Google Chrome File Edit View History Bookmarks Profiles Tab Window Help X Accounting10 x Accounting10 x M Question 2- x Inbox (228) x MACC101 Princ x❘(4726) IFRS v ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Fbb.mwcc.edu%2 C Chapter 7 Homework Saved 2 Part 1 of 2 22.69 points eBook Ask Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). March 1 March 2 March 3 (a) March 3 (b) March 6 March 9 March 10 March 12 March 13 (a) March 13 (b) March 14 March 15 (a) Purchased $31,000 of merchandise from Van Industries, terms 2/15, n/30. Sold merchandise on credit to Min Cho, Invoice Number 854, for $12,400 (cost is $6,200). Purchased $930 of office supplies on credit from Gabel Company, terms n/30. Sold merchandise on credit to Linda Witt, Invoice Number 855, for $6,200 (cost is $3,100). Borrowed $72,000 cash from Federal Bank by signing a long-term note payable. Purchased $15,500 of office equipment on credit from Spell Supply, terms n/38. Sold merchandise on credit to Jovita Albany, Invoice Number 856, for $3,100 (cost is $1,550). Received payment. from Min Cho for the March 2 sale less the discount of $248. Sent Van Industries Check Number 416 in payment of the March 1 invoice less the discount of $620. Received payment from Linda Witt for the March 3 sale less the discount of $124. Purchased $34,000 of merchandise from the CD Company, terms 2/10, n/30. Issued Check Number 417 for $16,200; payee is Payroll, in payment of sales salaries expense for the first half of the month. March 15 (b) Cash sales for the first half of the month are $49,600 (cost is $39,680). These cash sales are recorded in the cash receipts journal on March 15. March 16 March 17 Print March 19 March 20 March 23 References March 27 March 28 March 31 (a) March 31 (b) March 31 (c) Purchased $1,450 of store supplies on credit from Gabel Company, terms, n/30. Returned $3,400 of unsatisfactory merchandise purchased on March 14 to CD Company. Church reduces accounts payable by that amount. Returned $465 of office equipment purchased on March 9 to Spelt Supply. Church reduces accounts payable by that amount. Received payment from Jovita Albany for the sale of March 10 less the discount of $62. Issued Check Number 418 to CD Company in payment of the March 14 purchase less the March 17 return and the $612 discount. Sold merchandise on credit to Jovita Albany, Invoice Number 857, for $9,300 (cost is $3,720). Sold merchandise on credit to Linda Witt, Invoice Number 858, for $3,720 (cost is $1,488). Issued Check Number 419 for $16,200; payee is Payroll, in payment of sales salaries expense for the last half of the month. Cash sales for the last half of the month are $54,560 (cost is $32,736). These cash sales are recorded in the cash receipts journal on March 31. 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 beginning balance is $62,000), Z. Church, Capital (March 1 beginning balance is $62,000) and Church Company uses the perpetual inventory system. Mc Graw Hill 2 17 < Prev 2 3 of 7 Next > tv ← → с G Search or type URL ★ A File Edit View History Bookmarks Profiles Tab Window Help 228) XM ACC101 Princ. x | (4726) IFRS X | Accounting10 x | Accounting10 × M Question 2- azto.mheducation.com/ext/map/index.html?_con-con&external browser=0&launchUrl=https%253A%252F%252Fbb.mwcc Homework Saved Foot and crossToot the journals and make the month-end postings. Assume the following ledger account amounts: Inventory (March 1 beginning balance is $62,000), Z. Church, Capital (March 1 beginning balance is $62,000) and Church Company uses the perpetual inventory system. Problem 7-1A (Algo) Part 2 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 payments journal. 2-e. Enter the transactions in a general journal. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2C Req 2D Req 2E Enter the transactions in a cash receipts journal. Date Account Credited Cash Debit CASH RECEIPTS JOURNAL Sales Discount Debit Accounts Receivable Credit Other Accounts Sales Credit Credit Cost of Goods Sold Debit Inventory Credit March 06 March 12 Long-term note payable Min Cho $ March 13 Linda Witt 72,000 $ 12,152 9,200 0 $ 0 $ 0 $ 248 12,400 0 0 72,000 $ 0 0 0 0 0 17 < Prev 2 3 of 7 Next > tv A