Church Company completes these transactions and events during March of the current year (terms for all...

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Accounting

Church Company completes these transactions and events duringMarch of the current year (terms for all its credit sales are 2/10,n/30).
Mar. 1 Purchased $38,000of merchandise from Van Industries, invoice dated March 1, terms2/15, n/30.
2 Sold merchandise oncredit to Min Cho, Invoice No. 854, for $15,200 (cost is$7,600).
3 (a) Purchased $1,140 ofoffice supplies on credit from Gabel Company, invoice dated March3, terms n/10 EOM.
3 (b) Sold merchandise oncredit to Linda Witt, Invoice No. 855, for $7,600 (cost is$3,800).
6 Borrowed $72,000cash from Federal Bank by signing a long-term note payable.
9 Purchased $19,000of office equipment on credit from Spell Supply, invoice datedMarch 9, terms n/10 EOM.
10 Sold merchandise oncredit to Jovita Albany, Invoice No. 856, for $3,800 (cost is$1,900).
12 Received paymentfrom Min Cho for the March 2 sale less the discount.
13 (a) Sent Van IndustriesCheck No. 416 in payment of the March 1 invoice less thediscount.
13 (b) Received paymentfrom Linda Witt for the March 3 sale less the discount.
14 Purchased $28,000of merchandise from the CD Company, invoice dated March 13, terms2/10, n/30.
15 (a) Issued Check No.417, payable to Payroll, in payment of sales salaries expense forthe first half of the month, $15,600. Cashed the check and paid theemployees.
15 (b) Cash sales for thefirst half of the month are $60,800 (cost is $48,640). (Cash salesare recorded daily, but are recorded only twice here to reducerepetitive entries.)
16 Purchased $1,660 ofstore supplies on credit from Gabel Company, invoice dated March16, terms n/10 EOM.
17 Received a $2,800credit memorandum from CD Company for the return of unsatisfactorymerchandise purchased on March 14.
19 Received a $570credit memorandum from Spell Supply for office equipment receivedon March 9 and returned for credit.
20 Received paymentfrom Jovita Albany for the sale of March 10 less the discount.
23 Issued Check No.418 to CD Company in payment of the invoice of March 13 less theMarch 17 return and the discount.
27 Sold merchandise oncredit to Jovita Albany, Invoice No. 857, for $11,400 (cost is$4,560).
28 Sold merchandise oncredit to Linda Witt, Invoice No. 858, for $4,560 (cost is$1,824).
31 (a) Issued Check No.419, payable to Payroll, in payment of sales salaries expense forthe last half of the month, $15,600. Cashed the check and paid theemployees.
31 (b) Cash sales for thelast half of the month are $66,880 (cost is $40,128).
31 (c) Verify that amountsimpacting customer and creditor accounts were posted and that anyamounts that should have been posted as individual amounts to thegeneral ledger accounts were posted. Foot and crossfoot thejournals and make the month-end postings.

Assume the following ledger account amounts Inventory (March 1 beg.bal. is $63,000), Z. Church, Capital (March 1 beg. bal. is $63,000)and Church Company uses the perpetual inventory system.
Required:
2-a. Enter the transactions in a sales journal.
2-b. Enter the transactions in a purchasesjournal.
2-c. Enter the transactions in a cash receiptsjournal.
2-d. Enter the transactions in a cashdisbursements journal.
2-e. Enter the transactions in a generaljournal.

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Church Company 2a Sales Journal Date Account Debited InvNo DRAccounts Receivable CRSales Revenue 02Mar Min Cho 854 1520000 03Mar Linda Witt 855 760000 10Mar Jovita Albany 856 380000 27Mar Jovita Albany 857 1140000 28Mar Linda Witt 858 456000 31Mar Total 4256000 2b Church Company Purchases Journal Date Account Invdate Terms Accounts Payable Credit Inventory Debit Office See Answer

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Mar.	1		Purchased $38,000of merchandise from Van Industries, invoice dated March 1, terms2/15, n/30.
	2		Sold merchandise oncredit to Min Cho, Invoice No. 854, for $15,200 (cost is$7,600).
	3	(a)	Purchased $1,140 ofoffice supplies on credit from Gabel Company, invoice dated March3, terms n/10 EOM.
	3	(b)	Sold merchandise oncredit to Linda Witt, Invoice No. 855, for $7,600 (cost is$3,800).
	6		Borrowed $72,000cash from Federal Bank by signing a long-term note payable.
	9		Purchased $19,000of office equipment on credit from Spell Supply, invoice datedMarch 9, terms n/10 EOM.
	10		Sold merchandise oncredit to Jovita Albany, Invoice No. 856, for $3,800 (cost is$1,900).
	12		Received paymentfrom Min Cho for the March 2 sale less the discount.
	13	(a)	Sent Van IndustriesCheck No. 416 in payment of the March 1 invoice less thediscount.
	13	(b)	Received paymentfrom Linda Witt for the March 3 sale less the discount.
	14		Purchased $28,000of merchandise from the CD Company, invoice dated March 13, terms2/10, n/30.
	15	(a)	Issued Check No.417, payable to Payroll, in payment of sales salaries expense forthe first half of the month, $15,600. Cashed the check and paid theemployees.
	15	(b)	Cash sales for thefirst half of the month are $60,800 (cost is $48,640). (Cash salesare recorded daily, but are recorded only twice here to reducerepetitive entries.)
	16		Purchased $1,660 ofstore supplies on credit from Gabel Company, invoice dated March16, terms n/10 EOM.
	17		Received a $2,800credit memorandum from CD Company for the return of unsatisfactorymerchandise purchased on March 14.
	19		Received a $570credit memorandum from Spell Supply for office equipment receivedon March 9 and returned for credit.
	20		Received paymentfrom Jovita Albany for the sale of March 10 less the discount.
	23		Issued Check No.418 to CD Company in payment of the invoice of March 13 less theMarch 17 return and the discount.
	27		Sold merchandise oncredit to Jovita Albany, Invoice No. 857, for $11,400 (cost is$4,560).
	28		Sold merchandise oncredit to Linda Witt, Invoice No. 858, for $4,560 (cost is$1,824).
	31	(a)	Issued Check No.419, payable to Payroll, in payment of sales salaries expense forthe last half of the month, $15,600. Cashed the check and paid theemployees.
	31	(b)	Cash sales for thelast half of the month are $66,880 (cost is $40,128).
	31	(c)	Verify that amountsimpacting customer and creditor accounts were posted and that anyamounts that should have been posted as individual amounts to thegeneral ledger accounts were posted. Foot and crossfoot thejournals and make the month-end postings.