Church Company completes these transactions and events during March of the curre

Question

Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30) Purchased $43,600 of merchandise from Van Industries, invoice dated March 1, terms 2/15, n/30 Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,800 (cost is $8,400) Mar 1 3 (a) Purchased $1,230 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $10,200 (cost is $5,800) Borrowed $82,000 cash from Federal Bank by signing a long-term note payable. Purchased $21,850 of office equipment on credit from Spell Supply, invoice dated March 9, terms n/10 EOM Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $5,600 (cost is $2,900) Received payment from Min Cho for the March 2 sale less the discount. 10 12 13 (a) sent van Industries Check No. 416 in payment of the March 1 ?nvoice less the discount. 13 (b) Received payment from Linda Witt for the March 3 sale less the discount 14 15 (a) Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half Purchased $32,625 of merchandise from the CD Company, invoice dated March 13, terms 2/10, n/30. of the month, $18,300. Cashed the check and paid the employees 15 (b) Cash sales for the first half of the month are $34,680 (cost is $20,210) (Cash sales are 16 17 19 recorded daily, but are recorded only twice here to reduce repetitive entries.) Purchased $1,770 of store supplies on credit from Gabel Company, invoice dated March 16, terms n/10 EOM Received a $2,425 credit memorandum from CD Company for the return of unsatisfactory merchandise purchased on March 14. Received a $630 credit memorandum from Spell Supply for office equipment received on March 9 and returned for credit. Received payment from Jovita Albany for the sale of March 10 less the discount. Issued Check No. 418 to CD Company in payment of the invoice of March 13 less the March 17 return and the discount. Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $14,910 (cost is $7,220) Sold merchandise on credit to Linda Witt, Invoice No. 858, for $4,315 (cost is $3,280) 20 23 27 28

Explanation / Answer

Answer 1. Cash Accounts Receivable Inventory 6-Mar       82,000       42,728 13-Mar Beg. Bal.                 -         16,800 12-Mar Beg. Bal.       10,000          8,400 2-Mar 12-Mar       16,464       18,300 15-Mar 2-Mar       16,800          7,800 13-Mar 1-Mar       43,600          5,800 3-Mar 13-Mar          7,644       29,596 23-Mar 3-Mar       10,200          5,600 20-Mar 14-Mar       32,625          2,900 10-Mar 15-Mar       34,680       18,300 31-Mar 10-Mar          5,600             872 13-Mar 20-Mar          5,488 27-Mar       14,910       20,210 15-Mar 31-Mar       30,180 28-Mar          4,315          2,425 17-Mar             604 23-Mar          7,220 27-Mar          3,280 28-Mar       16,820 31-Mar End. Bal       67,532 End. Bal       21,625 End. Bal       17,694 Office Supplies Office Equipment Accounts Payable 3-Mar          1,230 9-Mar       21,850             630 19-Mar 13-Mar       43,600       43,600 1-Mar 17-Mar          2,425          1,230 3-Mar 23-Mar       30,200       21,850 9-Mar 19-Mar             630       32,625 14-Mar          1,770 16-Mar End. Bal          1,230 End. Bal       21,220 End. Bal       24,220 Long term Notes Payable Z. Church, Capital Sales       82,000 6-Mar Beg. Bal.       10,000       16,800 2-Mar       10,200 3-Mar          5,600 10-Mar       34,680 15-Mar       14,910 27-Mar          4,315 28-Mar       30,180 31-Mar End. Bal       82,000 End. Bal       10,000 End. Bal     116,685 Sales Discount Cost of Goods Sold Sales Salaries Expense 12-Mar             336 2-Mar          8,400 15-Mar       18,300 13-Mar             156 3-Mar          5,800 31-Mar       18,300 20-Mar             112 10-Mar          2,900 15-Mar       20,210 27-Mar          7,220 28-Mar          3,280 31-Mar       16,820 End. Bal             604 End. Bal       64,630 End. Bal       36,600 Store Supplies 16-Mar          1,770 End. Bal          1,770 Accounts Receivable - Jovita Albany Accounts Receivable - Min Cho Accounts Receivable - Linda Witt 10-Mar          5,600          5,600 20-Mar 2-Mar       16,800       16,800 12-Mar 3-Mar       10,200          7,800 13-Mar 27-Mar       14,910 28-Mar          4,315 End. Bal       14,910 End. Bal                 -   End. Bal          6,715 Accounts Payable - CD Company Accounts Payable - Gabel Company Accounts Payable - Spell Company 17-Mar          2,425       32,625 14-Mar          1,230 3-Mar 19-Mar             630       21,850 9-Mar 23-Mar       30,200          1,770 16-Mar End. Bal                 -   End. Bal          3,000 End. Bal       21,220 Accounts Payable - Van Indutries 13-Mar       43,600       43,600 1-Mar End. Bal                 -   Answer 3. Church Company Trial Balance March 31 Particulars Dr. Amt. Cr. Amt. Cash       67,532 Accounts Receivable       21,625 Inventory       17,694 Office Supplies          1,230 Office Equipment       21,220 Accounts Payable       24,220 Long term Notes Payable       82,000 Z. Church, Capital       10,000 Sales     116,685 Sales Discount             604 Cost of Goods Sold       64,630 Sales Salaries Expense       36,600 Store Supplies          1,770 Total     232,905     232,905                 -   Answer 4. Church Company Shedule of Accounts Receivable March 31 Accounts Receivable - Jovita Albany       14,910 Accounts Receivable - Min Cho                 -   Accounts Receivable - Linda Witt          6,715 Total       21,625 Answer 5. Church Company Shedule of Accounts Payable March 31 Accounts Payable - CD Company                 -   Accounts Payable - Gabel Company          3,000 Accounts Payable - Spell Company       21,220 Accounts Payable - Van Indutries                 -   Total       24,220

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