SALES JOURNAL Accounts Receivable Dr. Sales Cost of Goods Sold Dr Inventory Account Debited Invoice Number Date Mar. 02 Mar. 03 Mar. 10 Mar 27 Mar. 28 854 855 856 857 858 $ 14,400S 7,200 3,600 10,800 4,320 Min Cho Linda Witt Jovita Alban Jovita Alban Linda Witt 7,400 3,600 1,800 4,320 1,728 Mar. 31 Totals $ 40,320 18,848 PURCHASES JOURNAL Date of Invoice Accounts Payable Cr. Office Supplies Dr Other Accounts Inventory Date Mar. 01 Mar. 03 Mar. 09 Mar. 14 Mar. 16Store supplies/Gabel Account Terms Van Industries Office Supplies/Gabel Office equipment/Spel 1/15, n/30 n/10, EOM 36,000 x $ 36,000 1,080 18,000 27,000 1,600 3/3 1,080 18,000 Su CD Company 3/13 1 /10 , /30 n/10, EOM 27,000 3/16 1,600 Mar. 31 Totals $ 83,680 63,000 1,080 19,600 CASH RECEIPTS JOURNAL Cost of Goods Sold Sales Discount Dr Accounts Receivable Other Accts Date Account Credited Cash Dr Sales Cr Inventory Long-term note Mar. 06 Mar. 12 Mar. 13 Mar. 15 Mar. 20 Mar. 31 72,000 14,112 7,056 57,600 3,528 63,360 72,000 ayable Min Cho Linda Witt Sales Jovita Albany Sales 288 14,400 144 7,200 57,600 46,080 72 3,600 63,360 38,016 Mar. 31 Totals $ 217,656 S 504 $ 25,200 120,960 $ 72,000 $84,096 CASH DISBURSEMENTS JOURNAL Inventory Other Accounts Accounts Payable Dr $ 36,000 Cash Cr Date Mar. 13 Mar. 15 Mar. 23 Mar. 31419 Payrol Ck.No. Payee Account Debited Van IndustriesVan Industries Payroll CD Company S 35,280 S 15,800 23,814 15,800 720 Sales salaries 417 15,800 ense CD Company Sales salaries expense 486 24,300 15,800 Mar. 31 Totals $ 90,694$ 1,206 31,600 S 60,300 Debit Credit No Date General Journal 2,700 Mar. 17 Accounts payable-CD Co 2,700 Inventory 540 3 Mar. 19Accounts payable-Spell Supply 540 Office equipment Required information Problem 7-1A Special journals, subsidiary ledgers, trial balance-perpetual LO C3, P1, P2 [The following information applies to the questions displayed belowj Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30) Purchased $37,000 of merchandise from Van Industries, invoice dated March 1, terms 1/15, n/30 Sold merchandise on credit to Min Cho, Invoice No. 854, for $14,800 (cost is $7,400) Mar. 1 3 (a) Purchased $1,110 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOMM 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7,400 (cost is $3,700 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable Purchased $18,500 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 $3,700 (cost is $1,850) Received payment from Min Cho for the March 2 sale less the discount. 10 12 13 (a) 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 $26,000 of merchandise from the CD Company, invoice dated March 13, terms 1/10, n/30 15 (a) Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $12,300. Cashed the check and paid the employees. 15 (b) Cash sales for the first half of the month are $59,200 (cost is $47,360). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Purchased $1,630 of store supplies on credit from Gabel Company, invoice dated March 16, terms n/10 EOM Received a $2,600 credit memorandum from CD Company for the return of unsatisfactory merchandise purchased on March 14 Received a $555 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. Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $11,100 (cost is $4,440) Sold merchandise on credit to Linda Witt, Invoice No. 858, for $4,440 (cost is $1,776) 16 17 19 20 23 27 28 31 (a) Issued Check No. 419, payable to Payrol1, in payment of sales salaries expense for the last half of the month, $12,300. Cashed the check and paid the employees. 31 (b) Cash sales for the last half of the month are $65,120 (cost is $39,072). 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 $64,000), Z. Church, Capital (March 1 beg bal. is $64,000) and Church Company uses the perpetual inventory system Post information from the journals in Part 2 to the general ledger and the accounts receivable and accounts payable subsidiary ledgers GENERAL LEDGER Cash Debit Accounts Receivable Date Credit Balance Date Debit Credit Balance Inventory Debit Office Supplies Debit Date Credit Balance Date Credit Balance Mar. 01 Store Supplies Debit Office Equipment Debit Date Credit Balance Date Credit Balance Accounts Payable Debit Long-Term Notes Payable Debit Date Credit Balance Date Credit Balance Sales Z. Church, Capital Debit Date Credit Balance Date Debit Credit Balance Mar. 01 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 Schedule of AP AR Prepare the March 31 trial balance. CHURCH COMPANY Trial Balance March 31 Debit Credit Totals