Church Company completes these transactions and events during March of the curre
ID: 2457249 • Letter: C
Question
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30).
Purchased $50,000 of merchandise from Van Industries, invoice dated March 1, terms 1/15, n/30.
Purchased $1,500 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM.
Purchased $24,250 of office equipment on credit from Spell Supply, invoice dated March 9, terms n/10 EOM.
Purchased $37,150 of merchandise from the CD Company, invoice dated March 13, terms 1/10, n/30.
Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $16,200. Cashed the check and paid the employees.
Cash sales for the first half of the month are $80,000 (cost is $64,000). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.)
Purchased $2,020 of store supplies on credit from Gabel Company, invoice dated March 16, terms n/10 EOM.
Received a $3,715 credit memorandum from CD Company for the return of unsatisfactory merchandise purchased on March 14.
Received a $728 credit memorandum from Spell Supply for office equipment received on March 9 and returned for credit.
Issued Check No. 418 to CD Company in payment of the invoice of March 13 less the March 17 return and the discount.
Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $16,200. Cashed the check and paid the employees.
Cash sales for the last half of the month are $88,000 (cost is $52,800).
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).
1.
value:
3.00 points
Required information
Problem 7-3A Part 2
Post the transactions in a general ledger. need cash, accounts recievable, inventory, office supplies ,store supplies, office equipment, accounts payable, long term notes payable, z church capital, sales, sales discounts,cost of goods sold, sales salaries expense, accounts recievable ledger, min cho, linda watt, accounts payable ledger, gabel company, spell supply, van industries,
Prepare a trial balance of the general ledger.
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30).
Explanation / Answer
Church Company completes these transactions and events during March of the curre
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