 (cost is $4,000). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $18,500. 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). Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you must have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less Brown Company Trial Balance March 31, 2017 Account Title Credit $ Cash Accounts receivable Inventory P. Brown, Capital Total Debit 23,200 51.000 16,000 90,200 90,200 GA 90,200 $