Knight 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 $45,700 of merchandise from Walker Industries, invoice dated March 1, terms 2/15, n/30.
Mar.		2		Sold merchandise on credit to Garcia Co., Invoice No. 854, for $42,000 (cost is $25,000).
Mar.		3		Purchased $1,300 of office supplies on credit from Lee Company, invoice dated March 3, terms n/10 EOM.
Mar.		3		Sold merchandise on credit to Hillary Mannion, Invoice No. 855, for $15,000 (cost is $9,000).
Mar.		6		Borrowed $88,000 cash from Federal Bank by signing a long-term note payable.
Mar.		9		Purchased $21,950 of office equipment on credit from Taylor Supply, invoice dated March 9, terms n/10 EOM.
Mar.		10		Sold merchandise on credit to Susan Allen, Invoice No. 856, for $12,000 (cost is $7,200).
Mar.		12		Received payment from Garcia Co. for the March 2 sale less the discount.
Mar.		13		Sent Walker Industries Check No. 416 in payment of the March 1 invoice less the discount.
Mar.		13		Received payment from Hillary Mannion for the March 3 sale less the discount.
Mar.		14		Purchased $49,400 of merchandise from the Wright 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, $22,500. Cashed the check and paid the employees.
Mar.		15		Cash sales for the first half of the month are $39,000 (cost is $23,400). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.)
Mar.		16		Purchased $3,000 of store supplies on credit from Lee Company, invoice dated March 16, terms n/10 EOM.
Mar.		17		Received a $5,400 credit memorandum from Wright Co. for the return of unsatisfactory merchandise purchased on March 14.
Mar.		19		Received a $3,290 credit memorandum from Taylor Supply for office equipment received on March 9 and returned for credit.
Mar.		20		Received payment from Susan Allen for the sale of March 10 less the discount.
Mar.		23		Issued Check No. 418 to Wright Co. in payment of the invoice of March 13 less the March 17 return and the discount.
Mar.		27		Sold merchandise on credit to Susan Allen, Invoice No. 857, for $26,000 (cost is $15,600).
Mar.		28		Sold merchandise on credit to Hillary Mannion, Invoice No. 858, for $9,000 (cost is $5,400).
Mar.		31		Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $22,500. Cashed the check and paid the employees.
Mar.		31		Cash sales for the last half of the month are $35,100 (cost is $21,100).

Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal General Journal tab - 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. Prepare a journal entry for each of the special journals at month-end. General Ledger and Trial Balance tabs - Journal entries are posted automatically to the general ledger and trial balance. Cash Receipts Journal tab - Enter the transactions that are properly included in this special journal. Cash Disbursements Journal tab - Enter the transactions that are properly included in this special journal. Purchases Journal tab - Enter the transactions that are properly included in this special journal. Sales Journal tab - Enter the transactions that are properly included in this special journal. Requirement General Journal > General Requirement General Journal Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal Ledger 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. View transaction list Journal entry worksheet Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. General Ledger Account Cash Accounts receivable No. Debit Credit No. Debit Credit Date Mar 01 Balance 27,200 Date Mar 01 Balance 51,000 S. Knight, Capital Inventory Debit No. Credit No. Debit Credit Date Mar 01 Balance 16,000 Date Mar 01 Balance 94,200 Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal 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 must 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. Show less Knight Company Trial Balance March 31, 2017 Account Title Credit $ Cash Accounts receivable Inventory s. Knight, Capital Total Debit 27,200 51,000 16,000 94,200 94,200 $ 94,200 $ Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal Enter all transactions that are properly included in the Cash Receipts Journal. CASH RECEIPTS JOURNAL Date Account credited Cash Dr. Sales discount Dr. Accounts receivable Cr. Sales Cr. Other Accts. Cr. Cost of goods sold Dr. Inventory Cr. TUTTE Mar. 31 Totals 0 $ 0 $ 0 $ 0 $ 0 $ Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal Enter all transactions that are properly included in the Cash Disbursements Journal. CASH DISBURSEMENTS JOURNAL Date Check No. Payee Account debited Cash Cr. Inventory Cr. Other accounts Dr. Accounts payable Dr. Mar. 31 Totals $ 0 $ 0 $ 0 $ 0 Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal Enter all transactions that are properly included in the Purchases Journal. PURCHASES JOURNAL Date Account Invoice Date Terms Accounts payable Cr. Inventory Dr. Office supplies Dr. Other accounts Dr. Mar. 31 Totals $ 0 $ 0 $ 0 $ 0 Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal Enter all transactions that are properly included in the Sales Journal. Date Account debited SALES JOURNAL Invoice number Accounts receivable Dr. Cost of goods sold Dr. Sales Cr. Inventory Cr. 854 Mar. 2 Garcia Co. Mar. 31 Totals 0 $ 0