GL0701 - Based on Problem 7-1A LO P1 Carter Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). ok nt Mar. 1 Purchased $45,500 of merchandise from Gonzalez Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Walker Co., Invoice No. 854, for $39,600 (cost is $24,000). Mar. 3 Purchased $1,700 of office supplies on credit from Garcia Company, invoice dated March 3, terms n/10 EOM. Mar. 3 Sold merchandise on credit to Hao Lee, Invoice No. 855, for $13,000 (cost is $7,800). Mar. 6. Borrowed $84,000 cash from Countryside Bank by signing a long-term note payable. Mar. 9 Purchased $22,250 of office equipment on credit from Martin Supply, invoice dated March 9, terms n/10 EOM. Mar. 10 Sold merchandise on credit to Debbie Hall, Invoice No. 856, for $10,400 (cost is $6,200). Mar. 12 Received payment from Walker Co. for the March 2 sale less the discount. Mar. 13 Sent Gonzalez Industries Check No. 416 in payment of the March 1 invoice less the discount. Mar. 13 Received payment from Hao Lee for the March 3 sale less the discount. Mar. 14 Purchased $47,800 of merchandise from the Allen 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 half of the month, $22,100. Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $37,000 (cost is $22,200). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Mar. 16 Purchased $2,600 of store supplies on credit from Garcia Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $4,800 credit memorandum from Allen Co. for the return of unsatisfactory merchandise purchased on March 14. Mar. 19 Received a $3,340 credit memorandum from Martin Supply for office equipment received on March 9 and returned for credit. Mar. 20 Received payment from Debbie Hall for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Allen Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Debbie Hall, Invoice No. 857, for $23,000 (cost is $13,800). Mar. 28 Sold merchandise on credit to Hao Lee, Invoice No. 858, for $7,800 (cost is $4,700). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $22,100. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $33,300 (cost is $20,000). Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal General Journal tab - 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. Prepare a journal entry for each of the special journals at month-end. General Ledger and Trial Balance tabs - Journal entries are posted automatically to the general ledger and trial balance. Cash Receipts Journal tab - Enter the transactions that are properly included in this special journal. Cash Disbursements Journal tab - Enter the transactions that are properly included in this special journal. Purchases Journal tab - Enter the transactions that are properly included in this special journal. Sales Journal tab - Enter the transactions that are properly included in this special journal. Carter Company completes these transactions and events during March of the current year (terms for all its credit sales are 2 nok nt Mar. 1 Purchased $45,500 of merchandise from Gonzalez Industries, invoice dated March 1, terms 2/15, n/39. Mar. 2 Sold merchandise on credit to Walker Co., Invoice No. 854, for $39,600 (cost is $24,000). Mar. 3 Purchased $1,700 of office supplies on credit from Garcia Company, invoice dated March 3, terms n/10 EOM. Mar. 3 Sold merchandise on credit to Hao Lee, Invoice No. 855, for $13,000 (cost is $7,800). Mar. 6 Borrowed $84,000 cash from Countryside Bank by signing a long-term note payable. Mar. 9 Purchased $22, 250 of office equipment on credit from Martin Supply, invoice dated March 9, terms n/10 EOM. Mar. 1e Sold merchandise on credit to Debbie Hall, Invoice No. 856, for $10,400 (cost is $6,200). Mar. 12 Received payment from Walker Co. for the March 2 sale less the discount. Mar. 13 Sent Gonzalez Industries Check No. 416 in payment of the March 1 invoice less the discount. Mar. 13 Received payment from Hao Lee for the March 3 sale less the discount. Mar. 14 Purchased $47,800 of merchandise from the Allen 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 half of the month, $ Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $37,000 (cost is $22,200). (Cash sales are recorded daily, but are only twice here to reduce repetitive entries.) Mar. 16 Purchased $2,600 of store supplies on credit from Garcia Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $4,800 credit memorandum from Allen Co. for the return of unsatisfactory merchandise purchased on Marc Mar. 19 Received a $3,340 credit memorandum from Martin Supply for office equipment received on March 9 and returned for Mar. 20 Received payment from Debbie Hall for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Allen Co. in payment of the invoice of March 13 less the March 17 return and the discount Mar. 27 Sold merchandise on credit to Debbie Hall, Invoice No. 857, for $23,000 (cost is $13,800). Mar. 28 Sold merchandise on credit to Hao Lee, Invoice No. 858, for $7,800 (cost is $4,700). