Question

The log o o muestions cold blow Church Company complete these transactions and events dumg March of the current years for all its cre a re 20 SO M Purchased $40,000 of merchandise from Vanities, las 2/5.30 2 Sold merchandise on credo Min Chemice No. 854. for $15.000 .000 3 Purchased $1200 of office s on credit from Gobal Company, Dorm 3 Sold merchand on credit in Linde Wer e No 55. for $8.000 14.000 6 Borrowed $72.000 cash from Federal Bank by wring a longtem not payable 9 Purchased $20,000 of w omentance from Spell Supply ISO 10 Sold merchandise on Credit to low Albany voice No 856 for $4000 12000 Aceved payment from Min Cho for the March 2 less the discount of $320. 13 Sent Van Industrie Check No.416 in payment of the Marchirivice the discount of $300 13 Received payment from Linde Wit for the Marche oss the count of $160. 14 Purchased $10,000 of merchandise from the CD Company 2/10 30 15 sed Check No 417 for $14.700 payee is Payroll in payment of sales sales pense for the first half of the month 15 Cash sales for the first half of the month are 554,000 cost is $512001. These cas es are recorded in the cash receipt jumal on March 15 16 Purchased $4720 of store supplies on credit from Gabel Company, V30 17 P red $3,000 of satisfactory merchandise purchased on March 1400 CD Company. Churche s accounts payable by the amount 19 Returned $600 of office equipment purchased on March 9 Spell Supply Church reduces accounts payable by that amount 20 Hecoved payment from Jovi Abery for the sale of March 10 best count of 580 23 issued Chuck No: 418 to CD Company in payment of the Merch purchases the March 17m end the 3540 count 27 Sold merchandise on credit to Jovit Albany, invoice No. 57 for $2,000 $4,800 20 Sold merchandise on credit to Linde Witt, Invoice No. 858 for $4,800 costs $1920) 31 Issued Chuck No. 419 for $14.700 payee is Payrolin payment of sales sales expers for the last half of the month 311 Cash sales for the lost half of the month $70,400 tis $42.240 These chans are recorded in the cash receipts journal on March 311) Varily that amounts impacting customer and creditor accounts were posted and that any amounts that shoud ve been posted as individual ledger accounts were posted Foot and crosstoot the journals and make the month and postings. ou to the Assume the following ledger account amounts Inventory (March 1 beg balis So 0001 Z. Church Capital (March 1 beg balis 561000) and Church Company uses the perpetual inventory system References Section Break Problem . Special oumas subsidiary ledgers, tral balance to PLP2, P3, P4 16 Award fins

Answer 1

Cash Date Debit Credit Balance Date Accounts receivable Debit Credit Balance 233840 Mar 31 cash rec. journal Mar 31 cash Disb. journal 233840 138780 Mar 31 sales joumal Mar 31 cash rec. journal 44800 16800 95060 28000 Date Date Office supplies Debit Credit Mar-03 1200 Balance 1200 Inventory Debit Credit Balance Mar-011 61000 Mar-171 3000 58000 1 70000 128000 1340 126660 20720105940 93440 125001 Mar 31-Pur journal Mar 31 cash disb. Journal Mar 31 sales journal Mar 31 cash rec. journal Date Office equipment Debit Credit Mar-09 20000 Balance 20000 Mar-191 600 19400 Date Store Supplies Debit Mar-16. 1720 Credit Balance 1720 Date Long term Notes payable Debit Mar-05 Credit Balance 72000 72000 Date Accounts Payable Debit Mar-17 3000 Mar-19 600 Sales Credit Balance 30001 3600 9292089320 Debit Date Mar 31 sales journal Credit Balance 44800 44800 Mar 31-Pur journal Mar 31 cash disb. Journal 670001 22320 Mar 31 cash rec. journal 134400 179200 Date Z.church Capital Debit Mar-01 Credit Balance 61000 Date Mar 31 sales journal Mar 31 cash rec, journal Cost of goods sold Debit Credit 1 93440 1207201 Balance 93440 114160 Sales Discounts Debit Credit Date Mar 31 cash rec. journal Balance 560 560 Jovita Albany Debit Sales salaries expense Date Credit Balance IDate Credit 4000 4000 Debit Mar-15114700 Mar-31 14700 Balance 14700 29400 Mar-10 Mar-201 Mar-271 40001 12000 12000 Date Credit Min cho Debit Mar-02 16000 Mar-12 Credit Balance 16000 160000 Linda Witt Debit Mar-03 8000 Mar-13 Mar-28 4800 Balance 8000 8000 4800 Date CD Company Debit Mar-14 Mar-17 3000 Mar-23 27000 Credit Balance 30000 30000 27000 Date Gabel company Debit Mar-03 Mar-16 Credit Balance 1200 1200 1720 2 920 Date Date Spell Supply Debit Mar 091 Mar-19 Credit 20000 Balance 20000 19400 Van Industries Debit Mar-01 Mar 13 40000 Credit 40000 Balance 40000 600

Trial Balance Items Debit Credit Cash Acc. Rec Inventory Office supplies Store Supplies Office equipment Acc. Payable Long term notes payable Z.church Capital Sales Sales discounts 138780 16800 12500 1200 1720 19400 22320 72000 61000 179200 560 Cost of goods sold Sales salaries expense Totals 114160 29400 334520334520 Church Company Schedule of accounts rec. 12000 Jovita Albany Linda Witt Min cho 4800 Total 16800 Church Company Schedule of accounts payable 0 CD Company Gabel company Spell Supply Van Industries total 2920 19400 22320

Date Account debited Mar-02 Min Cho Mar-03 Linda witt Mar-10 Jovita Albany Mar-27 Jovita Albany Mar-28 Linda witt Sales Journal Cost of goods sold Dr. Accounts receivable Dr. Sales Inventory Invoice number Cr Cr. 854 16000 8000 855 8000 4000 856 4000 2000 857 12000 4800 858 4800 1920 Mar-31 totals 44800207201 Purchases Journal Other Date Account Mar-01 Van Industries Mar-03 Office supplies/Gabel Mar-09 Office euipment/Spell supply Mar-14 CD company Mar-16 Store Supplies Gabel Date of invoice 3/1 3/3 3/9 3/13 3/16 terms 2/15, n/30 n/10, EOM n/10, EOM 2/10, n/30 n/10, EOM Accounts Inventory Office Accounts payable Cr. Dr. supplies Dr Dr. 40000 40000 1200 1200 20000 20000 30000 30000 17201 1720 Mar-31 total 92920 7 0000 1200 21720 Cash Receipts Journal Cost of goods sold Dr. Inventory Office Accounts Receivable Cr. Cash Dr. Sales Cr Cr Cr. 72000 Date Account Credited Mar-06 Long term note payable Mar-12 Min cho Mar-13 Linda Witt Mar-15 Sales Mar-20 Jovita Albany Mar-31 Sales Sales Discount Dr. 72000 15680 7840 64000 39201 70400 16000 8000 160 64000 51200 80 4000 70400 42240 - Mar-31 totals 233840 560 28000 134400 72000 93440 Cash Disbursements Journal Date CK No. Mar-13 Mar-15 Mar-23 Mar-31 Payee 416 Van Industries 417 Payroll 418 CD Company 419 Payroll Account debited Van Industries Sales salaries expense CD Company Sales salaries expense Other Inventory Accounts Accounts Cash cr. Cr. dr. payable Dr. 39200 800 40000 14700 147001 26460 540 27000 14700 14700 Mar-31 totals 95060 13400 29400 67000