Required information Problem 7-1A (Static) Special journals, subsidiary ledgers, trial balance LO P1, P2, P3, P4 [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). March 1 March 2 March 3 (a) March 3 (b) March 6 March 9 March 10 March 12 March 13 (a) March 13 (b) March 14 Purchased $43,600 of merchandise from Van Industries, terms 2/15, n/30. Sold merchandise on credit to Min Cho, Invoice Number 854, for $16,800 (cost is $8,400). Purchased $1,230 of office supplies on credit from Gabel Company, terms n/30. Sold merchandise on credit to Linda Witt, Invoice Number 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, terms n/30. Sold merchandise on credit to Jovita Albany, Invoice Number 856, for $5,600 (cost is $2,900). Received payment from Min Cho for the March 2 sale less the discount of $336. Sent Van Industries Check Number 416 in payment of the March 1 invoice less the discount of $872. Received payment from Linda Witt for the March 3 sale less the discount of $204. Purchased $32,625 of merchandise from the CD Company, terms 2/10, n/30. March 15 (a) Issued Check Number 417 for $18,300; payee is Payroll, in payment of sales salaries expense for the first half of the month. March 15 (b) Cash sales for the first half of the month are $34,680 (cost is $20,210). These cash sales are recorded in the cash receipts journal on March 15. March 16 March 17 March 19 March 20 March 23 March 27 March 28 March 31 (a) Purchased $1,770 of store supplies on credit from Gabel Company, terms n/30. Returned $2,425 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts payable by that amount. Returned $630 of office equipment purchased on March 9 to Spell Supply. Church reduces accounts payable by that amount. Received payment from Jovita Albany for the sale of March 10 less the discount of $112. Issued Check Number 418 to CD Company in payment of the March 14 purchase less the March 17 return and the $604 discount. Sold merchandise on credit to Jovita Albany, Invoice Number 857, for $14,910 (cost is $7,220). Sold merchandise on credit to Linda Witt, Invoice Number 858, for $4,315 (cost is $3,280). Issued Check Number 419 for $18,300; payee is Payroll, in payment of sales salaries expense for the last half of the month. March 31 (b) Cash sales for the last half of the month are $30,180 (cost is $16,820). These cash sales are recorded in the cash receipts journal on March 31. March 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 beginning balance is $10,000); Z. Church, Capital (March 1 beginning balance is $10,000) and Church Company uses the perpetual inventory system. Complete this question by entering your answers in the tabs below. General Ledger Accounts Receivable Ledger Accounts Payable Ledger Post information from the journals in Part 2 to the general ledger. Date March 01 GENERAL LEDGER Cash Debit Credit Balance Accounts Receivable Date Debit Credit Balance Inventory Office Supplies Date Debit Credit Balance Date Debit Credit Balance March 01 March 31 (c) Sales Journal March 31 (c) Purchases Journal March 31 (c) Cash Receipts Journal 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 Date March 01 Date Date Z. Church, Capital Debit Credit Balance March 15 (a) Sales Discounts Debit Credit Balance Sales Salaries Expense Debit Credit Balance Date March 31 (c) Sales Journal Sales Debit Credit Balance Cost of Goods Sold Date Debit Credit Balance Complete this question by entering your answers in the tabs below. General Ledger Accounts Receivable Accounts Ledger Payable Ledger Post information from the journals in Part 2 to the accounts receivable ledger. ACCOUNTS RECEIVABLE LEDGER Jovita Albany Date Debit Credit Balance Linda Witt Date Debit Credit Balance Min Cho Date Debit Credit Balance Complete this question by entering your answers in the tabs below. General Ledger Accounts Receivable Accounts Ledger Payable Ledger Post information from the journals in Part 2 to the accounts receivable ledger. ACCOUNTS RECEIVABLE LEDGER Jovita Albany Date Debit Credit Balance Linda Witt Date Debit Credit Balance Min Cho Date Debit Credit Balance