Help Save & Exit Submit Problem 7-1A Special journals, subsidiary ledgers, trial balance-perpetual LO C3, P1, P2 The following information applies to the questions displayed below. Church Company completes these transactions and events during March of the current year (terms for all its credit sales Mar 1 Purchased $36,800 of merchandise fron Van Industries, invoice dated March 1, terms 3/15, n/3 Sold merchandise on credit to Min Cho, Invoice No. 854, for $14,400 (cost is $7,200) 3 (a) Purchased $1,888 of office supplies on credit from Gabel Company, invoice dated 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7,280 (cost is $3,600) March 3, teres n/10 EOM. Borrowed $72,800 cash from Federal Bank by signing a long-term note payable Purchased $18,008 of office equipment on credit from Spell Supply, invoice dated , Invoice No. 856, for $3,600 (cost is $1,808) Received payment from Min Cho for the March 2 sale less the discount in payment of the March 1 invoice less the discount sale less the discount 13 (a) Sent Van Industries Check No. 416 13 (b) Received payment from Linda Witt for the March 3 15 (a) Issued Check No. 15 (b) Cash sales for the first half of the month are $57,600 (cost 16 Purchased $1,6e0 of store supplies on credit from Gabel Compan?y, invoice dated Manch 16, terns n/18 EOM. Purchased $33,880 of merchandise from the CD (c month, $16,200. Cashed the check and paid the employees but Received a $3,388 cred Company, invoice dated Harch 13, terms 3/10, n/38 417, payable to Payroll, in payment of sales salaries expense for the first half of the is $46,e8e). (Cash sales are recorded daily, it memor andum from CD Company for the return of unsatisfactory merchandise purchased sales salaries are recorded only twice here to reduce repetitive entries.) 17 19 20 Received a $54e credit memorandum from Spell Supply for office equipment recelved on March 9 and returned Received payment from Jovita Albany for the sale of March 10 less the discount Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $18,800 (cost is $4,320) 2 Issued Check No. 418 to CD Company in payment of the invoice of March 13 Jess the March 17 return and the 27 Sold merchandise on credit to Linda Witt, Invoice No. 858, for $4,320 (cost is $1,728) 31 (a) Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the 31 (b) Cash sales for the last half of the month are $63, 366 (cost is 338,016) 31 (c) Verify that anounts impacting customer and creditor accounts were posted and that any amounts that should month, 516,288. Cashed the check and paid the employees have been posted as individual amounts to the general ledger accounts were posted. Foot and cross foot the journals and make the month end postings Assume the following ledger account amounts Inventory (March 1 beg bal is $60,000), Z Church, Capital (March 1 beg. bal is $60.000) and Church Company uses the perpetual inventory system