Problem 7-1A Special journals, subsidiary ledgers, trial balance-perpetual LO C3, P1, P2
Required information Problem 7-1A Special journals, subsidiary ledgers, trial balance-perpetual LO C3, P1, P2 [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 3/10,n/30). Mar. 1 Purchased $37,000 of merchandise from Van Industries, invoice dated March 1, terns 3/15. n/30. 2 Sold merchandise on credit to Min Cho. Invoice No. 854, for $14.800 (cost is $7.400). 3 (a) Purchased $1.110 of office supplies on credit from Gabel Company, invoice dated March 3. teras 1/10 EOM. 3 (b) Sold merchandise on credit to Linda Vatt. Invoice No. 855, for $7.400 (cost is $3.700). 6 Borrowed $72.000 cash from Federal Bank by signing a long-tern note payable. 9 Purchased $18.500 of office equipment on credit from Spell Supply, invoice dated March 9. terms 1/10 BOM. 10 Sold merchandise on credit to Jovita Albany, Invoice No. 856. for $3.700 (cost is $1.850). 12 Received payment from Man Cho for the March 2 sale less the discount. 13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount. 13 (b) Received payment from Landa Witt for the March 3 sale less the discount. 14 Purchased $34.000 of merchandise from the CD Conpany, invoice dated March 13. terns 3/10, 1/30. 15 (a) Issued Check No. 417. payable to Payroll, in payment of sales salaries expense for the first half of the month. $14.700. Cashed the check and paid the enployees. 15 (b) Cash sales for the first half of the month are $59.200 (cost is $47, 360). (Cash sales are recorded daily. but are recorded only tvice here to reduce repetitive entries.) 16 Purchased $1. 630 of store supplies on credit from Gabel Company, invoice dated March 16. terrs 1/10 EOM. 17 Received a $3,400 credit Remorandum from CD Conpany for the return of unsatisfactory merchandise purchased on March 14. 19 Received a $555 credit nemorandun fron Spell Supply for office equipnent received on March 9 and returned for credit. 20 Received payment from Jovita Albany for the sale of March 10 less the discount. 23 Issued Check No. 418 to CD Company in payment of the invoice of March 13 less the March 17 return and the discount. 27 Sold merchandise on credit to Jovita Albany. Invoice No. 857. for $11. 100 (cost is $4.440). 28 Sold merchandise on credit to Linda Vatt. Invoice No. 858. for $4,440 (cost is $1,976). 31 (a) Issued Check No. 419. payable to Payroll. in payment of sales salaries expense for the last half of the month. $14.700. Cashed the check and paid the enployees. 31 (b) Cash sales for the last half of the month are $65. 120 (cost is $39.072). 31 (c) Verify that anounts impacting customer and creditor accounts were posted and that any anounts that should have been posted as individual aounts 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 $65,000), Z Church, Capital (March 1 beg. bal. is $65,000) and Church Company uses the perpetual inventory system. Reg 2A Reg 2B Reg 20 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. 02 Mar. 03 Mar. 31 Totals 0 0 Complete this question by entering your answers in the tabs below. Reg 2A Req 2B Reg 2C Reg 2D Reg 2E Enter the transactions in a purchases journal. PURCHASES JOURNAL Accounts Terms Payable Cr. Date Account Date of Invoice Inventory Dr. Office Supplies Dr. Other Accounts Dr. Mar. 31 Totals $ 0 $ 0$ 0 $ 0 Reg 2A Reg 2B Reg 2C Reg 2D Reg 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 s S s 01$ 0 $ 0 Reg 2A Reg 2B Reg 2C Req 2D Req 2E Enter the transactions in a cash disbursements journal. CASH DISBURSEMENTS JOURNAL Ck.No. Payee Account Debited Cash Cr. Date Inventory Cr. Other Accounts Dr. Accounts Payable Dr. Mar. 31 Totals $ 0 $ $ 0 S 0 Journal entry worksheet 1 2 > Received a $3,400 credit memorandum from CD Company for the return of unsatisfactory merchandise purchased on March 14. Note: Enter debits before credits. General Journal Debit Credit Date Mar. 17 Record entry Clear entry View general journal Journal entry worksheet 1 2 Received a $555 credit memorandum from Spell Supply for office equipment received on March 9 and returned for credit. Note: Enter debits before credits. General Journal Debi Credit Date Mar. 19 Record entry Clear entry View general journal
