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 Purchased $36,800 of merchandise from Van Industries, invoice dated March 1, terms 3/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $14,400 (cost is $7,200). Mar. 1 3 (a) Purchased $1,ese of office supplies on credit from Gabel Company, invoice dated March 3, terms n/18 EOM 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7,208 (cost is $3,680) Borrowed $72,000 cash from Federal Bank by signing a long-term note payable Purchased $18,008 of office equipment on credit from Spell Supply, invoice dated March 9, terms n/18 EQM. Sold serchandise on credit to Jovita Albany, Invoice No. 856, for $3,600 (cost is $1,880) Received payment from Min Cho for the March 2 sale less the discount Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount 13 (a) 13 (b) Received payment from Linda Witt for the March 3 sale less the discount 15 (a) Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first 15 (b) Cash sales for the first Purchased $33,888 of merchandise from the CD Company, invoice dated March 13, terms 3/19, n/30 month, $16,280. Cashed the check and paid the employees half of the month are $57,609 (cost is $46,088). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) $1,680 of store supplies on credit from Gabel Company, invoice dated March 16, terms n/18 EOM. 17 Received a $3,300 credit memorandum from CD Company for the return of unsatisfactory for the return of unsatisfactory merchandise purchased 19 Received a $548 credit memorandum from Spell Supply for office equipment received on Received payment from Jovita Albany for the sale of March 10 less t k No. 418 to CD Company in payment of the invoice of March 13 less the March 17 return and the 27 Soldmerchandise on credit to Jovita Albany, Invoice No. 857, for $10,800 (cost is $4,320). 31 (a) Issued Check 31 (b) Cash sales for the last half of the month are $63,360 (cost is $38,016) ise on credit to Linda Witt, Invoice No. 858, for $4,328 (cost is $1,728) No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $16,280. Cashed the check and paid the employees 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 the following ledger account amounts inventory (March 1 beg, bal. Is $60,000). Z Church, Capital (March 1 beg. s $60000) and Church Company uses the perpetual inventory system