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $2 Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $33,300 (cost is $20,000). General Journal Requirement 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 entr View transaction list View journal entry worksheet Debit No Credit Account Title Date Carter Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, ook int Mar. 1 Purchased $45,500 of merchandise from Gonzalez Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Walker Co., Invoice No. 854, for $39,600 (cost is $24,000). Mar. 3 Purchased $1,700 of office supplies on credit from Garcia Company, invoice dated March 3, terms n/10 EOM. Mar. 3. Sold merchandise on credit to Hao Lee, Invoice No. 855, for $13,000 (cost is $7,800). Mar. 6 Borrowed $84,000 cash from Countryside Bank by signing a long-term note payable. Mar. 9 Purchased $22,250 of office equipment on credit from Martin Supply, invoice dated March 9, terms n/10 EOM. Mar. 10 Sold merchandise on credit to Debbie Hall, Invoice No. 856, for $10,400 (cost is $6,200). Mar. 12 Received payment from Walker Co. for the March 2 sale less the discount. Mar. 13 Sent Gonzalez Industries Check No. 416 in payment of the March 1 invoice less the discount. Mar. 13 Received payment from Hao Lee for the March 3 sale less the discount. Mar. 14 Purchased $47,800 of merchandise from the Allen 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 half of the month, $22,1 Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $37,000 (cost is $22,200). (Cash sales are recorded daily, but are reco only twice here to reduce repetitive entries.) Mar. 16 Purchased $2,600 of store supplies on credit from Garcia Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $4,800 credit memorandum from Allen Co. for the return of unsatisfactory merchandise purchased on March 14. Mar. 19 Received a $3,340 credit memorandum from Martin Supply for office equipment received on March 9 and returned for credi Mar. 20 Received payment from Debbie Hall for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Allen Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Debbie Hall, Invoice No. 857, for $23,000 (cost is $13,800). Mar. 28 Sold merchandise on credit to Hao Lee, Invoice No. 858, for $7,800 (cost is $4,700). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $22,100 Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $33,300 (cost is $20,000). General Journal General Ledger Cash Rec Journal Trial Balance Cash Disb Journal Requirement Sales Journal Purchases Journal Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal the underlying iournal entry GL0701 - Based on Problem 7-1A LO P1 Carter Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10,n/30). - ok ht Mar. 1 Purchased $45,500 of merchandise from Gonzalez Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Walker Co., Invoice No. 854, for $39,600. (cost is $24,000). Mar. 3 Purchased $1,700 of office supplies on credit from Garcia Company, invoice dated March 3, terms n/10 EOM. Mar. 3 Sold merchandise on credit to Hao Lee, Invoice No. 855, for $13,000 (cost is $7,800). Mar. 6 Borrowed $84, eee cash from countryside Bank by signing a long-term note payable. Mar. 9 Purchased $22,250 of office equipment on credit from Martin Supply, invoice dated March 9, terms n/16 EOM. Mar. 10 Sold merchandise on credit to Debbie Hall, Invoice No. 856, for $10,400 (cost is $6,200). Mar. 12 Received payment from Walker Co. for the March 2 sale less the discount. Mar. 13 Sent Gonzalez Industries Check No. 416 in payment of the March 1 invoice less the discount. Mar. 13 Received payment from Hao Lee for the March 3 sale less the discount. Mar. 14 Purchased $47,800 of merchandise from the Allen 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 half of the month, $22,100. Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $37,000 (cost is $22,200). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Mar. 16 Purchased $2,600 of store supplies on credit from Garcia Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $4,808 credit memorandum from Allen Co. for the return of unsatisfactory merchandise purchased on March 14. Mar. 19 Received a $3,340 credit memorandum from Martin Supply for office equipment received on March 9 and returned for credit. Mar. 2e Received payment from Debbie Hall for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Allen Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Debbie Hall, Invoice No. 857, for $23,000 (cost is $13,800). Mar. 28 Sold merchandise on credit to Hao Lee, Invoice No. 858, for $7,800 (cost is $4,700). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $22,100. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $33,300 (cost is $20,000). General Journal Cash Rec Journal General Ledger Sales Journal Trial Balance Cash Disb Journal Purchases Journal Requirement 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 A 1 GLO701 - Based on Problem 7-1A LO P1 Carter Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). 