Walker 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 $44,200 of merchandise from Mitchell Industries, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Turner Co., Invoice No. 854, for $24,000 (cost is $14,000). Mar. 3 Purchased $1,500 of office supplies on credit from Clinton Company, terms n/30. Mar. 3 Sold merchandise on credit to Robert King, Invoice No. 855, for $16,000 (cost is $9,600). Mar. 6 Borrowed $94,000 cash from Countryside Bank by signing a long-term note payable. Mar. 9 Purchased $21,950 of office equipment on credit from Perry Supply, terms n/30. Mar. 10 Sold merchandise on credit to Paul Brown, Invoice No. 856, for $12,800 (cost is $7,700). Mar. 12 Received payment from Turner Co. for the March 2 sale less the discount of $480. Mar. 13 Sent Mitchell Industries Check No. 416 in payment of the March 1 invoice less the discount of $884. Mar. 13 Received payment from Robert King for the March 3 sale less the discount of $320. Mar. 14 Purchased $37,400 of merchandise from the Clark Co., terms 2/10, n/30. Mar. 15 Issued Check No. 417 for $19,500, payee is Payroll, in payment of sales salaries expense for the first half of the month. Mar. 15 Cash sales for the first half of the month are $40,000 (cost is $24,000). These cash sales are recorded in the cash receipts journal on March 15. Mar. 16 Purchased $2,800 of store supplies on credit from Clinton Company, terms n/30. Mar. 17 Returned $3,400 of unsatisfactory merchandise purchased on March 14 to Clark Co.. Walker reduces accounts payable by that amount. Mar. 19 Returned $3,290 of office equipment purchased on March 9 to Perry Supply. Walker reduces accounts payable by that amount. Mar. 20 Received payment from Paul Brown for the sale of March 10 less the discount of $256. Mar. 23 Issued Check No. 418 to Clark Co. in payment of the March 14 purchase less the March 17 return and the discount of $680. Mar. 27 Sold merchandise on credit to Paul Brown, Invoice No. 857, for $28,000 (cost is $16,800). Mar. 28 Sold merchandise on credit to Robert King, Invoice No. 858, for $9,600 (cost is $5,800). Mar. 31 Issued Check No. 419 for $19,500, payee is Payroll, in payment of sales salaries expense for the last half of the month. Mar. 31 Cash sales for the last half of the month are $36,000 (cost is $21,600). These cash sales are recorded in the cash receipts journal on March 31. Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal
