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). 10 Mar. 1 Purchased $43, 600 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 $16,800 (cost is $8,400). 3 (a) Purchased $1,230 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM. 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $10,200 (cost is $5,800). Borrowed $82,000 cash from Federal Bank by signing a long-term note payable. Purchased $21,850 of office equipment on credit from Spell Supply, invoice dated March 9, terms n/10 EOM. Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $5,600 (cost is $2,900). Received payment from Min Cho for the March 2 sale less the discount. 13 (2) 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. Purchased $32,625 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, $18,300. Cashed the check and paid the employees. 15 (b) Cash sales for the first half of the month are $34, 680 (cost is $20,210). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Purchased $1,770 of store supplies on credit from Gabel Company, invoice dated March 16, terms n/10 EOM. 17 Received a $2,425 credit memorandum from CD Company for the return of unsatisfactory merchandise purchased on March 14. 19 Received a $630 credit memorandum from Spell Supply for office equipment received on March 9 and returned for credit. Received payment from Jovita Albany for the sale of March 10 less the discount 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. 957 for $14.910 i cost is $7.220). Sold merchandise on credit to Linda Witt, Invoice No. 358, for $4,315 (cost is $3,280). 31 (a) Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last halt of the month, $18,300. Cashed the check and paid the employees. 31 (b) Cash sales for the last half of the month are $30, 180 (cost is $16, B20). 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. Assume the following ledger account amounts Inventory (March 1 beg. bal. is $10,000): Z. Church, Capital (March 1 beg. bal. Is $10,000) and Church Company uses the perpetual Inventory system. Problem 7-1A Part 2 Required: 2-a. Enter the transactions in a sales journal. 2-b. Enter the transactions in a purchases journal. 2-c. Enter the transactions in a cash receipts journal. 2-d. Enter the transactions in a cash disbursements journal. 2-e. Enter the transactions in a general lournal. Complete this question by entering your answers in the tabs below. Reg 2A Reg 2B Reg 2C Reg 2D Reg 2E Enter the transactions in a sales journal. SALES JOURNAL Accounts Account Debited Invoice Recolvable Dr. Number Sales Cr. Date Cost of Goods Sold Dr. Inventory Cr. Mar. 31 Totals DDD S 0S Roq 24 Req 28 ) Prav 2 of 2 !!! Complete this question by entering your answers in the tabs below. Reg 2A Req 2B Reg 2C Reg 2D Req 2E Enter the transactions in a purchases journal. PURCHASES JOURNAL Date Date of Invoice Account Terms Accounts Payable Cr. Office Supplies Inventory Dr. Other Accounts Dr. Dr. Mar. 31 Totals OS 0S 0S 0 Req 20 > Complete this question by entering your answers in the tabs below. Reg 2A Reg 2B Reg 20 Reg 2D Reg 2E Enter the transactions in a cash disbursements journal. CASH DISBURSEMENTS JOURNAL Ck.No. Date Payee Account Debited Cash Cr. Inventory Cr. Other Accounts Dr. Accounts Payable Dr. Mar31 Totals S 0S 0S 0S 0 Complete this question by entering your answers in the tabs below. Req ZA Reg 2A Reg 2B REG2B ReqzC Reg 2C Reg 2D Reg zo | REG ZE | Res 2 Enter the transactions in a general journal. View transaction list Journal entry worksheet Received a $2,425 credit memorandum from CD Company for the return of unsatisfactory merchandise purchased on March 14. Note: Enter debits before credits. Date General Journal Debit Credit Mar. 17 Record entry Clear entry View general journal Req2D Req2E