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). Purchased $39.000 of nerchand Ise from Van Industries. invoice dated March 1, teras 2/15, n/30. Mar. 1 2 Sold serchandise on credit to Min Cho, Invoice No. 854, for $15,600 (cost is $7.800). 3 (a) Purchased $1,170 of off ice supplies on credit fron Gabel Coepany, invoice dat ed March 3, terss n/10 EON. 3 (b) Sold nerchandise on credit to Linda Witt, Invoice No. 855, for $7,800 (cost is $3.900). Bor roved $72,000 cash fron Federal Bank by signing a long-tern note payable. Purchased $19.500 of office equipment on credit froe Spell Supply, involce dated March 9, teras n/10 EOM Sold serchand ise on credit to Jovita Albany, Invoice No. 056, for $3,900 (cost is $1,950) . Received payeent fron Min Cho for the March 2 salo less the dlscount 10 12 13 (a) Sent Van Industries Check No. 416 in paysent of the March I Invoice loss the discount 13 (b) Recei ved payeent from Linda Vitt for the March 3 safe less the discount. 14 15 (a) Issued Check No. 417, payable to Payrol I, In paynent of sales sal ar ies expernse for the first half of the sonth, Purchased $32,000 of serchand ise fros the CD Conpany, iwoice dated March 13, terng 2/10, n/30. $12,200. Cashed the check and paid the esployees 15 (b) Cash sales for the first half of the sonth are 1$62, 400 (cost is $49,930). (Cash sales are recorded daily, but are recorded on ly twlce here to reduce repetitive entries.) Purchased $1,690 of store suppl ies on credit fros Gabel Coapany, invoice datod Harch 16, teras n/10 EOH Recei ved a $3,200 credit sesorandus from D Company for the return of unsat is factory nerchand ise purchased on March 14. Recei ved a $585 credit sesorandun fros Spel I Supp ly for office equipnent received on March 9 and returned for credit. Recei ved paysent fro Jovita Albary for the sale of March 10 less the discount. Issued Check No. 418 to CD Donpany in paysent of the Involce of March 13 less the March 17 return and the discount. Sold serchandise on credit to Jovita Albany, Invoice No. 857, for $11,700 (cost is $4,680). Sold serchandise on credit to Linda Witt, Invoice No. 88. for $4,680 (cost is $1,872). 16 17 19 20 23 27 28 31 (a) Issued Chock No. 419, payable to Payrol I, in paysent of sales sal ar ios expense for the last hal f of the nonth, $12,700. Cashed the check and paid the esployees. 31 (b) Cash sales for the last half of the aonth are $68,640 (cost is $41, 184). 31 (c) Vority that asounts ispacting custoner and creditor account s sere posted and that any anounts that should have been posted as indlvidual aOunts to the general Iledger accounts vere post ed. Foot and cross foot the Journals and sake the Bonth-end postings Assume the following ledger account amounts Inventory (March 1 beg, bal, is $64.000), Z. Church, Capital (March 1 beg. bal, is $64.0O0) and Church Company uses the perpetual inventory system. GENERAL LEDGER Cash Accounts Receivable Date Debit Credit Balance Date Debit Credit Balance Mar. 01 Mar. 01 Mar. 13 (b) Inventory Office Supplies Date Debit Credit Balance Date Debit Credit Balance Mar. 01 Store Supplies Office Equipment Date Debit Credit Balance Date Debit Credit Balance Accounts Payable Long-Term Notes Payable Date Debit Credit Balance Date Debit Credit Balance Z Church, Capital Sales Credit Balance Date Debit Date Debit Credit Balance Mar. 01 Sales Discounts Cost of Goods Sold Debit Balance Date Credit Debit Credit Balance Date ACCOUNTS RECEIVABLE LEDGER Sales Salaries Expense Jovita Albany Balance Date Debit Credit Date Debit Credit Balance Min Cho Linda Witt Date Debit Balance Credit Date Debit Credit Balance ACCOUNTS PAYABLE LEDGER CD Company Gabel Company Date Debit Balance Credit Date Debit Credit Balance Spell Supply Van Industries Credit Balance Date Debit Credit Balance Date Debit CHURCH COMPANY Trial Balance March 31 Credit Debit Totals CHURCH COMPANY Schedule of Accounts Receivable March 31 Jovita Albany Linda Witt Min Cho Total accounts receivable CHURCH COMPANY Schedule of Accounts Payable March 31 Gabel Company Spell Supply Van Industries CD Company Total accounts payable