Mannion Company completes these transactions and events during March of the curr
ID: 2568486 • Letter: M
Question
Mannion Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30).
Mar.
1
Purchased $44,800 of merchandise from King Industries, invoice dated March 1, terms 2/15, n/30.
Mar.
2
Sold merchandise on credit to Thompson Co., Invoice No. 854, for $31,200 (cost is $19,000).
Mar.
3
Purchased $1,900 of office supplies on credit from Brown Company, invoice dated March 3, terms n/10 EOM.
Mar.
3
Sold merchandise on credit to Jean Clark, Invoice No. 855, for $14,000 (cost is $8,400).
Mar.
6
Borrowed $88,000 cash from First Bank by signing a long-term note payable.
Mar.
9
Purchased $22,050 of office equipment on credit from Gonzalez Supply, invoice dated March 9, terms n/10 EOM.
Mar.
10
Sold merchandise on credit to Jeffrey Wilson, Invoice No. 856, for $11,200 (cost is $6,700).
Mar.
12
Received payment from Thompson Co. for the March 2 sale less the discount.
Mar.
13
Sent King Industries Check No. 416 in payment of the March 1 invoice less the discount.
Mar.
13
Received payment from Jean Clark for the March 3 sale less the discount.
Mar.
14
Purchased $42,200 of merchandise from the Perez Co., invoice dated March 13, terms 2/10, n/30.
Mar.
15
Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $20,700. Cashed the check and paid the employees.
Mar.
15
Cash sales for the first half of the month are $46,000 (cost is $27,600). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.)
Mar.
16
Purchased $2,600 of store supplies on credit from Brown Company, invoice dated March 16, terms n/10 EOM.
Mar.
17
Received a $4,200 credit memorandum from Perez Co. for the return of unsatisfactory merchandise purchased on March 14.
Mar.
19
Received a $3,310 credit memorandum from Gonzalez Supply for office equipment received on March 9 and returned for credit.
Mar.
20
Received payment from Jeffrey Wilson for the sale of March 10 less the discount.
Mar.
23
Issued Check No. 418 to Perez Co. in payment of the invoice of March 13 less the March 17 return and the discount.
Mar.
27
Sold merchandise on credit to Jeffrey Wilson, Invoice No. 857, for $25,000 (cost is $15,000).
Mar.
28
Sold merchandise on credit to Jean Clark, Invoice No. 858, for $8,400 (cost is $5,000).
Mar.
31
Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $20,700. Cashed the check and paid the employees.
Mar.
31
Cash sales for the last half of the month are $41,400 (cost is $24,800).
General Journal tab - Each transaction is recorded in either a special journal, or directly in the general journal. If a transaction is to be recorded in a special journal, select "Entered in special journal" in the first account field. Otherwise,prepare the general journal entry. Prepare a journal entry for each of the special journals at month-end.
Each transaction is recorded in either a special journal, or directly in the general journal. If a transaction is to be recorded in a special journal, select "Entered in special journal" in the first account field. Otherwise, prepare the general journal entry.
Please give me a general journal and other 4 journals of
"Enter the month-end totals from the Cash Receipts journal."
"Enter the month-end totals from the Cash Disbursements journal."
"Enter the month-end totals from the Purchases journal."
"Enter the month-end totals from the Sales journal."
Explanation / Answer
Journal Entries Date Accounting Titles Explanation Debit Credit Mar-1 Purchase $44,800 Accounts Payable $44,800 Being purchase of merchandise from King Industries on credit terms of 2/15, n/30) Mar-2 Accounts Receivable $31,200 Sales $31,200 (Being goods sold to Thompson Co) Mar-3 Supplies $1,900 Accounts Payable $1,900 Being office supplies purchased from Brown Company on credit term of n/10 EOM) Mar-3 Accounts Receivable $14,000 Sales $14,000 (Being goods sold to Jean Clark) Mar-6 Cash $88,000 Note Payable $88,000 (Being loan taken signing long term note payable) Mar-9 Office Equipment $22,050 Accounts Payable $22,050 (Being office equipment purchased from Gonzalez Supply on credit term of n/10 EOM) Mar-10 Accounts Receivable $11,200 Sales $11,200 (Being goods sold to Jeffrey Wilson) Mar-12 Cash $30,576 Sales Discount $624 Accounts Receivable $31,200 (Being cash received from Thompson Co.) Mar-13 Accounts Payable $44,800 Purchase Discount $896 Cash $43,904 (Being cash paid to King Industries on discount terms) Mar-13 Cash $13,720 Sales Discount $280 Accounts Receivable $14,000 (Being cash received from Jean Clark) Mar-14 Purchase $42,200 Accounts Payable $42,200 Being purchase of merchandise from Perez Co. on credit terms of 2/10, n/30) Mar-15 Salary Expenses $20,700 Cash $20,700 (Being sales salary expenses paid) Mar-15 Cash $46,000 Sales $46,000 (Being cash sales are recognised on fortnight basis) Mar-16 Supplies $2,600 Accounts Payable $2,600 Being store supplies purchased from Brown Company on credit term of n/10 EOM) Mar-17 Accounts Payable $4,200 Purchase $4,200 Being purchase return made to Perez co) Mar-19 Accounts Payable $3,310 Office Equipment $3,310 Being some office equipment returned to Gonzalez Supply) Mar-20 Cash $10,976 Sales Discount $224 Accounts Receivable $11,200 (Being cash received from Jeffrey Wilson) Mar-23 Accounts Payable $38,000 Purchase Discount $760 Cash $37,240 (Being cash paid to King Industries on discount terms) Mar-27 Accounts Receivable $25,000 Sales $25,000 (Being goods sold to Jeffrey Wilson) Mar-28 Accounts Receivable $8,400 Sales $8,400 (Being goods sold to Jean Clark) Mar-31 Salary Expenses $20,700 Cash $20,700 (Being sales salary expenses paid) Mar-31 Cash $41,400 Sales $41,400 (Being cash sales are recognised at month end) Month end total of following journals Cash Receipts journal $230,672 Cash Disbursements journal $122,544 Purchases journal $82,800 Sales journal $177,200 Trial Balance as on 31 Mar-16 Accounting Titles Debit Credit Sales $177,200 Purchase $82,800 Note Payable $88,000 Accounts Payable $23,240 Accounts Receivable $33,400 Cash $108,128 Office Equipment $18,740 Purchase Discount $1,656 Salary Expenses $41,400 Sales Discount $1,128 Supplies $4,500 Total $290,096 $290,096
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