Individual Journal Entries (Debit/Credit):
-- Account Title Options:
Lee Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10,n/30 ). - March 1 Purchased $43,800 of merchandise from Allen Industries, terms 2/15, n/3e. - March 2 Sold merchandise on credit to Wright Company, Invoice Number 854 , for $19,200 (cost is $12, 00 ). - March 3 Purchased $1,50 of office supplies on credit from Mitchell Company, terms n/30. - March 3 Sold merchandise on credit to Tony Turner, Invoice Number 855 , for $12,00 (cost is $7,20 ). - March 6 Borrowed $86,0e cash from National Bank by signing a long-term note payable. - March 9 Purchased $22, 950 of office equipment on credit from Parker Supply, terms n/30. - March 10 Sold merchandise on credit to Robert King, Invoice Number 856 , for $9,60 (cost is $5,80 ). - March 12 Received payment from Wright Company for the March 2 sale less+the discount of $384. - March 13 Sent Allen Industries Check Number 416 in payment of the March 1 invoice less the discount of $876. - March 13 Received payment from Tony Turner for the March 3 sale less the discount of $24. . March 14 Purchased $34,200 of merchandise from the Thompson Company, terms 2/10, n/30. . March 15 Issued Check Number 417 for $18,706, payee is Payroll, in payment of sales salaries expense for the first half of the month. - March 15 Cash sales for the first half of the month are $36, be (cost is $21,60 ). These cash sales are recorded in the cash receipts journal on March 15 . - March 16 Purchased $2,0 of store supplies on credit from Mitchell Company, terms n/30. - March 17 Returned $3,200 of unsatisfactory merchandise purchased on March 14 to Thompson Company. Lee reduces accounts payable by that amount. - March 19 Returned $3,300 of office equipment purchased on March 9 to Parker Supply. Lee reduces accounts payable by that amount. - March 2 Received payment from Robert King for the sale of March 10 less the discount of $192. - March 23 Issued Check Number 418 to Thompson Company in payment of the March 14 purchase less the March 17 return and the discount of $620. - March 27 Sold merchandise on credit to Robert King, Invoice Number 857 , for $21,000 (cost is $12,60 ). - March 28 Sold merchandise on credit to Tony Turner, Invoice Number 858 , for $7,20 (cost is $4,30 ). - March 31 Issued Check Number 419 for $18,700, payee is Payroll, in payment of sales salaries expense for the last half of the month. - March 31 Cash sales for the last half of the month are $32,40 (cost is $19,400 ). These cash sales are recorded in the cash receipts journal on March 31. 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. Journal entry worksheet March 1) Purchased $43,800 of merchandise from Allen Industries, terms 2/15,n/30. Note: Enter debits before credits. 000: Entered in special journal 101: Cash 106: Accounts receivable 119: Inventory 124: Office supplies 125: Store sunnlies 125: Store supplies 128: Prepaid insurance 167: Office equipment 201: Accounts payable 251: Long-term notes payable 301: E. Lee, Capital 302: E. Lee, Withdrawals 413: Sales 415: Sales discounts 502: Cost of goods sold 621: Sales salaries expense
