July 1 Purchased merchandise from Brown Company for $7,600 under credit terms of 1/15, n/38, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Turner Company for $1,700 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,020. July 3 Paid $445 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $2,000 for $3,300 cash. July 9 Purchased merchandise from Hall Company for $3,000 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $600 of merchandise purchased on July 9 from Hall Company and debited its account payable for that amount. July 12 Received the balance due from Turner Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Brown Company within the discount period. July 19 Sold merchandise that cost $2,000 to Carter Company for $2,800 under credit terms of 2/15, n/68, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $600 to Carter Company for merchandise sold on July 19 and credited Carter's accounts receivable for that amount. July 24 Paid Hall Company the balance due, net of discount. July 30 Received the balance due from Carter Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $5,200 to Turner Company for $8,600 under credit terms of 2/10, n/60, F08 shipping point, invoice dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Schedule of Receivables Payables Income Statement Impact on Income The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Garcia's Company Show less A Trial Balance July 01, 2021 Account Title Debit Credit Cash 29,000 Merchandise inventory Common stock 13,000 42,000