GL0701 - Based on Problem 7-1A LO P1 Wright 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 $45,400 of merchandise from Clark Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Lane Co., Invoice No. 854, for $38,400 (cost is $23,000). Mar. 3 Purchased $1,500 of office supplies on credit from Wilson Company, invoice dated March 3, terms n/10 EOM. Mar 3 Sold merchandise on credit to Juan Perez, Invoice No. 855, for $20,000 (cost is $12,000). MAE. 6 Borrowed $100,000 cash from National Bank by signing a long-term note payable. Nar. 9 Purchased $22,150 of office equipment on credit from Lee Supply, invoice dated March 9, terms n/10 EOM. Mar. 10 Sold merchandise on credit to Greg Taylor, Invoice No. 856, for $16,000 (cost is $9,600). Mar. 12 Received payment from Lane Co. for the March 2 sale less the discount. Mar. 13 Sent clark Industries Check No. 416 in payment of the March 1 invoice less the discount. Mar. 13 Received payment from Juan Perez for the March 3 sale lose the discount. Mar. 14 Purchased $47,000 of merchandise from the Griffin 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, $21,900. Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $36.000 (cost is $21,600). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Mar. 16 Purchased $2,400 of store supplies on credit from Wilson Company, invoice dated March 16, termo n/10 EOK. Mar. 17 Received a $5,000 credit memorandum from Griffin Co. for the return of unsatisfactory merchandise purchased on March 14. Mar. 19 Received a $3,320 credit memorandum from Loe Supply for office equipment received on March 9 and returned for credit. Mar. 20 Received payment from Greg Taylor for the sale of March 10 less the discount. Mar. 23 Tssued Check No. 418 to Griffin Co. in payment of the invoice of March 13 loss the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Greg Taylor, Invoice No. 857, for $35,000 (cost is $21,000). Mar. 28 Sold merchandise on credit to Juan Perex, Invoice No. 858, for $12,000 (cont is $7,200). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $21,900. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $32,400 (cost is $19,400). discount. Mar. 27 Sold merchandise on credit to Greg Taylor, Invoice No. 857, for $35,000 (cost is $21,000). Mar. 28 Sold merchandise on credit to Juan Perez, Invoice No. 858, for $12,000 (cost is $7,200). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $21,900. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $32,400 (coat is $19,400). Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal ok 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 Maquirement General Journal > Journal entry worksheet Soved 1 Journal entry worksheet Journal entry worksheet Journal entry worksheet Journal entry worksheet Mar. 10) Sold merchandise on credit to Greg Taylor, Invoice No. 856, for $16,000 (cost is $9,600). Note: Enter debits before credits. Date Account Title Dobit Credit Mar 10 Record entry Clear entry View general journal Journal entry worksheet Journal entry worksheet 1 ... 4 5 6 7 8 9 26 Mar. 13) Sent Clark Industries Check No. 416 in payment of the March 1 invoice less the discount. Note: Enter debits before credits Date Account Title Debit Credit Mar 13 Record entry Clear entry View general journal gener View transaction list Journal entry worksheet Mar. 31) Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $21,900. Cashed the check and paid the employees. Note: Enter debits before credits. Date Account Title Debit Credit Mar 31 Record entry Clear entry View general journal View transaction list Journal entry worksheet discount. ar. 27 Sold merchandise on credit to Greg Taylor, Invoice No. 857, for $35,000 (cost is $21,000). ar. 28 Sold merchandise on credit to Juan Perez, Invoice No. 858, for $12,000 (cost is $7,200). lar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the $21,900. Cashed the check and paid the employees. lar. 31 Cash sales for the last half of the month are $32,400 (cost is $19,400). Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal 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 Wright Company Trial Balance March 31, 2017 Account Title Credit $ Debit 12,600 58.000 23,000 Cash Accounts receivable Inventory K. Wright, Capital Total 93,600 93,600 $ 93,600 co. in payment of the invoice of March 13 less the March 17 return discount. Mar. 27 Sold merchandise on credit to Greg Taylor, Invoice No. 857, for $35,000 (cost is $21,000). Mar. 28 Sold merchandise on credit to Juan Perez, Invoice No. 858, for $12,000 (cost is $7,200). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last halt of $21,900. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $32,400 (cost is $19,400). 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. Cl. Cost of goods sold Dr Inventory Cr. Mar. 31 Totals 10 less the discount. ar. 23 Issued Check No. 418 to Griffin Co. in payment of the invoice of March 13 less the March 17 return discount. ar. 27 Sold merchandise on credit to Greg Taylor, Invoice No. 857, for $35,000 (cost is $21,000). ar. 28 Sold merchandise on credit to Juan Perez, Invoice No. 858, for $12,000 (cost is $7,200). ar. 31 Issued Check No. 419, payable to Payroli, in payment of sales salaries expense for the last half of $21,900. Cashed the check and paid the employees. ar. 31 Cash sales for the last half of the month are $32, 400 (cost is $19,400). 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 Cash Rec Journal Purchases Journal Prev 1 of 1 Next > LLULL. Mar. 20 Received payment from Greg Taylor for the sale of March 10 lens the discount. Mar. 23 Issued Check No. 418 to Griffin Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Greg Taylor, Invoice No. 857, for $35,000 (cost is $21,000). Mar. 28 Sold merchandise on credit to Juan Perez, Invoice No. 858, for $12,000 (cost is $7,200). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $21,900. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $32,400 (cost is $19,400). Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Sales Journal Purchases Journal Enter all transactions that are properly included in the Purchases Journal. PURCHASES JOURNAL Account Terms Invoice Date Date Accounts payable Ct. Office supplies Dr Other accounts Dr Inventory Dr. Mar. 31 Totals