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Gonzalez 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
Gonzalez 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 $44,000 of merchandise from Wright Industries, invoice dated March 1, terms 2/15, n/30. | ||
Mar. | 2 | Sold merchandise on credit to Mitchell Co., Invoice No. 854, for $21,600 (cost is $13,000). | ||
Mar. | 3 | Purchased $1,900 of office supplies on credit from Turner Company, invoice dated March 3, terms n/10 EOM. | ||
Mar. | 3 | Sold merchandise on credit to Carolyn Clinton, Invoice No. 855, for $14,000 (cost is $8,400). | ||
Mar. | 6 | Borrowed $90,000 cash from First Bank by signing a long-term note payable. | ||
Mar. | 9 | Purchased $22,250 of office equipment on credit from Ryan Supply, invoice dated March 9, terms n/10 EOM. | ||
Mar. | 10 | Sold merchandise on credit to Jaden Thompson, Invoice No. 856, for $11,200 (cost is $6,700). | ||
Mar. | 12 | Received payment from Mitchell Co. for the March 2 sale less the discount. | ||
Mar. | 13 | Sent Wright Industries Check No. 416 in payment of the March 1 invoice less the discount. | ||
Mar. | 13 | Received payment from Carolyn Clinton for the March 3 sale less the discount. | ||
Mar. | 14 | Purchased $35,800 of merchandise from the Brown 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, $19,100. Cashed the check and paid the employees. | ||
Mar. | 15 | Cash sales for the first half of the month are $38,000 (cost is $22,800). (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 Turner Company, invoice dated March 16, terms n/10 EOM. | ||
Mar. | 17 | Received a $3,800 credit memorandum from Brown Co. for the return of unsatisfactory merchandise purchased on March 14. | ||
Mar. | 19 | Received a $3,340 credit memorandum from Ryan Supply for office equipment received on March 9 and returned for credit. | ||
Mar. | 20 | Received payment from Jaden Thompson for the sale of March 10 less the discount. | ||
Mar. | 23 | Issued Check No. 418 to Brown Co. in payment of the invoice of March 13 less the March 17 return and the discount. | ||
Mar. | 27 | Sold merchandise on credit to Jaden Thompson, Invoice No. 857, for $25,000 (cost is $15,000). | ||
Mar. | 28 | Sold merchandise on credit to Carolyn Clinton, Invoice No. 858, for $8,400 (cost is $5,000). | ||
Mar. | 31 | Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $19,100. Cashed the check and paid the employees. | ||
Mar. | 31 | Cash sales for the last half of the month are $34,200 (cost is $20,500). In need of a- General Journal tab Cash Receipts Journal tab |
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