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, 1/30. 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, terms 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 Pirst 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, terms n/10 EON. Mar. 10 Sold merchandise 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 March 1 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, terma 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, $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 CON. Mar. 17 Received a $3,400 credit memorandum from Perry Co. for the return of unsatisfactory merchandise purchased on March 14. Mar. 19 Received a $3,300 credit memorandum from 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 cheek 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 $6,500 (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). General Requirement General Journal Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Ledger 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 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 special journal, select "Entered in special journal" in the first account field. Otherwise, prepare the general journal entry View transaction list Journal entry worksheet 1 Mar. 1) Purchased $43,700 of merchandise from Griffin Industries, Invoice dated March 1, terms 2/15, 1/30. 2 Mar. 2) Sold merchandise on credit to Sanchez Co., Invoice No. 854, for $18,000 (cost is $11,000). 3 Mar. 3) Purchased $1,300 of office supplies on credit from Carter Company, invoice dated March 3, terms n/10 EOM. 4 Mar. 3) Sold merchandise on credit to Susan Knight, Invoice No. 855, for $11,000 (cost is $6,600). 5 Mar. 6) Borrowed $84,000 cash from First Bank by signing a long-term note payable. Note : - Journal entry has been entered Prey 1 of 1 Next *** X: Debit Credit 6 Mar. 9) Purchased $21,950 of office equipment on credit from Turner Supply, invoice dated March 9, terms n/10 EOM. ts neral Ledger > eBook Print 7 Mar. 10) Sold merchandise on credit to Melanie Ryan, Invoice No. 856, for $8,800 (cost is $5,300). 8 Mar. 12) Received payment from Sanchez Co. for the March 2 sale less the discount. 9 Mar. 13) Sent Griffin Industries Check No. 416 in payment of the March 1 invoice less the discount. 10 Mar. 13) Received payment from Susan Knight for the March 3 sale less the discount. Note : = journal entry has been entered X Debit Credit 11 Mar. 14) Purchased $33,400 of merchandise from the Perry Co., invoice dated March 13, terms 2/10, n/30. neral Ledger > Book 12 Mar. 15) Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $18,500. Cashed the check and paid the employees Print 13 Mar. 15) Cash sales for the first half of the month are $35,000 (cost is $21,000). 14 Mar. 16) Purchased $1,800 of store supplies on credit from Carter Company, invoice dated March 16, terms n/10 EOM. Note : Ann- - Journal entry has been entered X Debit Credit 5 oints 15 Mar. 17) Received a $3,400 credit memorandum from Perry Co. for the return of unsatisfactory merchandise purchased on March 14. neral Ledger > eBook 16 Mar. 19) Received a $3,300 credit memorandum from Turner Supply for office equipment received on March 9 and returned for credit. Print 17 Mar. 20) Received payment from Melanie Ryan for the sale of March 10 less the discount. 18 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 19 Mar. 27) Sold merchandise on credit to Melanie Ryan, journal entry has been entered Note : 1 X: Debit Credit ints 19 Mar. 27) Sold merchandise on credit to Melanie Ryan, Invoice No. 857, for $19,000 (cost is $11,400). 20 Mar. 28) Sold merchandise on credit to Susan Knight, Invoice No. 858, for $6,600 (cost is $4,000). neral Ledger > eBook Print 21 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. 22 Mar. 31) Cash sales for the last half of the month are $31,500 (cost is $18,900). 23 Enter the month-end totals from the Cash Receipts journal. Note: - Journal entry has been entered -- X Debit Credit month, $18,500. Cashed the check and paid the employees ints neral Ledger > eBook 22 Mar. 31) Cash sales for the last half of the month are $31,500 (cost is $18,900). 23 Enter the month-end totals from the Cash Receipts journal Print 24 Enter the month-end totals from the Cash Disbursements journal. 25 Enter the month-end totals from the Purchases journal. 26 Enter the month-end totals from the Sales journal. Note : journal entry has been entered