hurch Company completes these transactions and events during March of the current year (terms for all its credit sales e 2/10,n/30). 1 Purchased $32,000 of merchandise from Van Industries, terms 2/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $12,800 (cost is $6,400). 3 (a) Purchased $960 of office supplies on credit from Gabel Company, terms n/30. 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $6,400 (cost is $3,200). 6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable. 9 Purchased $16,000 of office equipment on credit from Spell Supply, terms n/30. 10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,200 (cost is $1,688). 12 Received payment from Min Cho for the March 2 sale less the discount of $256. 13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount of $640. 13 (b) Received payment from Linda Witt for the March 3 sale less the discount of $128. 14 Purchased $26,000 of merchandise from the CD Company, terms 2/10, n/30. 15 (a) Issued Check No. 417 for $17,100, payee is Payroll, in payment of sales salaries expense for the first ha of the month. 15 (b) Cash sales for the first half of the month are $51,200 (cost is $40,960). These cash sales are recorded i the cash receipts journal on March 15. 16 Purchased $1,480 of store supplies on credit from Gabel Company, terms n/30. 17 Returned $2,600 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces account payable by that amount. Returned $480 of office equipment purchased on March 9 to Spell Supply Church reduces accounts payable by that amount. 20 Received payment from Jovita Albany for the sale of March 10 less the discount of $64. 23 Issued Check No. 418 to CD Company in payment of the March 14 purchase less the March 17 return and the $468 discount. 27 Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $9,600 (cost is $3,840). 28 Sold merchandise on credit to Linda Witt, Invoice No. 858, for $3,840 (cost is $1,536). 31 (a) Issued Check No. 419 for $17,100, payee is ayroll, in payment of sales salaries expense for the last half of the month. 31 th rachalar for the last half of the month ara EA A Fract is 70 The Cash Calm ara pararded in 19 28 20 Received payment from Jovita Albany for the sale of March 10 less the discount of $64. 23 Issued Check No. 418 to CD Company in payment of the March 14 purchase less the March 17 return and the $468 discount. 27 Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $9,600 (cost is $3,840). Sold merchandise on credit to Linda Witt, Invoice No. 858, for $3,840 (cost is $1,536). 31 (a) Issued Check No. 419 for $17,100, payee is Payroll, in payment of sales salaries expense for the last half of the month. 31 (b) Cash sales for the last half of the month are $56,320 (cost is $33,792). These cash sales are recorded in the cash receipts journal on March 31. 31 (c) Verify that amounts impacting customer and creditor accounts were posted and that any amounts that should have been posted as individual amounts to the general ledger accounts were posted. Foot and crossfoot the journals and make the month-end postings. Assume the following ledger account amounts Inventory (March 1 beg, bal, is $64,000), Z. Church, Capital (March 1 beg. bal. is $64,000) and Church Company uses the perpetual inventory system Problem 7-1A Part 3 (a) Post information from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary ledgers ledgers GENERAL LEDGER Cash Debit Accounts Receivable Dobit Credit Balance Date Credit Balance Date Office Supplies Debit Inventory Debit Credit Balance Date Date Credit Balance Mar 01 Required information Office Equipment Debit Credit Store Supplies Debit Balance Date Balance Date Credit Long-Term Notes Payable Debit Credit Accounts Payable Debit Balance Date Credit Balance Date Sales Debit Balance Credit Z. Church, Capital Debit Date Balance Credit Date Mar 01 Sales Discounts Debit Cost of Goods Sold Debit Credit Date Credit Balance Date Balance Sales Salaries Expense Dobit ACCOUNTS RECEIVABLE LEDGER Jovita Albany Debit Credit Date Balance Credit Balance Date Min Cho Debit Linda Witt Deble Credit Balance Date Date Credit Balance Min Cho Debit Linda Witt Debit Date Credit Balance Date Credit Balance ACCOUNTS PAYABLE LEDGER CD Company Debit Credit Gabel Company Debit Date Balance Doto Credit Balance Spell Supply Debit Van Industries Debit Date Credit Balance Date Credit Balance Problem 7-1A Special journals, subsidiary ledgers, trial balance LO P1, P2, P3, P4 (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 are 2/10,n/30). Mar. 1 Purchased $32,000 of merchandise from Van Industries, terms 2/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $12,800 (cost is $6,408). 3 (a) Purchased $960 of office supplies on credit from Gabel Company, terms n/30. 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $6,480 (cost is $3,200). 6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable. 9 Purchased $16,000 of office equipment on credit from Spell Supply, terms n/30. 10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,200 (cost is $1,600). 12 Received payment from Min Cho for the March 2 sale less the discount of $256. 13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount of $640. 13 (b) Received payment from Linda Witt for the March 3 sale less the discount of $128. 14 Purchased $26,000 of merchandise from the CD Company, terms 2/10, n/30. 15 (a) Issued Check No. 417 for $17,190, payee is Payroll, in payment of sales salaries expense for the first half of the month. 15 (b) Cash sales for the first half of the month are $51,200 (cost is $40,960). These cash sales are recorded in the cash receipts journal on March 15. 16 Purchased $1,480 of store supplies on credit from Gabel Company, terms n/30. 17 Returned $2,688 of unsatisfactory merchandise purchased on March 14 to co Company. Church reduces accounts payable by that amount. 19 the cash receipts journal on March 15. 16 Purchased $1,480 of store supplies on credit from Gabel Company, terms n/30. 17 Returned $2,600 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts payable by that amount. Returned $480 of office equipment purchased on March 9 to Spell Supply Church reduces accounts payable by that amount. 20 Received payment from Jovita Albany for the sale of March 10 less the discount of $64. 23 Issued Check No. 418 to CD Company in payment of the March 14 purchase less the March 17 return and the $468 discount. 27 Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $9,600 (cost is $3,840). 28 Sold merchandise on credit to Linda Witt, Invoice No. 858, for $3,840 (cost is $1,536). 31 (a) Issued Check No. 419 for $17,100, payee is Payroll, in payment of sales salaries expense for the last half of the month. 31 (b) Cash sales for the last half of the month are $56,320 (cost is $33,792). These cash sales are recorded in the cash receipts journal on March 31. 31 (c) Verify that amounts impacting customer and creditor accounts were posted and that any amounts that should have been posted as individual amounts to the general ledger accounts were posted. Foot and crossfoot the journals and make the month-end postings. Assume the following ledger account amounts Inventory (March 1 beg. bal. is $64.000). Z. Church, Capital (March 1 beg. bal. is $64,000) and Church Company uses the perpetual inventory system. Problem 7-1A Part 3 (a) Post information from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary ledgers