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. 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). 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. 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). 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 View journal entry worksheet No Date Account Title Debit Credit 1 Mar 01 Entered in special journal 44,800 2 Mar 02 Entered in special journal 31,200 3 Mar 03 Entered in special journal 1,900 1,900 4 Mar 03 No Transaction Recorded Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. General Ledger Account Cash Accounts receivable No. Date Debit Credit No. Date Debit Credit Balance 23,400 Balance 52,000 Mar 01 Mar 01 Inventory H. Mannion, Capital No. Debit Credit No. Date Debit Credit Date Mar 01 Balance 17,000 Balance 92,400 Mar 01 Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal Enter all transactions that are properly included in the Cash Receipts Journal. CASH RECEIPTS JOURNAL Date Account credited Cash Dr. Sales discount Dr. Accounts receivable Cr. Sales Cr. Other Accts. Cr. Cost of goods sold Dr. Inventory Cr. Mar. 31 Totals 0 $ 0 $ 0 $ 0 $ 0 $ 0 Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal Enter all transactions that are properly included in the Cash Disbursements Journal. CASH DISBURSEMENTS JOURNAL Date Check No. Payee Account debited Cash Cr. Inventory Cr. Other accounts Dr. Accounts payable Dr. Mar. 31 Totals $ 0 $ 0 $ 0 $ Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal Enter all transactions that are properly included in the Sales Journal. SALES JOURNAL Accounts receivable Dr. Invoice number Sales Cr. Date Account debited Cost of goods sold Dr. Inventory Cr. Mar. 31 Totals 0 $ 0