36 Doints eBook Print Mar. 1 Purchased $45,500 of merchandise from Gonzalez Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Walker Co., Invoice No. 854, for $39,600 (cost is $24,000). Mar. 3 Purchased $1,700 of office supplies on credit from Garcia Company, invoice dated March 3, terms n/10 EOM. Mar. 3 Sold merchandise on credit to Hao Lee, Invoice No. 855, for $13,000 (cost is $7,800). Mar. 6 Borrowed $84,000 cash from Countryside Bank by signing a long-term note payable. Mar. 9 Purchased $22,250 of office equipment on credit from Martin Supply, invoice dated March 9, terms n/10 EOM. Mar. 10 Sold merchandise on credit to Debbie Hall, Invoice No. 856, for $10,400 (cost is $6,200). Mar. 12 Received payment from Walker Co. for the March 2 sale less the discount. Mar. 13 Sent Gonzalez Industries Check No. 416 in payment of the March 1 invoice less the discount. Mar. 13 Received payment from Hao Lee for the March 3 sale less the discount. Mar. 14 Purchased $47,800 of merchandise from the Allen 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 half of the month, $22,100. Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $37,000 (cost is $22,200). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Mar. 16 Purchased $2,600 of store supplies on credit from Garcia Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $4,800 credit memorandum from Allen Co. for the return of unsatisfactory merchandise purchased on March 14. Mar. 19 Received a $3,340 credit memorandum from Martin Supply for office equipment received on March 9 and returned for credit. Mar. 20 Received payment from Debbie Hall for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Allen Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Debbie Hall, Invoice No. 857, for $23,000 (cost is $13,800). Mar. 28 Sold merchandise on credit to Hao Lee, Invoice No. 858, for $7,800 (cost is $4,700) Mar. 31 Issued Check No. 419, payable to Payroli, in payment of sales salaries expense for the last half of the month, $22,100. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $33,300 (cost is $20,000). General Journal Cash Rec Journal General Ledger Sales Journal Purchases Journal Cash Disb Journal Trial Balance Requirement Enter all transactions that are properly included in the Cash Receipts Journal. CASH RECEIPTS JOURNAL Sales discount Dr. Accounts receivable Cr. Sales Cr. Other Accts. Cr. Cost of goods sold Dr. Inventory Cr. Date Account credited Cash Dr. Prev Mc 1 of 1 HE Next GL0701 - Based on Problem 7-1A LO P1 Carter Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10. n/30). 36 points eBook Print Mar 1 Purchased $45,508 of merchandise from Gonzalez Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Walker Co., Invoice No. 854, for $39,600 (cost is $24,000). Mar. 3 Purchased $1,700 of office supplies on credit from Garcia Company, invoice dated March 3, terms n/10 EOM. Mar. 3 Sold merchandise on credit to Hao Lee, Invoice No. 855, for $13,000 (cost is $7,800). Mar. 6 Borrowed $84,000 cash from Countryside Bank by signing a long-term note payable. Mar. 9 Purchased $22,250 of office equipment on credit from Martin Supply, invoice dated March 9, terms n/10 EOM. Mar. 10 Sold merchandise on credit to Debbie Hall, Invoice No. 856, for $10,400 (cost is $6,200). Mar. 12 Received payment from Walker Co. for the March 2 sale less the discount. Mar. 13 Sent Gonzalez Industries Check No. 416 in payment of the March 1 invoice less the discount. Mar. 13 Received payment from Hao Lee for the March 3 sale less the discount. Mar. 14 Purchased $47,800 of merchandise from the Allen 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 half of the month, $22,100. Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $37,000 (cost is $22,200). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Mar. 16 Purchased $2,600 of store supplies on credit from Garcia Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $4,800 credit memorandum from Allen Co. for the return of unsatisfactory merchandise purchased on March 14. Mar. 19 Received a $3,34e credit memorandum from Martin Supply for office equipment received on March 9 and returned for credit. Mar. 2e Received payment from Debbie Hall for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Allen Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Debbie Hall, Invoice No. 857, for $23,000 (cost is $13,800). Mar. 28 Sold merchandise on credit to Hao Lee, Invoice No. 858, for $7,800 (cost is $4,700). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $22,100. