Create the journal entry for the transactions below The image contains an Excel spreadsheet detailing financial transactions for the month of March. Each entry includes a date and a brief description of the financial activity. Here is the transcription of the text:---**In the General Journal and posted to the General Ledger:**- **March 1** - Pay the $60,000.00 Note Payable owed to Little Bank. The cash to payoff the note is taken out of Big Bank. Also pay to Little Bank $450.00 for interest owed on the Note Payable for February. The $450.00 is also taken out of Big Bank. - **March 1** - Take $5,025.00 cash out of Big Bank to pay for March's rent. - **March 2** - Pay the Store that purchased on credit on February 15, 19Y5, $98,000.00 cash to pay off the amount due. The cash is deposited into Big Bank. - **March 10** - Sale of inventory to a cash customer: receive $78,000.00 cash. Of inventory sold, $32,000.00. The customer pays cash. The cash is deposited into Big Bank. - **March 15** - Take $62,550.00 cash out of Little Bank to pay employees for wages they have earned. - **March 16** - Purchase $130,000.00 of inventory on credit. The invoice from Supplier, dated 03/16/Y5, indicates the credit terms are n/30. Inventory shipped FOB Destination. - **March 17** - Sale of merchandise to a credit customer: invoice $76,000.00. Of the inventory sold, $40,000.00. The customer receives an invoice. - **March 19** - Receive payment of $76,000.00 on March 17 invoice. The payment is deposited into Big Bank. - **March 20** - Take $54,075.00 cash out of Big Bank to pay March's electric bill. - **March 21** - Purchase $58,000.00 of inventory on credit. The invoice from Vendor, dated 03/21/Y5, indicates the credit terms are n/30. Inventory shipped FOB Destination. - **March 22** - Receive payment of $56,075.00 principal due on Note Payable

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Description: Create the journal entry for the transactions below The image contains an Excel spreadsheet detailing financial transactions for the month of March. Each entry includes a date and a brief description of the financial activity. Here is the transcripti

Date Particulars Amount (Debit) 1-Mar Cash 60000 Bank Note Payable 60000…

Answered: reate the journal entry for the…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 2AP

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Create the journal entry for the transactions below

The image contains an Excel spreadsheet detailing financial transactions for the month of March. Each entry includes a date and a brief description of the financial activity. Here is the transcription of the text:

---

**In the General Journal and posted to the General Ledger:**

- **March 1**
- Pay the $60,000.00 Note Payable owed to Little Bank. The cash to payoff the note is taken out of Big Bank. Also pay to Little Bank $450.00 for interest owed on the Note Payable for February. The $450.00 is also taken out of Big Bank.

- **March 1**
- Take $5,025.00 cash out of Big Bank to pay for March's rent.

- **March 2**
- Pay the Store that purchased on credit on February 15, 19Y5, $98,000.00 cash to pay off the amount due. The cash is deposited into Big Bank.

- **March 10**
- Sale of inventory to a cash customer: receive $78,000.00 cash. Of inventory sold, $32,000.00. The customer pays cash. The cash is deposited into Big Bank.

- **March 15**
- Take $62,550.00 cash out of Little Bank to pay employees for wages they have earned.

- **March 16**
- Purchase $130,000.00 of inventory on credit. The invoice from Supplier, dated 03/16/Y5, indicates the credit terms are n/30. Inventory shipped FOB Destination.

- **March 17**
- Sale of merchandise to a credit customer: invoice $76,000.00. Of the inventory sold, $40,000.00. The customer receives an invoice.

- **March 19**
- Receive payment of $76,000.00 on March 17 invoice. The payment is deposited into Big Bank.

- **March 20**
- Take $54,075.00 cash out of Big Bank to pay March's electric bill.

- **March 21**
- Purchase $58,000.00 of inventory on credit. The invoice from Vendor, dated 03/21/Y5, indicates the credit terms are n/30. Inventory shipped FOB Destination.

- **March 22**
- Receive payment of $56,075.00 principal due on Note Payable

Expert Solution

Journal Entries

Date	Particulars	Amount (Debit)
1-Mar	Cash	60000
	Bank

	Note Payable	60000
	Cash

	Cash	450
	Bank

	Interest Payable	450
	Cash

1-Mar	Cash	5025
	Bank

	Rent	5025
	Cash

2-Mar	Cash	88000
	Accounts Receivable

	Bank	88000
	Cash

10-Mar	Cash	78000
	COGS	32000
	Revenue
	Inventory

	Bank	78000
	Cash

15-Mar	Cash	22550
	Bank

	Wages	22550
	Cash

16-Mar	Inventory	81500
	Accounts Payable

17-Mar	Accounts Receivable	107000
	COGS	44000
	Revenue
	Inventory

20-Mar	Accounts Receivable	100000
	Cash	38500
	COGS	36500
	Revenue
	Inventory

	Bank	38500
	Cash

22-Mar	Cash	49000
	Bank

	Inventory	49000
	Cash

26-Mar	Cash	40750
	Bank

	Accounts Payable	40750
	Cash

30-Mar	Cash	27750
	Bank

	Wages	22550
	Cash

31-Mar	Interest	1010
	Interest Payable

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