Thompson Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). Mar. 1 Purchased $46,400 of merchandise from Taylor Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Griffin Co., Invoice No. 854, for $50,400 (cost is $30,000). Mar. 3 Purchased $1,900 of office supplies on credit from Sanchez Company, invoice dated March 3, terns n/10 EOM. Mar. 3 Sold merchandise on credit to Isaac Carter, Invoice No. 855, for $14,000 (cost is $8,400). Mar. 6 Borrowed $84,000 cash from First Bank by signing a long-term note payable. Mar. 9 Purchased $22,150 of office equipment on credit from Mitchell Supply, invoice dated March 9, terms n/10 EOM. Mar. 10 Sold merchandise on credit to Paula Parker, Invoice No. 856, for $11,200 (cost is $6,700). Mar. 12 Received payment from Griffin Co. for the March 2 sale less the discount. Mar. 13 Sent Taylor Industries Check No. 416 in payment of the March 1 invoice less the discount. Mar. 13 Received payment from Isaac Carter for the March 3 sale less the discount. Mar. 14 Purchased $55,000 of merchandise from the Ryan Co., invoice dated March 13, terms 2/10, n/30. Mar. 15 Issued Check No. 417, payable to Payroli, in payment of sales salaries expense for the first half of the month, $23,900. Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $46,000 (cost is $27,600). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Mar. 16 Purchased $3,000 of store supplies on credit from Sanchez Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $5,000 credit memorandum from Ryan Co. for the return of unsatisfactory merchandise purchased on March 14. Mar. 19 Received a $3,320 credit memorandum from Mitchell Supply for office equipment received on March 9 and returned for credit. Mar. 20 Received payment from Paula Parker for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Ryan Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Paula Parker, Invoice No. 857, for $25,000 (cost is $15,000). Mar. 28 Sold merchandise on credit to Isaac Carter, Invoice No. 858, for $8,400 (cost is $5,000). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $23,900. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $41,400 (cost is $24,800). Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal Prev 1 of 1 !! Next > special journal, select "Entered in special journal in the first account field. Otherwise, prepare the general Journal entry. View transaction list Journal entry worksheet 2 3 4 5 1 6 7 8 .... 26 Mar. 1) Purchased $46,400 of merchandise from Taylor Industries, invoice dated March 1, terms 2/15, 1/30. Note: Enter debits before credits Account Title Debit Credit Date Mar 01 Record entry Clear entry View general Journal Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal Each transaction is recorded in either a special Journal, or directly in the general journal. If a transaction is to be recorded special journal, select "Entered in special journal" in the first account field. Otherwise, prepare the general journal en View transaction list Journal entry worksheet 1 2 2 3 4 5 6 7 8 ..... 26 Mar. 2) Sold merchandise on credit to Griffin Co., Invoice No. 854, for $50,400 (cost is $30,000). Note: Enter debits before credits. Date Account Title Debit Credit Mar 02