! 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 2/10,n/30). Har 9 1 Purchased $35,000 of merchandise from Van Industries, Invoice dated March 1, terms 2/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $14,000 (cost is $7,000) 3 (a) Purchased $1,050 of office supplies on credit fron Gabel Company, invoice dated March 3, terns n/10 EOM. 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7,000 (cost is $3,580). 6 Borrowed $72,000 cash from Federal Bank by signing a long-tera note payable. Purchased $17.500 of office equipment on credit from Spell Supply, invoice dated March 9, terms n/10 EOM. 10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,500 (cost is $1,750). 12 Received payment from Min 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 Linda Mitt for the March 3 sale less the discount. 14 Purchased $27,000 of merchandise fron the CD Company, invoice dated March 13, terms 2/10, 1/30. 15 (6) Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $15,200. Cashed the check and paid the employees. 15 (b) Cash sales for the first half of the month are 356,000 (cost is $44,800). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) 16 Purchased $1,570 of store supplies on credit from Gabel Company, invoice dated March 16, terns n/10 EOM. 17 Received a $2,700 credit memorandum from CD Company for the return of unsatisfactory merchandise purchased on March 14. 19 Received a $525 credit memorandum from Spell Supply for office equipment 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. Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $10.500 (cost is $4,200). 28 Sold merchandise on credit to Linda Witt, Invoice No. 858, for $4,200 (cost is $1,680). 31 (a) Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $15,200. Cashed the check and paid the employees. 31 (b) Cash sales for the last half of the month are $61,600 (cost is $36,960) 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. 27 Assume the following ledger account amounts Inventory (March 1 beg, bal, is $61,000), Z. Church, Capital (March 1 beg bal, is $61,000) and Church Company uses the perpetual inventory system, Problem 7-1A Part 3 Post information from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary ledgers GENERAL LEDGER Cash Data Debit Mar 31 (c) Cash Rec. Journal 213,855 Mar 31 (c) Cash Disb. Journal Credit Credit Accounts Receivable Debit 40.425 Balance Date 213,855 Mar 31 (c) Sales Journal 128,635 Mar 31 (c) Cash Rec. Journal Balance 40 425 15,925 85,220 24,500 Inventory Dobit Office Supplies Debit Credit Balance Date Credit Balance 2,601 Date Mar 01 Mar 17 Mar 31 (c) Purch Journal Mar 31 (c) Cash Disb. Journal Mar 31 (c) Sales Journal Mar 31 (c) Cash Rec Journal 61,0051 584 18,620 81.760 (2,601) 58,404 57,820 39 200 (42,560) Store Supplies Debit Office Equipment Debit Date Credit Balance Date Credit Balance Accounts Payable Debi Long-Term Notes Payable Debit Credit Date Balance Dato Balance ! Required information 2 of 2 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 eBook Prepare the March 31 trial balance. Print CHURCH COMPANY Trial Balance March 31 Debit Credit Totals $ 0 $ Trial Balanc Schedule of AR >