Question

Create a General Ledger for the following transactions:

Turner 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 $45,800 of merchandise from Wilson Industries, invoice dated March 1, terms 2/15, n/30.
Mar.		2		Sold merchandise on credit to Perez Co., Invoice No. 854, for $43,200 (cost is $26,000).
Mar.		3		Purchased $1,500 of office supplies on credit from Martin Company, invoice dated March 3, terms n/10 EOM.
Mar.		3		Sold merchandise on credit to Greg Taylor, Invoice No. 855, for $16,000 (cost is $9,600).
Mar.		6		Borrowed $90,000 cash from Countryside Bank by signing a long-term note payable.
Mar.		9		Purchased $22,050 of office equipment on credit from Hall Supply, invoice dated March 9, terms n/10 EOM.
Mar.		10		Sold merchandise on credit to Carlos Sanchez, Invoice No. 856, for $12,800 (cost is $7,700).
Mar.		12		Received payment from Perez Co. for the March 2 sale less the discount.
Mar.		13		Sent Wilson Industries Check No. 416 in payment of the March 1 invoice less the discount.
Mar.		13		Received payment from Greg Taylor for the March 3 sale less the discount.
Mar.		14		Purchased $50,200 of merchandise from the Carter Co., invoice dated March 13, terms 2/10, n/30.
Mar.		15		Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $22,700. Cashed the check and paid the employees.
Mar.		15		Cash sales for the first half of the month are $40,000 (cost is $24,000). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.)
Mar.		16		Purchased $1,800 of store supplies on credit from Martin Company, invoice dated March 16, terms n/10 EOM.
Mar.		17		Received a $5,200 credit memorandum from Carter Co. for the return of unsatisfactory merchandise purchased on March 14.
Mar.		19		Received a $3,310 credit memorandum from Hall Supply for office equipment received on March 9 and returned for credit.
Mar.		20		Received payment from Carlos Sanchez for the sale of March 10 less the discount.
Mar.		23		Issued Check No. 418 to Carter Co. in payment of the invoice of March 13 less the March 17 return and the discount.
Mar.		27		Sold merchandise on credit to Carlos Sanchez, Invoice No. 857, for $28,000 (cost is $16,800).
Mar.		28		Sold merchandise on credit to Greg Taylor, Invoice No. 858, for $9,600 (cost is $5,800).
Mar.		31		Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $22,700. Cashed the check and paid the employees.
Mar.		31		Cash sales for the last half of the month are $36,000 (cost is $21,600).

Answer 1

Ref. Credit Credit Balance Debit 45,800 Ref. Debit 854 43,200 855 16,000 856 12,800 26,000 9,600 7,700 Inventory Date Account Title 1-Mar Accounts payable 2-Mar Cost of goods sold 3-Mar Cost of goods sold 10-Mar Cost of goods sold 14-Mar Accounts payable 15-Mar Cost of goods sold 27-Mar Cost of goods sold 28-Mar Cost of goods sold 31-Mar Cost of goods sold Ending Bal. Account receivable Date Account Title 2-Mar Sales revenue 3-Mar Sales revenue 10-Mar Sales revenue 12-Mar Cash 13-Mar Cash 20-Mar Cash 27-Mar Sales revenue 28-Mar Sales revenue Ending Bal. 50,200 42,336 15,680 12,544 24,000 16,800 5,800 21,600 111,500 $ (15,500) 85728,000 858 9,600 $109,600 $ 70,560 $ 39,040 $ 96,000 $ Cost of goods sold Date Account Title Ref. Debit Credit Balance Ref. Debit Credit Balance Supplies Date Account Title 3-Mar Accounts payable 16-Mar Accounts payable Ending Bal. 1,500 1,800 3,300 2-Mar Inventory 3-Mar Inventory 10-Mar Inventory 26,000 9,600 7,700 $ $ - $ 3,300 Ref. Debit Credit Balance office equipment Date Account Title 9-Mar Accounts payable 19-Mar Accounts payable Ending Bal. 22,050 15-Mar Inventory 27-Mar Inventory 28-Mar Inventory 31-Mar Inventory Ending Bal. 24,000 16,800 5,800 21,600 $111,500 3,310 3,310 $ 22,050 $ $ 18,740 $ - $ 111,500 Purchase return Date Account Title 17-Mar Accounts payable Ref. Debit Balance Ref. Credit Balance Credit 5,200 Debit 90,000 42,336 Ending Bal. - $ 5,200 $ 5,200 416 47,530 Ref. Debit Balance 15,680 Credit 45,800 1,500 22,050 Cash Date Account Title 6-Mar Notes payable 12-Mar Account receivable (43200*98%) 13-Mar Accounts payable (48500*98%) 13-Mar Account receivable (16000*98%) 15-Mar Salaries expense 15-Mar Sales revenue 20-Mar Account receivable (12800*98%) 23-Mar Accounts payable (50200-5200)*98% 31-Mar Salaries expense 31-Mar Sales revenue Ending Bal. 41 22,700 40,000 12,544 Accounts payable Date Account Title 1-Mar Purchase 3-Mar Supplies 9-Mar Office equipment 13-Mar Cash 14-Mar Purchase 16-Mar Supplies 17-Mar Purchase return 19-Mar Office equipment 23-Mar Cash Ending Bal. 47.530 50,200 1,800 44,100 419 5,200 3,310 44,100 100,140 22,700 36,000 $236,560 $137,030$ 99,530 $ $ 121,350 $ 21,210 Ref. Debit Balance Ref. Notes payable Date Account Title 6-Mar Cash Ending Bal. Credit Balance Credit 90,000 $ 90,000 Salaries expense Date Account Title 15-Mar Cash 31-Mar Cash $ $ Debit 22,700 22,700 $ 45,400 90,000 Ending Bal. $ $ 45,400 Please give as many likes for the hard work. Ref. Debit 855 856 Sales revenue Date Account Title 2-Mar Account receivable 3-Mar Account receivable 10-Mar Account receivable 15-Mar Cash 27-Mar Account receivable 28-Mar Account receivable 31-Mar Cash Ending Bal. Credit Balance 43,200 16,000 12,800 40,000 28,000 9,600 36,000 $185,600 $ 185,600 vable 1857 858 $