Problem 7-1 Algorithmic

reyuncu HIRIQLUI 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 1/10, n/30). 1 6 Mar. Purchased $39,600 of merchandise from Van Industries, terms 1/15, 1/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $15,680 (cost is $7,880). 3 (a) Purchased $1,178 of office supplies on credit from Gabel Company, terms n/30. 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7,800 (cost is $3,900). Borrowed $72,000 cash from Federal Bank by signing a long-term note payable. Purchased $19,500 of office equipment on credit from Spell Supply, terms n/30. 10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,900 (cost is $1,950). 12 Received payment from Min Cho for the March 2 sale less the discount of $156. 13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount of $390. 13 (b) Received payment from Linda Witt for the March 3 sale less the discount of $78. 14 Purchased $34, eee of merchandise from the CD Company, terns 1/10, n/30. 15 (a) Issued Check No. 417 for $12,700, 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 $62, 480 (cost is $49,920). These cash sales are recorded in the cash receipts Journal on March 15. 16 Purchased $1,690 of store supplies on credit from Gabel Company, terms n/30. 17 Returned $3,400 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts payable by that onount. 19 Returned $585 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 $39. 23 Issued Check to 418 to CD Company in payment of the March 14 purchase less the March 17 return and the $306 discount nid marchandise on credit Tovita Alhany. Tuntre N. AS7 for $11.700 Crost is $4.6A) CD 12 of 2 Next > 07 Saved Help Sau AD 12 w Purchased $19,50e of office equipment on credit from Spell Supply, terms n/30. 10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,900 (cost is $1,950). Received payment from Min Cho for the March 2 sale less the discount of $156. 13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount of $390. 13 (b) Received payment from Linda Witt for the March 3 sale less the discount of $78. 14 Purchased $34,000 of merchandise from the CD Company, terms 1/10, 1/30. 15 (a) Issued Check No. 417 for $12,700, payee is Payroli, 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 $62,400 (cost is $49,920). These cash sales are recorded in the cash receipts journal on March 15. 16 Purchased $1,690 of store supplies on credit from Gabel Company, terms /30. 17 Returned $3,480 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts payable by that amount. 19 Returned $585 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 $39. 23 Issued Check No. 418 to CD Company in payment of the March 14 purchase less the March 17 return and the $306 discount. 27 Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $11,700 (cost is $4,680). 28 Sold merchandise on credit to Linda Witt, Invoice No. 858, for $4,680 (cost is $1,872). 31 (a) Issued Check No. 419 for $12,700, payee is Payroll, in payment of soles salaries expense for the last half of the month 31 (b) Cash sales for the last half of the month are $68,640 (cost is $41, 184). 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 $62.000). Z. Church. Capital (March 1 beg. bal. is $62.000) and Church Company uses the perpetual inventory system. Required: 2-a. Enter the transactions in a sales journal. 2-b. Enter the transactions in a purchases journal. 2-c. Enter the transactions in a cash receipts journal. 2-d. Enter the transactions in a cash payments journal. 2-e. Enter the transactions in a general journal. Complete this question by entering your answers in the tabs below. Reg 2A Reg 2B Reg 20 Reg 2D Reg 2E Enter the transactions in a sales journal. SALES JOURNAL Date Account Debited Invoice Number Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr. Required information Post information from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary gers. GENERAL LEDGER Cash Debit Date Credit Balance Date Accounts Receivable Debit Credit Bal Date Inventory Debit Credit Office Supplies Balance ar. 01 Date Debit Credit Baland ) Prepare the March 31 trial balance, schedule of accounts receivable and schedule of accounts payable. Complete this question by entering your answers in the tabs below. Trial Balance Schedule of AR Schedule of AP Prepare the March 31 schedule of accounts receivable. CHURCH COMPANY Schedule of Accounts Receivable ho March 31 Jovita Albany Linda Witt Min Cho Total accounts receivable S Tnal Balance Schedule of AP > Required information (b) Prepare the March 31 trial balance, schedule of accounts receivable and schedule of accounts p Complete this question by entering your answers in the tabs below. Trial Balance Schedule of AR Schedule of AP Prepare the March 31 schedule of accounts payable. CHURCH COMPANY Schedule of Accounts Payable March 31 Gabel Company Spell Supply Van Industries CD Company Total accounts payable Schedule of AR