Problem 7-1A Part 3
Post information from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary ledgers.
Problem 7 - 1A Part 3 Fast Information from the journals In Part ? to the general ledger and the accounts receivable and accounts payable subsidiary LEDGETE .PURCHASES JOURNAL Date Account Date of Invoice Terms Accounts Payable Cr. Inventory Dr. Office Other Supplies Dr. Accounts Dr. Mar. 01 Van Industries 3/1 3/15, n/30 30,000 30,000 Mar. 03 Office Supplies/Gabel 3/3 n/10, EOM 900 900 Mar. 09 Office equipment/Spell Supply | 3/9 1/10, EOM 15,000 15,000 Mar. 14 CD Company 3/13 3/10, n/30 25,000 25,000 Mar. 16 Store supplies/Gabel 3/16 n/10, EOM 1,420 1,420 Mar. 31 Totals 5 72,320 55,000 5 900 16,420SALES JOURNAL Cost of Date Account Invoice Accounts Goods Sold Debited Number Receivable Dr. Sales Cr. Dr. Inventory Cr. Mar. 02 Min Cho 854 12,000 6,000 Mar. 03 Linda Witt 855 6,000 3,000 Mar. 10 Jovita Albany 856 3,000 1,500 Mar. 27 Jovita Albany 857 9,000 3,600 Mar. 28 Linda Witt 858 3,600 1,440 Mar. 31 Totals 33,600 15,540Required Information Problem 7. 1A Special Journals , subsidiary ledgers, trial balance_ perpetual LO C3, PY, FZ [ The following information applies to the questions displayed below! are 3no . 1.37 . Church Company completes theFE transactions and events during March of the current year Iterms for all Its credit Sales HAT . Purchased $ 20 , 000 OF merchandise From Van Industries , invoice dated March 1 , LED 3/15, 1/20. EDLa merchandise On Credit TO HIT The, INVOICE HO_ $54. FOT SIS, OOD LOOSE IS SE, CODY .` Purchased FOOD OF OFFICE SUPPLIES On Credit From EatEl Company , invoice dated March ], toME WILD EQU . Bold merchandise on credit TO Linda Hitt , INVOICE KO. ESS, FOT { {, OOD ICost is $ 2, 0001 . Borrowed $ 72, 000 cash From Federal Bank by signing a Long-term note papabile . FurtherEd { IS, OOD OF OFFICE EQUIPMENT On Credit FILI SPELL BUFFLY, invoice dated March {, LETS WILD BOY . 10 Gold merchandise on credit TO Jovita AlbanY , INVOICE HO. ESE. For $ 7, 100 LOOSE IS $ 1. 50 01 . 12 RECEIVED Payment From Hin Che For the March ? _aLE LEFT THE discount . 12 1 21\\ 12 1 Bent Van Industries Check NO. 415 in FamTIENE OF THE March 1 invoice Less the discount. RECEIVED FAYTIENE FIZZ Linda HitE For THE March 2 _aLE LEFT the discount .` 14 Purchased $ 25, OOD OF merchandise From the Company , invoice dated March 12, LED 3/10 , 1/20 . 15 1 21 I Issued Check $0 . 417 , payable to Payroll , in payment OF sales Salaries EXPENSE For the First half OF THE month , $ 14, GOD. Cashed the check and paid THE EMPLOYEES . 15 Ibj Cash sales For the First half OF the month are $4 E , OOD LOOSE is EZE, 4001 . 1Cash sales are recorded daily . DUE ATE THEOTHER ONLY TWICE HERE TO TELLCE REPETITIVE ETETIES _ ! FurtherEd $ 1 , 420 OF ` LOVE SUPPLIES ON Credit From EatEl Company , invoice dated March LE, LETTE WILD EON .` 17 Received a $ 2. 50D Credit TIETIOTETTET FIZZ COMPANY For THE RESULT OF Unsatisfactory merchandise purchased on March 14 . 1 0 RECEIVED a $450 Credit JEVICTITLE FIZZ SPELL RUFFLE FOT OFFICE EQUIPTIENE RECEIVES IN March { and TEGUITEZ* For Credit .` RECEIVED FAYTIENE FIZZ JOVita LIKELY FIT THE SALE OF March 10 LEFT THE discount . 2:3 IZZLEd Check NO. 4LE CO CO COMPANY in payment Of the invoice of March 12 LEE` the March 17 FEELIT and the discount . Zola merchandise On credit TO Jovita Albany , INVOICE NO. EST. FOR { }, OOD LEESE i{ { }, BODY . ZE Fold merchandise On credit TO Linda Hitt , INVOICE HO. ESE. FOR $ 2. EOD ICost is $ 1, 1401 .` 21 laj I Issued Check NO . 41%, payable to Payroll , in payment OF sales Salaries EXPENSE For the Last half OF the north , $ 14, GOD. Cashed the check and paid the EMPLOYEES . 21 Ibj Cash sales For the Last half OF the month are $ 52, EOD LOOSE IS $21, BEDI .` 21 { Verify that amounts impacting customer and creditor accounts were posted and that any amount _ that should have been posted as individual amounts to the general Ledger accounts Were posted . Foot and cross Foot the Journal ; and make the north- End postings.` ASSUME the following ledger account amounts Iinventory ( March 1 beg _ bal. 1= $62 0091, 2. Church , Capital (March 1 beg bal . Is $ 62,00 0) and Church Company USES the perpetual Inventory System .No Date General Journal Debit Credit Mar. 17 Accounts payable-CD Co 2,500 Inventory 2,500 2 Mar. 19 Accounts payable-Spell Supply 450 Office equipment 450CASH DISBURSEMENTS JOURNAL Date Ck.No. Payee Account Debited Cash Cr. Inventory Cr. Other Accounts Accounts Dr. Payable Dr. Mar. 13 416 "Van Industries Van Industries 5 29,100 900 30,000 Mar. 15 417 Payroll Sales salaries expense 14,900 14,900 Mar. 23 418 CD Company CD Company 21,825 875 22,500 Mar. 31 419 Payroll Sales salaries expense 14,900 14,900 Mar. 31 Totals 80,725 1,575 29,800 5 52,500CASH RECEIPTS JOURNAL Cost of Goods [late Account Credited [.ash [Ir. Sales ACCOUNTS Discount [IT. RECEIVable IT Sales ET. \\Other AREAS . IT Sold [Ir. Inventory LT. Long-term note payable* TZ,OOD Min Cho 1 1, 5:40 Mar. 12 Linda Witt TED` 40, 00 0 28, 40 0 Javits Albany 2.510 2.020 5:3|EZ 5ZEDD LE JEM TOtake 153, 170 3.201\\ TO OED
