The begining balance is giving here please read this line :- Assume the following ledger account amounts Inventory (March 1 beg. bal. is $62,000), Z. Church, Capital (March 1 beg. bal. is $62,000) and Church Company uses the perpetual inventory system

2 Required information (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 Part 2 of 2 are 2/10, n/30) 8 points Purchased $39,900 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 $15,60e (cost is $7,800) Mar. 1 2 3 (a) Purchased $1,170 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/1e EOM 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7,8e0 (cost is $3,900) Borrowed $72,980 cash from Federal Bank by signing a long-term note payable Purchased $19,5ee of office equipment on credit from Spell Supply, invoice dated March 9, terms n/10 EOM 1e Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,900 (cost is $1,950) 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 14 15 (a) Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the eBook Received payment from Min Cho for the March 2 sale less the discount Print Purchased $27,00e of merchandise from the CD Company, invoice dated March 13, terms 2/1e, n/3e month, $14,280. Cashed the check and paid the employees 15 (b) Cash sales for the first half of the month are $62,48e (cost is $49,92). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Purchased $1,69e of store supplies on credit from Gabel Company, invoice dated March 16, terms n/10 EOM Received a $2,700 credit memorandum from CD Company for the return of unsatisfactory merchandise purchased on March 14 Received a $585 credit memorandum from Spel1 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 References 16 17 19 2e 23 27 Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $11,700 (cost is $4,680) 28 Sold merchandise on credit to Linda Witt, Invoice No. 858, for $4,680 (cost is $1,872) 31 (a) Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $14,280. Cashed the check and paid the employees 31 (b) Cash sales for the last half of the month are $68,648 (cost is $41,184) 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 followina ledger account amounts Inventorv (March 1 bea. balis $62.000). Z. Church. Capital (March 1 bea Mc Graw Hill Prev 2 of 5 Next >