Problem 7-1A Special journals, subsidiary ledgers, trial balance LO P1, P2, P3, P4 Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30).

Required information 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 2/10, n/30). 6 9 10 Mar. 1 Purchased $36,000 of merchandise from Van Industries, terms 2/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $14,400 (cost is $7,200). 3 (a) Purchased $1,888 of office supplies on credit from Gabel Company, terms n/30. 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7,200 (cost is $3,600). Borrowed $72,000 cash from Federal Bank by signing a long-term note payable. Purchased $18, ,000 of office equipment on credit from Spell Supply, terms n/30. Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,600 (cost is $1,800). 12 Received payment from Min Cho for the March 2 sale less the discount of $288. 13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount of $720. 13 (b) Received payment from Linda Witt for the March 3 sale less the discount of $144. 14 Purchased $32,000 of merchandise from the CD Company, terms 2/10, n/30. 15 (a) Issued Check No. 417 for $16,300, payee is Payroll, in payment of sales salaries expense for the first half of the month. 15 (6) Cash sales for the first half of the month are $57,600 (cost is $46,080). These cash sales are recorded in the cash receipts journal on March 15. Purchased $1,600 of store supplies on credit from Gabel Company, terms n/30. Returned $3,200 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts payable by that amount. Returned $540 of office equipment purchased on March 9 to Spell Supply Church reduces accounts payable by Received payment from Jovita Albany for the sale of March 10 less the discount of $72. 23 Issued Check No. 418 to CD Company in payment of the March 14 purchase less the March 17 return and the $576 discount. 27 Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $10,800 (cost is $4,320). 28 Sold merchandise on credit to Linda Witt, Invoice No. 858, for $4,320 (cost is $1,728). 31 (a) Issued Check No. 419 for $16,300, payee is Payroll, in payment of sales salaries expense for the last half of the month. 31 (b) Cash sales for the last half of the month are $63,360 (cost is $38,016). 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. 16 17 19 that amount. 20 Assume the following ledger account amounts Inventory (March 1 beg. bal. is $65,000), Z. Church, Capital (March 1 beg. bal. is $65,000) and Church Company uses the perpetual inventory system. Problem 7-1A Part 2 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. Req 2A Req 2B Req 2c Req 2D Req 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. Mar. 31 Totals $ GA 0 $ 0 Req 2A Req 2B Req 2c Req 2D Req 2E Enter the transactions in a purchases journal. PURCHASES JOURNAL Date Account Date of Invoice Terms Accounts Payable Cr. Inventory Dr. Office Supplies Dr. Other Accounts Dr. Mar. 31 Totals 0 $ 0 $ 0 $ 0 Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2c Req 2D Req 2E Enter the transactions in a 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. Mar. 31 Totals $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2c Req 2D Req 2E Enter the transactions in a cash payments journal. CASH PAYMENTS JOURNAL Date Ck.No. Payee Account Debited Cash Cr. Inventory Cr. Other Accounts Dr. Accounts Payable Dr. Mar. 31 Totals 0 0 $ 0 $ 0 Req 2A Req 2B Req 2c Req 2D Req 2E Enter the transactions in a general journal. View transaction list Journal entry worksheet Returned $3,200 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts payable by that amount. Note: Enter debits before credits. General Journal Debit Credit Date Mar. 17 Record entry Clear entry View general journal Problem 7.1A Part 3 (a) Post information from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary ledgers. GENERAL LEDGER Cash Debit Accounts Receivable Debit Date Credit Balance Date Credit Balance Inventory Debit Office Supplies Debit Date Credit Balance Date Credit Balance Mar. 01 Store Supplies Debit Office Equipment Debit Date Credit Balance Date Credit Balance Accounts Payable Debit Long-Term Notes Payable Debit Credit Date Credit Balance Date Balance z. Church, Capital Debit Sales Debit Date Credit Balance Date Credit Balance Mar. 01 Sales Discounts Cost of Goods Sold Date Debit Credit Balance Date Debit Credit Balance Sales Salaries Expense Debit ACCOUNTS RECEIVABLE LEDGER Jovita Albany Debit Credit Date Credit Balance Date Balance Min Cho Linda Witt Debit Date Debit Credit Balance Date Credit Balance ACCOUNTS PAYABLE LEDGER CD Company Debit Credit Gabel Company Debit Date Balance Date Credit Balance Van Industries Spell Supply Debit Date Credit Balance Date Debit Credit Balance (b) 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 trial balance. CHURCH COMPANY Trial Balance March 31 Debit Credit Totals $ 0 $ 0 Trial Balance Schedule of AR > (b) 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 March 31 Jovita Albany Linda Witt Min Cho Total accounts receivable $ 0 (b) 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 payable. CHURCH COMPANY Schedule of Accounts Payable March 31 Gabel Company Spell Supply Van Industries CD Company Total accounts payable $ 0