GL0701 Based on Problem 7 1A LO P1 Mannion 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 $44,800 of merchandise from King Industries, invoice dated March 1, terms 2 15, n 30 Mar 2 Sold merchandise on credit to Thompson Co , Invoice No 854, for $31,200 (cost is $19,000) Mar 3 Purchased $1,900 of office supplies on credit from Brown Company, invoice dated March 3, terms n 10 EOM Mar 3 Sold merchandise on credit to Jean Clark, Invoice No 855, for $14,000 (cost is $8,400) Mar 6 Borrowed $88,000 cash from First Bank by signing a long term note payable Mar 9 Purchased $22,050 of office equipment on credit from Gonzalez Supply, invoice dated March 9, terms n 10 EOM Mar 10 Sold merchandise on credit to Jeffrey Wilson, Invoice No 856, for $11,200 (cost is $6,700) Mar 12 Received payment from Thompson Co for the March 2 sale less the discount Mar 13 Sent King Industries Check No 416 in payment of the March 1 invoice less the discount Mar 13 Received payment from Jean Clark for the March 3 sale less the discount Mar 14 Purchased $42,200 of merchandise from the Perez 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, $20,700 Cashed the check and paid the employees Mar 15 Cash sales for the first half of the month are $46,000 (cost is $27,600) (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 Brown Company, invoice dated March 16, terms n 10 EOM Mar 17 Received a $4,200 credit memorandum from Perez Co for the return of unsatisfactory merchandise purchased on March 14 Mar 19 Received a $3,310 credit memorandum from Gonzalez Supply for office equipment received on March 9 and returned for credit Mar 20 Received payment from Jeffrey Wilson for the sale of March 10 less the discount Mar 23 Issued Check No 418 to Perez Co in payment of the invoice of March 13 less the March 17 return and the discount Mar 27 Sold merchandise on credit to Jeffrey Wilson, Invoice No 857, for $25,000 (cost is $15,000) Mar 28 Sold merchandise on credit to Jean Clark, Invoice No 858, for $8,400 (cost is $5,000) Mar 31 Issued Check No 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $20,700 Cashed the check and paid the employees Mar 31 Cash sales for the last half of the month are $41,400 (cost is $24,800) 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

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GL0701 - Based on Problem 7-1A LO P1 Mannion Company completes these transactions and events during March of the current year (terms for all its

GL0701 - Based on Problem 7-1A LO P1

Mannion 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 $44,800 of merchandise from King Industries, invoice dated March 1, terms 2/15, n/30.
Mar.	2	Sold merchandise on credit to Thompson Co., Invoice No. 854, for $31,200 (cost is $19,000).
Mar.	3	Purchased $1,900 of office supplies on credit from Brown Company, invoice dated March 3, terms n/10 EOM.
Mar.	3	Sold merchandise on credit to Jean Clark, Invoice No. 855, for $14,000 (cost is $8,400).
Mar.	6	Borrowed $88,000 cash from First Bank by signing a long-term note payable.
Mar.	9	Purchased $22,050 of office equipment on credit from Gonzalez Supply, invoice dated March 9, terms n/10 EOM.
Mar.	10	Sold merchandise on credit to Jeffrey Wilson, Invoice No. 856, for $11,200 (cost is $6,700).
Mar.	12	Received payment from Thompson Co. for the March 2 sale less the discount.
Mar.	13	Sent King Industries Check No. 416 in payment of the March 1 invoice less the discount.
Mar.	13	Received payment from Jean Clark for the March 3 sale less the discount.
Mar.	14	Purchased $42,200 of merchandise from the Perez 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, $20,700. Cashed the check and paid the employees.
Mar.	15	Cash sales for the first half of the month are $46,000 (cost is $27,600). (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 Brown Company, invoice dated March 16, terms n/10 EOM.
Mar.	17	Received a $4,200 credit memorandum from Perez Co. for the return of unsatisfactory merchandise purchased on March 14.
Mar.	19	Received a $3,310 credit memorandum from Gonzalez Supply for office equipment received on March 9 and returned for credit.
Mar.	20	Received payment from Jeffrey Wilson for the sale of March 10 less the discount.
Mar.	23	Issued Check No. 418 to Perez Co. in payment of the invoice of March 13 less the March 17 return and the discount.
Mar.	27	Sold merchandise on credit to Jeffrey Wilson, Invoice No. 857, for $25,000 (cost is $15,000).
Mar.	28	Sold merchandise on credit to Jean Clark, Invoice No. 858, for $8,400 (cost is $5,000).
Mar.	31	Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $20,700. Cashed the check and paid the employees.
Mar.	31	Cash sales for the last half of the month are $41,400 (cost is $24,800). *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.