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $33,300 (cost is $20,000). Requirement General Journal General Ledger Trial Balance Cash Rec Journal Sales Journal Cash Disb Journal Purchases Journal Enter all transactions that are properly included in the Cash Disbursements Journal. CASH DISBURSEMENTS JOURNAL Check NO Date Payee Account debited Cash Cr. Other accounts Dr. Inventory CE Accounts payable Di Carter Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, Mar. 1 Purchased $45,5ee of merchandise from Gonzalez Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Walker Co., Invoice No. 854, for $39,600 (cost is $24,000). Mar. 3 Purchased $1,700 of office supplies on credit from Garcia Company, invoice dated March 3, terms n/10 EOM. Mar. 3 Sold merchandise on credit to Hao Lee, Invoice No. 855, for $13,000 (cost is $7,800). Mar. 6 Borrowed $84,000 cash from Countryside Bank by signing a long-term note payable. Mar. 9 Purchased $22,250 of office equipment on credit from Martin Supply, invoice dated March 9, terms n/10 EOM. Mar. 10 Sold merchandise on credit to Debbie Hall, Invoice No. 856, for $10,400 (cost is $6,200). Mar. 12 Received payment from Walker Co. for the March 2 sale less the discount. Mar. 13 Sent Gonzalez Industries Check No. 416 in payment of the March 1 invoice less the discount. Mar. 13 Received payment from Hao Lee for the March 3 sale less the discount. Mar. 14 Purchased $47,800 of merchandise from the Allen 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 half of the month, $22,10 Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $37,000 (cost is $22,209). (Cash sales are recorded daily, but are reco only twice here to reduce repetitive entries.) Mar. 16 Purchased $2,600 of store supplies on credit from Garcia Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $4,800 credit memorandum from Allen Co. for the return of unsatisfactory merchandis purchased on March 14. Mar. 19 Received a $3,348 credit memorandum from Martin Supply for office equipment received on March 9 and returned for credi Mar. 20 Received payment from Debbie Hall for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Allen Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Debbie Hall, Invoice No. 857, for $23,000 (cost is $13,800). Mar. 28 Sold merchandise on credit to Hao Lee, Invoice No. 858, for $7,800 (cost is $4,700). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $22,100 Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $33,300 (cost is $20,000). General Journal General Ledger Requirement Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal Enter all transactions that are properly included in the Purchases Journal. PURCHASES JOURNAL Other Dale Account Invoice Date Terms Inventory Dr Accounts payable C 45,500 Office supplies De accounts Di ar 1 Azalez industries Mar. 1 2/15, n/30 1 GLO701 - Based on Problem 7-1A LO P1 Carter Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). Mar. ook int 1 Purchased $45,500 of merchandise from Gonzalez Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Walker Co., Invoice No. 854, for $39,600 (cost is $24,000). Mar. 3 Purchased $1,700 of office supplies on credit from Garcia Company, invoice dated March 3, terms n/10 EOM. Mar. 3. Sold merchandise on credit to Hao Lee, Invoice No. 855, for $13,000 (cost is $7,800). Mar. 6 Borrowed $84,000 cash from Countryside Bank by signing a long-term note payable. Mar. 9 Purchased $22,250 of office equipment on credit from Martin Supply, invoice dated March 9, terms n/10 EOM. Mar. 10 Sold merchandise on credit to Debbie Hall, Invoice No. 856, for $10,400 (cost is $6,200). Mar. 12 Received payment from Walker Co. for the March 2 sale less the discount. Mar. 13 Sent Gonzalez Industries Check No. 416 in payment of the March 1 invoice less the discount. Mar. 13 Received payment from Hao Lee for the March 3 sale less the discount. Mar. 14 Purchased $47,800 of merchandise from the Allen 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 half of the month, $22,100. Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $37,000 (cost is $22,200). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Mar. 16 Purchased $2,600 of store supplies on credit from Garcia Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $4,800 credit memorandum from Allen Co. for the return of unsatisfactory merchandise purchased on March 14. Mar. 19 Received a $3,340 credit memorandum from Martin Supply for office equipment received on March 9 and returned for credit. Mar. 20 Received payment from Debbie Hall for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Allen Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Debbie Hall, Invoice No. 857, for $23,000 (cost is $13,800). Mar. 28 Sold merchandise on credit to Hao Lee, Invoice No. 858, for $7,800 (cost is $4,700). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $22,100. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $33,300 (cost is $20,000). General Journal General Ledger Cash Rec Journal Sales Journal Trial Balance Cash Disb Journal Purchases Journal Requirement Enter all transactions that are properly included in the Sales Journal. SALES JOURNAL accounts receivahle Dr Cost of goods sold Dr