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 2/10, n/30). Mar. 1 Purchased $39,000 of merchandise from Van Industries, Invoice dated March 1, terms 2/15, n/30. 2 Sold merchandise on credit to Min Cho, Involce No. 854, for $15,600 (cost Is $7,800). 3 (a) Purchased $1,170 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/MO EOM. 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7,800 (cost is $3,900) 6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable 9 Purchased $19,500 of office equipment on credit from Spell Supply, Invoice dated March 9, terms n/10 EOM 10 Sold merchandise on credit to Jovita Albeny, Invoice No. 856, for $3,900 (cost is $1,950) 12 Recelved payment from Min Cho for the March 2 sele less the discount 13 (a) Sent Van Industrles Check No. 416 In payment of the March 1 Involce less the discount 13 (b) Recelved payment from Linda Witt for the March 3 sale less the discount. 14 Purchased $26,000 of merchandise from the CD Company, involce dated March 13, terms 2/10, n/30. 15 (a) Issued Check No. 417, payable to Payroll, In payment of sales salarles expense for the first half of the month, $16,200. Cashed the check and pald the employees. 15 (b) Cash sales for the first half of the month are $62,400 (cost is $49,920). (Cash sales are recorded dally, but are recorded only twice here to reduce repetitve entrles.) 16 Purchased $1,690 of store supplles on credit from Gabel Company, Invoice dated March 16, terms n/10 EOM. 17 Recelved a $2.600 credit memorandum from CD Company for the return of unsatisfactory merchandise purchased on March 14. 19 Recelved a $585 credit memorandum from Spell Supply for office equipment recelved 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 $11,700 (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, payable to Payroll, in payment of sales salarles expense for the last half of the month, $16,200. Cashed the check and pald the employees. 31 (b) Cash sales for the last half of the month are $68,640 (cost is $41184) 31 (c) Vertfy 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 $60,000), Z. Church, Capital (March 1 beg. bal. is $60,000) and Church Company uses the perpetual inventory system