GLO701- Based on Problem 7-1A LO P1 Garcia Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30) 1 Purchased $44,400 of merchandise from Turner Industries, invoice dated March 1, terms 2/15, n/30 2 Sold merchandise on credit to clinton Co., Invoice No. 854, for $26,400 (cost is $16,000) 3 Purchased $1,900 of office supplies on credit from King Company, invoice dated March 3, terms n/10 EOM. 3 Sold merchandise on credit to Jaden Thompson, Invoice No. 855, for $18,000 (cost is $10,800). 6 Borrowed $98,000 cash from Federal Bank by signing a long-term note payable. 9 Purchased $22,150 of office equipment on credit from Zhang Supply, invoice dated March 9, terms n/10 EOM. Mar Mar Mar Mar Mar Mar Mar. 10 Sold merchandise on credit to Jean Clark, Invoice No. 856, for $14,400 (cost is $8,600). Mar. 12 Received payment from Clinton Co. for the March 2 sale less the discount. Mar. 13 Sent Turner Industries Check No. 416 in payment of the March 1 invoice less the discount 13 Received payment from Jaden Thompson for the March 3 sale less the discount. Mar Mar. 14 Purchased $39,000 of merchandise from the Lane 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, $19,900. Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $42,000 (cost is $25,200). (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 King Company, invoice dated March 16, terms n/10 EOM. 17 Received a $4,000 credit memorandum from Lane Co. for the return of unsatisfactory merchandise purchased on March 14. Mar Mar. 19 Received a $3,320 credit memorandum from zhang Supply for office equipment received on March 9 and returned for credit Mar. 20 Received payment from Jean Clark for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Lane Co. in payment of the invoice of March 13 less the March 17 return and the discount Mar. 27 Sold merchandise on credit to Jean Clark, Invoice No. 857, for $32,000 (cost is $19,200). Mar. 28 Sold merchandise on credit to Jaden Thompson, Invoice No. 858, for $10,800 (cost is $6,500) Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $19,900. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $37,800 (cost is $22,700). General General Cash Rec Cash Disb Purchases Trial Balance Sales Journal Requirement Journal Journal Journal Ledger Journal 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 Journal entry worksheet 4. 1 2 5 6 7 8 26 Mar. 1) Purchased $44,400 of merchandise from Turner Industries, invoice dated March 1, terms 2/15, n/30. Note: Enter debits before credits. Date Account Title Debit Credit Mar 01 Record entry View general journal Clear entry 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. Debit Balance Date Date Credit No. Debit Credit Balance Mar 01 10,600 Mar 01 58,000 J. Garcia, Capital Inventory No. Credit No. Date Debit Credit Balance Date Debit Balance Mar 01 23,000 Mar 01 91,600 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 Garcia Company Trial Balance March 31, 2017 Debit Account Title Credit Cash $ 10,600 Accounts receivable 58,000 Inventory 23,000 J. Garcia, Capital 91,600 91,600 $ Total 91,600 $ Enter all transactions that are properly included in the Cash Receipts Journal. CASH RECEIPTS JOURNAL Cost of goods sold Dr. Sales discount Accounts Cash Dr. Sales Cr. Other Accts. Cr. Date Account credited Dr. receivable Cr. Inventory Cr. Mar. 31 Totals $ $ $ $ $ $ 0 0 0 0 0 Enter all transactions that are properly included in the Cash Disbursements Journal. CASH DISBURSEMENTS JOURNAL Check Other accounts Accounts Cash Cr. Inventory Cr. Date ayee Account debited No. Dr. payable Dr. Pur Totals $ Mar. 31 $ $ 0 0 0 0 Enter all transactions that are properly included in the Purchases Journal. PURCHASES JOURNAL Accounts Office Other Inventory Dr. Date Account Invoice Date Terms payable Cr. supplies Dr. accounts Dr. Mar. 31 $ $ $ $ Totals 0 0 Enter all transactions that are properly included in the Sales Journal. SALES JOURNAL Accounts receivable Dr. Cost of goods sold Dr. Inventory Cr. Account debited Invoice number Date Sales Cr. Totals $ Mar. 31 0 GLO701- Based on Problem 7-1A LO P1 Garcia Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30) 1 Purchased $44,400 of merchandise from Turner Industries, invoice dated March 1, terms 2/15, n/30 2 Sold merchandise on credit to clinton Co., Invoice No. 854, for $26,400 (cost is $16,000) 3 Purchased $1,900 of office supplies on credit from King Company, invoice dated March 3, terms n/10 EOM. 3 Sold merchandise on credit to Jaden Thompson, Invoice No. 855, for $18,000 (cost is $10,800). 6 Borrowed $98,000 cash from Federal Bank by signing a long-term note payable. 9 Purchased $22,150 of office equipment on credit from Zhang Supply, invoice dated March 9, terms n/10 EOM. Mar Mar Mar Mar Mar Mar Mar. 10 Sold merchandise on credit to Jean Clark, Invoice No. 856, for $14,400 (cost is $8,600). Mar. 12 Received payment from Clinton Co. for the March 2 sale less the discount. Mar. 13 Sent Turner Industries Check No. 416 in payment of the March 1 invoice less the discount 13 Received payment from Jaden Thompson for the March 3 sale less the discount. Mar Mar. 14 Purchased $39,000 of merchandise from the Lane 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, $19,900. Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $42,000 (cost is $25,200). (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 King Company, invoice dated March 16, terms n/10 EOM. 17 Received a $4,000 credit memorandum from Lane Co. for the return of unsatisfactory merchandise purchased on March 14. Mar Mar. 19 Received a $3,320 credit memorandum from zhang Supply for office equipment received on March 9 and returned for credit Mar. 20 Received payment from Jean Clark for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Lane Co. in payment of the invoice of March 13 less the March 17 return and the discount Mar. 27 Sold merchandise on credit to Jean Clark, Invoice No. 857, for $32,000 (cost is $19,200). Mar. 28 Sold merchandise on credit to Jaden Thompson, Invoice No. 858, for $10,800 (cost is $6,500) Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $19,900. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $37,800 (cost is $22,700). General General Cash Rec Cash Disb Purchases Trial Balance Sales Journal Requirement Journal Journal Journal Ledger Journal 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 Journal entry worksheet 4. 1 2 5 6 7 8 26 Mar. 1) Purchased $44,400 of merchandise from Turner Industries, invoice dated March 1, terms 2/15, n/30. Note: Enter debits before credits. Date Account Title Debit Credit Mar 01 Record entry View general journal Clear entry 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. Debit Balance Date Date Credit No. Debit Credit Balance Mar 01 10,600 Mar 01 58,000 J. Garcia, Capital Inventory No. Credit No. Date Debit Credit Balance Date Debit Balance Mar 01 23,000 Mar 01 91,600 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 Garcia Company Trial Balance March 31, 2017 Debit Account Title Credit Cash $ 10,600 Accounts receivable 58,000 Inventory 23,000 J. Garcia, Capital 91,600 91,600 $ Total 91,600 $ Enter all transactions that are properly included in the Cash Receipts Journal. CASH RECEIPTS JOURNAL Cost of goods sold Dr. Sales discount Accounts Cash Dr. Sales Cr. Other Accts. Cr. Date Account credited Dr. receivable Cr. Inventory Cr. Mar. 31 Totals $ $ $ $ $ $ 0 0 0 0 0 Enter all transactions that are properly included in the Cash Disbursements Journal. CASH DISBURSEMENTS JOURNAL Check Other accounts Accounts Cash Cr. Inventory Cr. Date ayee Account debited No. Dr. payable Dr. Pur Totals $ Mar. 31 $ $ 0 0 0 0 Enter all transactions that are properly included in the Purchases Journal. PURCHASES JOURNAL Accounts Office Other Inventory Dr. Date Account Invoice Date Terms payable Cr. supplies Dr. accounts Dr. Mar. 31 $ $ $ $ Totals 0 0 Enter all transactions that are properly included in the Sales Journal. SALES JOURNAL Accounts receivable Dr. Cost of goods sold Dr. Inventory Cr. Account debited Invoice number Date Sales Cr. Totals $ Mar. 31 0