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. 10 Sold merchandise on credit to Jean Clark, Invoice No. 856, for $14,400 (cost is $8,600). 12 Received payment from Clinton Co. for the March 2 sale less the discount Mar Mar Mar Mar. Mar Mar. Mar Mar 13 Sent Turner Industries Check No. 416 in payment of the March 1 invoice less the discount. Mar 13 Received payment from Jaden Thompson for the March 3 sale less the discount 14 Purchased $39,000 of merchandise from the Lane Co., invoice dated March 13, terms 2/10, n/30 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. 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.) 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 Mar Mar Mar Mar Mar Mar March 14. 19 Received a $3,320 credit memorandum from Zhang Supply for office equipment received on March 9 and returned for Mar credit 20 Received payment from Jean Clark for the sale of March 10 less the discount ar. 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. 27 Sold merchandise on credit to Jean Clark, Invoice No. 857, for $32,000 (cost is $19,200) 28 Sold merchandise on credit to Jaden Thompson, Invoice No. 858, for $10,800 (cost is $6,500) Mar Mar 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. 31 Cash sales for the last half of the month are $37,800 (cost is $22,700) Mar General General Cash Rec Cash Disb Purchases Trial Balance Sales Journal Requirement Journal Ledger Journal Journal 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 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 entries are posted automatically to the general ledger and trial balance. Requirement General Journal 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. 10 Sold merchandise on credit to Jean Clark, Invoice No. 856, for $14,400 (cost is $8,600). 12 Received payment from Clinton Co. for the March 2 sale less the discount Mar Mar Mar Mar. Mar Mar. Mar Mar 13 Sent Turner Industries Check No. 416 in payment of the March 1 invoice less the discount. Mar 13 Received payment from Jaden Thompson for the March 3 sale less the discount 14 Purchased $39,000 of merchandise from the Lane Co., invoice dated March 13, terms 2/10, n/30 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. 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.) 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 Mar Mar Mar Mar Mar Mar March 14. 19 Received a $3,320 credit memorandum from Zhang Supply for office equipment received on March 9 and returned for Mar credit 20 Received payment from Jean Clark for the sale of March 10 less the discount ar. 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. 27 Sold merchandise on credit to Jean Clark, Invoice No. 857, for $32,000 (cost is $19,200) 28 Sold merchandise on credit to Jaden Thompson, Invoice No. 858, for $10,800 (cost is $6,500) Mar Mar 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. 31 Cash sales for the last half of the month are $37,800 (cost is $22,700) Mar General General Cash Rec Cash Disb Purchases Trial Balance Sales Journal Requirement Journal Ledger Journal Journal 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 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 entries are posted automatically to the general ledger and trial balance. Requirement General Journal