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). Mar. 9 1 Purchased $35,000 of merchandise from Van Industries, Invoice dated March 1, terns 2/15, n/3e. 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 from Gabel Company, Invoice dated March 3, terns n/10 EOH. 3. (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7,000 (cost is $3,500). 6 Borrowed $72,000 cash from Federal Bank by signing a long-tern note payable. Purchased $17.500 of office equipment on credit from Spell Supply, Invoice dated March 9, terms 1/10 EOM. 10 Sold merchandise on credit to Jovita Albany, Invoice No. 356, 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 sole less the discount. 14 Purchased $27,000 of merchandise from the CD Company, invoice dated March 13, terms 2/10, 1/30. 15 (a) Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $15,200. Cashed the check and paid the employees. 15 (b) Cash sales for the first half of the month are $56,000 (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 fron 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. 27 Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $10,500 (cost is 14,200) 26 Sold merchandise on credit to Linde 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 $36,968) 31 (c) Verify that amounts impacting customer and creditor accounts were posted and that any amounts that should have been posted as individual counts to the general ledger accounts were posted. Foot and grossfoot the journals and make the month and postings. 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 oblem 7-1A Part 3 Stinformation from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary Igers. GENERAL LEDGER Cash Debit Accounts Receivable Debit Balance Credit Date Balance Date Credit Inventory Debit Office Supplies Debit Credit Balance Date Credit Balance Date Mar 01 Store Supplies Debit Office Equipment Debit Credit Date Date Credit Balance Balance Accounts Payable Debit Long-Term Notes Payable Debit Credit Credit Date Date Balance Balance Required information Sales Debit 2. Church, Capital Debit Balance Date Date Credit Balance Mar. 01 Cost of Goods Sold Debit Snies Discounts Debit Credit Balance Date Balance Date Credit ACCOUNTS RECEIVABLE LEDGER Jovita Albany Debit Credit Sales Salaries Expense Dobit Balance Date Balance Date Credit Min Cho Debit Linda Witt Debit Credit Balance Date Balance Date Credit ACCOUNTS PAYABLE LEDGER CD Company Debit Credit Gabel Company Debit Balance Date Credit Balance Date Part 2 of 2 Prepare the March 31 trial balance, schedule of accounts recevable anu Complete this question by entering your answers in the tabs below. 2 points Trial Balance Schedule of AR Schedule of AP eBook Prepare the March 31 trial balance. Print CHURCH COMPANY Trial Balance March 31 Debit Credit $ 0 $ 0 Totals Trial Balance Schedule of AR > 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). Mar. 9 1 Purchased $35,000 of merchandise from Van Industries, Invoice dated March 1, terns 2/15, n/3e. 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 from Gabel Company, Invoice dated March 3, terns n/10 EOH. 3. (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7,000 (cost is $3,500). 6 Borrowed $72,000 cash from Federal Bank by signing a long-tern note payable. Purchased $17.500 of office equipment on credit from Spell Supply, Invoice dated March 9, terms 1/10 EOM. 10 Sold merchandise on credit to Jovita Albany, Invoice No. 356, 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 sole less the discount. 14 Purchased $27,000 of merchandise from the CD Company, invoice dated March 13, terms 2/10, 1/30. 15 (a) Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $15,200. Cashed the check and paid the employees. 15 (b) Cash sales for the first half of the month are $56,000 (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 fron 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. 27 Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $10,500 (cost is 14,200) 26 Sold merchandise on credit to Linde 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 $36,968) 31 (c) Verify that amounts impacting customer and creditor accounts were posted and that any amounts that should have been posted as individual counts to the general ledger accounts were posted. Foot and grossfoot the journals and make the month and postings. 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 oblem 7-1A Part 3 Stinformation from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary Igers. GENERAL LEDGER Cash Debit Accounts Receivable Debit Balance Credit Date Balance Date Credit Inventory Debit Office Supplies Debit Credit Balance Date Credit Balance Date Mar 01 Store Supplies Debit Office Equipment Debit Credit Date Date Credit Balance Balance Accounts Payable Debit Long-Term Notes Payable Debit Credit Credit Date Date Balance Balance Required information Sales Debit 2. Church, Capital Debit Balance Date Date Credit Balance Mar. 01 Cost of Goods Sold Debit Snies Discounts Debit Credit Balance Date Balance Date Credit ACCOUNTS RECEIVABLE LEDGER Jovita Albany Debit Credit Sales Salaries Expense Dobit Balance Date Balance Date Credit Min Cho Debit Linda Witt Debit Credit Balance Date Balance Date Credit ACCOUNTS PAYABLE LEDGER CD Company Debit Credit Gabel Company Debit Balance Date Credit Balance Date Part 2 of 2 Prepare the March 31 trial balance, schedule of accounts recevable anu Complete this question by entering your answers in the tabs below. 2 points Trial Balance Schedule of AR Schedule of AP eBook Prepare the March 31 trial balance. Print CHURCH COMPANY Trial Balance March 31 Debit Credit $ 0 $ 0 Totals Trial Balance Schedule of AR >