Wright Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). 1 Purchased $45, 400 of merchandise from Clark Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Lane Co., Invoice No. 854, for $38, 400 (cost is $23,000). Mar. 3 Purchased $1,500 of office supplies on credit from Wilson Company, invoice dated March 3, terms 1/10 EOM. Mar. 3 Sold merchandise on credit to Juan Perez, Invoice No. 855, for $20,000 (cost is $12,000). Mar. 6 Borrowed $100,000 cash from National Bank by signing a long-term note payable. Mar. 9 Purchased $22,150 of office equipment on credit from Lee Supply, invoice dated March 9, terms n/10 EOM. Mar. 10 Sold merchandise on credit to Greg Taylor, Invoice No. 856, for $16,000 (cost is $9, 600). Mar. 12 Received payment from Lane Co. for the March 2 sale less the discount. 116 in payment of the March 1 invoice less the discount. Mar. 13 Received payment from Juan Perez for the March 3 sale less the discount. Mar. 14 Purchased $47,000 of merchandise from the Griffin Co., invoice dated March 13, terms 2/10, 1/30. Mar. 15 Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $21,900. Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $36,000 (cost is $21, 600). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Mar. 16 Purchased $2,400 of store supplies on credit from Wilson Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $5,000 credit memorandum from Griffin Co. for the return of unsatisfactory merchandise purchased on March 14. Mar. 19 Received a $3,320 credit Memorandum from Lee Supply for office equipment received on March 9 and returned for credit. Mar. 20 Received payment from Greg Taylor for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Griffin Co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Greg Taylor, Invoice No. 857, for $35,000 (cost is $21,000). Mar. 28 Sold merchandise on credit to Juan Perez, Invoice No. 858, for $12,000 (cost is $7, 200). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $21, 900. Cashed the check and paid the employees. Mar 31 Cash sales for the last half of the month are $32,400 (cost is $19,400). View transaction list Journal entry worksheet Mar. 1) Purchased $45,400 of merchandise from Clark Industries, invoice dated March 1, terms 2/15, n/30. Note: Enter debits before credits. Account Title Credit Date Mar 01 Debit 45,400 Inventory Accounts payable 45,400 Record entry Clear entry View general journal General Ledger Account Cash Debit Accounts receivable Debit Credit No. Credit No. 2 8 100,000 38,400 Date Mar 01 Mar 06 Mar 12 Mar 13 Mar 13 Mar 15 Mar 15 Balance 12,600 112,600 151,000 106,508 126,508 104,608 140,608 Date Mar 01 Mar 02 Mar 03 Mar 10 Mar 12 Mar 13 38,400 20,000 16,000 Balance 58,000 96,400 116,400 132,400 94,000 74,000 44,492 20,000 8 10 12 13 38,400 20,000 21,900 10 36,000 Inventory Debit Office supplies Debit Credit No. Credit No. Balance Date Mar 01 Mar 03 45,400 3 1,500 1,500 1 2 4 7 11 13 Date Mar 01 Mar 01 Mar 02 Mar 03 Mar 10 Mar 14 Mar 15 23,000 12,000 9,600 Balance 23,000 68,400 45,400 33,400 23,800 70,800 49,200 47,000 21,600 Office equipment Debit Credit Accounts payable Debit Credit No. / Balance No. Balance Date Mar 01 Mar 09 6 224601 22,150 2 22,150 2.150 1 Date Mar 01 Mar 01 Mar 03 Mar 09 Mar 13 Mar 14 45,400 1,500 22,150 45,400 46,900 69,050 23,650 70,650 45,400 11 47,000 Long-term notes payable Debit Credit K. Wright, Capital Debit Credit No. Balance No. Date Mar 01 Mar 06 Date Mar 01 Balance 93,600 100,000 100,000 Sales Debit Sales discounts Debit Credit No. Credit Balance No. Balance Date Mar 01 Mar 13 2 9 Date Mar 01 Mar 02 Mar 03 Mar 10 Mar 15 908 (908) 4 7 13 38,400 20,000 16,000 36,000 38,400 58,400 74,400 110,400 Cost of goods sold Debit Credit Sales salaries expense Debit Credit No. Balance No. Balance Date Mar 01 Mar 15 12 21,900 21,900 2 4 7 13 Date Mar 01 Mar 02 Mar 03 Mar 10 Mar 15 23,000 12,000 9,600 21,600 23,000 35,000 44,600 66,200 CHILI COLELE Show less Wright Company Trial Balance March 31, 2017 Account Title Credit Debit 140,608 74,000 49,200 1,500 22,150 Cash Accounts receivable Inventory Office supplies Office equipment Accounts payable Long-term notes payable K. Wright, Capital Sales Sales discounts Cost of goods sold Sales salaries expense Total 70,650 100,000 93,600 110,400 908 66,200 21,900 375,558 $ 375,558 Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal Enter all transactions that are properly included in the Cash Receipts Journal. CASH RECEIPTS JOURNAL Date Account credited Cash Dr. Sales discount Accounts receivable Cr. Sales Cr. Other Accts. Cr. Cost of goods sold Dr. Inventory Cr. Dr. Mar. 31 Totals $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal he Enter all transactions that are properly included in the Cash Disbursements Journal. CASH DISBURSEMENTS JOURNAL Account debited Cash Cr. Date Check Payee Inventory Cr. Other Inventory Other accounts Accounts payable Dr. Mar. 31 Totals $ 0 $ 0 $ 0 $ Requirement General Journal General General Ledger General Trial Balance Trial Balance Cash Rec Journal cash Rec Cash Disb Journal cash Dist Purchases Journal Purchases Sales Journal Sales Journal Enter all transactions that are properly included in the Purchases Journal. PURCHASES JOURNAL nvoice Date Terms Date Account I Accounts payable Cr. Inventor De and Office supplies Dr. Other accounts Dr. Mar. 31 Totals $ 0 $ 0 $ 0 $ Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal Enter all transactions that are properly included in the Sales Journal. SALES JOURNAL mber Accounts receivable Dr. Cost of goods sold Dr. Invoice number Sales Cr. Inventory Cr. Date Account debited Mar. 31 Totals 0 $