70.2K

Verified Solution

Link Copied!

PLEASE HELP

Mar. 1 2 6 9 1e 12 14 Required information Problem 7-1A Special journals, subsidiary ledgers, trial balance-perpetual LO C3, P1, P2 [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 are 3/10,n/30) Purchased $33,000 of merchandise from Van Industries, invoice dated March 1, terms 3/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $13,2ee (cost is $6,608) 3 (a) Purchased $990 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM. 3 (6) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $6,608 (cost is $3,30e). Borrowed $72, eee cash from Federal Bank by signing a long-term note payable. Purchased $16,508 of office equipment on credit from Spell Supply, invoice dated March 9, terms n/10 EOM. Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $3,300 (cost is $1,650). Received payment from Min Cho for the March 2 sale less the discount. 13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount. 13 (6) Received payment from Linda Witt for the March 3 sale less the discount. Purchased $33,eee of merchandise from the CD Company, invoice dated March 13, terms 3/10, 1/3e. 15 (a) Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the 15 (b) Cash sales for the first half of the month are $52, 800 (cost k $42,248). (cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Purchased $1,510 of store supplies on credit from Gabel Company, invoice dated March 16, terms n/10 EOM. Received a $3,300 credit memorandum from CD Company for the return of unsatisfactory merchandise purchased Received a 5495 credit memorandum from Spell 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. Sold merchandise on credit to Jovita Albany, Invoice No. 857, for 59,900 (cost is $3,960) Sold merchandise on credit to Linda Witt, Invoice No. 858, for $3,960 (cost is $1,584). 31 (a) Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $17,300. Cashed the check and paid the employees 31 (b) Cash sales for the last half of the month are 558,080 (cost is 534,848). 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 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 16 17 on March 14. 19 20 23 27 28 Required: 2-a. Enter the transactions in a sales journal 2-b. Enter the transactions in a purchases journal 2-c. Enter the transactions in a cash recelpts journal 2-d. Enter the transactions in a cash disbursements journal 2-e. Enter the transactions in a general Journal Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Req 2c Reg 20 Reg 2 Enter the transactions in a sales journal. SALES JOURNAL Date Account Debited Invoice Number Accounts Receivable Dr Sales Cr. Cost of Goods Sold on Inventory C Mar 31 Totals Reg 2 Reg 2B > Required information Required: 2-a. Enter the transactions in a sales journal 2-b. Enter the transactions in a purchases journal. 2-c. Enter the transactions in a cash receipts Journal 2-d. Enter the transactions in a cash disbursements journal 2-e. Enter the transactions in a general Journal Complete this question by entering your answers in the tabs below. Req 2A Red 28 Req 20 Req 2D Req 2E Enter the transactions in a purchases journal. PURCHASES JOURNAL Accounts Terms Payable Cr. Date Date of Invoice Account Inventory Dr. Office Supplies Dr. Other Accounts Dr. Mar 31 Totals Required information Required: 2-a. Enter the transactions in a sales journal 2-b. Enter the transactions in a purchases Journal 2-c. Enter the transactions in a cash receipts journal 2-d. Enter the transactions in a cash disbursements journal 2-e. Enter the transactions in a general Journal Complete this question by entering your answers in the tabs below. Req ZA Reg 28 Reac Reg 2D Reg 2 Enter the transactions in a cash receipts journal. CASH RECEIPTS JOURNAL Date Account Credited Cash Dr. Sales Discount Dr. Accounts Receivable Cr. Sales Cr. Other Accts. Cr. Cost of Goods Sold Dr. Inventory Cr Mar. 31 Totals Required information Required: 2-a. Enter the transactions in a sales journal. 2-b. Enter the transactions in a purchases journal, 2-c. Enter the transactions in a cash receipts journal 2-d. Enter the transactions in a cash disbursements journal 2-e. Enter the transactions in a general Journal Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Req 2c Reg za Reg 2E Enter the transactions in a cash disbursements journal. CASH DISBURSEMENTS JOURNAL Date Ck.No. Payee Account Debited Cash Cr. Inventory Cr. Other Accounts Dr. Accounts Payable Dr. Mar 31 Totals View transaction list Journal entry worksheet

Answer & Explanation Solved by verified expert

See Answer