GL0701 - Based on Problem 7-1A LO P1 Zhang 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 $46,508 of merchandise from Hall Industries, invoice dated March 1, terms 2/15, n/30. Mar 2 Sold merchandise on credit to Allen Co., Invoice No. 854, for $51,680 (cost is $31,000). Mar. 3 Purchased $1,300 of office supplies on credit from Wright Company, invoice dated March 3, terms n/10 EOM. Mar 3 Sold merchandise on credit to Rick Mitchell, Invoice No. 855, for $15,000 (cost is $9,000). Mar 6 Borrowed $86,000 cash from Federal Bank by signing a long-term note payable. Mar. 9 Purchased $22,250 of office equipment on credit from Knight Supply, invoice dated March 9, terms n/10 EOM. Mar. 10 Sold merchandise on credit to Carolyn Clinton, Invoice No. 856, for $12,eee (cost is $7,280). Mar. 12 Received payment from Allen Co. for the March 2 sale less the discount. Mar. 13 Sent Hall Industries Check No. 416 in payment of the March 1 invoice less the discount. Mar. 13 Received payment from Rick Mitchell for the March 3 sale less the discount. Mar. 14 Purchased $56,eee of merchandise from the King 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, $24,180. Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $47,688 (cost is $28,200). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Mar. 16 Purchased $1,880 of store supplies on credit from Wright Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $6,000 credit memorandum from King Co. for the return of unsatisfactory merchandise purchased on March 14. Mar 19 Received a $3,340 credit memorandum from Knight Supply for office equipment received on March 9 and returned for credit. Mar 20 Received payment from Carolyn Clinton for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to King Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar 27 Sold merchandise on credit to Carolyn Clinton, Invoice No. 857, for $26,000 (cost is $15,600). Mar 28 Sold merchandise on credit to Rick Mitchell, Invoice No. 858, for $9,000 (cost is $5,400). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $24,1ee. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $42,300 (cost is $25,400). Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal 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 Journal entry worksheet Mar. 1) Purchased $46,500 of merchandise from Hall Industries, invoice dated March 1, terms 2/15, n/30. Note: Enter debits before credits. Account Title Credit Date Mar 01 Debit 46,500 Inventory Accounts payable 46,500 Record entry Clear entry View general journal 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 Inventory Cr. Mar. 31 Totals 0 0 0 $ 0 $ ols Cash Disb Journal Purchases Journal Sales Journal Sales Journal GL0701 - Based on Problem 7-1A LO P1 Zhang 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 $46,508 of merchandise from Hall Industries, invoice dated March 1, terms 2/15, n/30. Mar 2 Sold merchandise on credit to Allen Co., Invoice No. 854, for $51,680 (cost is $31,000). Mar. 3 Purchased $1,300 of office supplies on credit from Wright Company, invoice dated March 3, terms n/10 EOM. Mar 3 Sold merchandise on credit to Rick Mitchell, Invoice No. 855, for $15,000 (cost is $9,000). Mar 6 Borrowed $86,000 cash from Federal Bank by signing a long-term note payable. Mar. 9 Purchased $22,250 of office equipment on credit from Knight Supply, invoice dated March 9, terms n/10 EOM. Mar. 10 Sold merchandise on credit to Carolyn Clinton, Invoice No. 856, for $12,eee (cost is $7,280). Mar. 12 Received payment from Allen Co. for the March 2 sale less the discount. Mar. 13 Sent Hall Industries Check No. 416 in payment of the March 1 invoice less the discount. Mar. 13 Received payment from Rick Mitchell for the March 3 sale less the discount. Mar. 14 Purchased $56,eee of merchandise from the King 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, $24,180. Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $47,688 (cost is $28,200). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Mar. 16 Purchased $1,880 of store supplies on credit from Wright Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $6,000 credit memorandum from King Co. for the return of unsatisfactory merchandise purchased on March 14. Mar 19 Received a $3,340 credit memorandum from Knight Supply for office equipment received on March 9 and returned for credit. Mar 20 Received payment from Carolyn Clinton for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to King Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar 27 Sold merchandise on credit to Carolyn Clinton, Invoice No. 857, for $26,000 (cost is $15,600). Mar 28 Sold merchandise on credit to Rick Mitchell, Invoice No. 858, for $9,000 (cost is $5,400). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $24,1ee. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $42,300 (cost is $25,400). Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal 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 Journal entry worksheet Mar. 1) Purchased $46,500 of merchandise from Hall Industries, invoice dated March 1, terms 2/15, n/30. Note: Enter debits before credits. Account Title Credit Date Mar 01 Debit 46,500 Inventory Accounts payable 46,500 Record entry Clear entry View general journal 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 Inventory Cr. Mar. 31 Totals 0 0 0 $ 0 $ ols Cash Disb Journal Purchases Journal Sales Journal Sales Journal