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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
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) Purchased $39,000 of merchandise from Van Industries, invoice dated March 1, terms 2/15, n/30 Sold merchandise on credit to Min Cho, Invoice No. 854, for $15,600 (cost is $7, 800) . Mar1 2 3 (a) Purchased $1,170 of office supplies on credit from Gabel Company, invoice 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7,800 (cost dated March 3, terms n/10 EOM. 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 Spel1 Supply, invoice dated March 9, terms n/10 EOM 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. 6 10 12 13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount. 13 (b) Received payment from Linda Witt for the March 3 sale less the discount. 14 Purchased $26,000 of merchandise from the CD Company, invoice dated March 13, terms 2/10, n/30 15 (a) Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $16,200. Cashed the check and paid the employees. 15 (b) Cash sales for the first half of the month are $62,400 (cost is $49, 920) (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.)
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