GL0701 - Based on Problem 7-1A LO P1 Turner 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 $45,800 of merchandise from Wilson Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Perez Co., Invoice No. 854, for $43,200 (cost is $26,000). Mar. 3 Purchased $1,500 of office supplies on credit from Martin Company, invoice dated March 3, terms n/10 EOM. Mar. 3 Sold merchandise on credit to Greg Taylor, Invoice No. 855, for $16,000 (cost is $9,600). Mar. 6 Borrowed $90,000 cash from Countryside Bank by signing a long-term note payable. Mar. 9 Purchased $22,050 of office equipment on credit from Hall Supply, invoice dated March 9, terms n/10 EOM. Mar. 10 Sold merchandise on credit to Carlos Sanchez, Invoice No. 856, for $12,800 (cost is $7,700). Mar. 12 Received payment from Perez Co. for the March 2 sale less the discount. Mar. 13 Sent Wilson Industries Check No. 416 in payment of the March 1 invoice less the discount. Mar. 14 Purchased $50,200 of merchandise from the Carter 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, $22,700. Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $40,000 (cost is $24,000). (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 Martin Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $5,200 credit memorandum from Carter Co. for the return of unsatisfactory merchandise purchased on March 14. Mar. 19 Received a $3,310 credit memorandum from Hall Supply for office equipment received on March 9 and returned for credit. Mar. 20 Received payment from Carlos Sanchez for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Carter Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Carlos Sanchez, Invoice No. 857, for $28,000 (cost is $16,800). Mar. 28 Sold merchandise on credit to Greg Taylor, Invoice No. 858, for $9,600 (cost is $5,800). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $22,700. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $36,000 (cost is $21,600). General Requirement General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Journal Purchases Journal Sales Journal