Church company completes these transactions and events

P7-3A Church 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 $43,600 of merchandise from Van Industries, invoice dated March 1, terms 2/15, n/30.

2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,800 (cost is $8,400). 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).

6 Borrowed $82,000 cash from Federal Bank by signing a long-term note payable. 9 Purchased $21,850 of office equipment on credit from Spell Supply, invoice dated March 9, terms n/10 EOM.

10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $5,600 (cost is $2,900).

12 Received payment from Min Cho for the March 2 sale less the discount.

13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount.

13 (b) Received payment from Linda Witt for the March 3 sale less the discount.

14 Purchased $32,625 of merchandise from the CD Company, invoice dated March 13, terms 2/10, n/30.

15 (a) Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half 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 recorded daily, but are recorded only twice here to reduce repetitive entries.)

16 Purchased $1,770 of store supplies on credit from Gabel Company, invoice dated March 16, terms n/10 EOM.

17 Received a $2,425 credit memorandum from CD Company for the return of unsatisfactory merchandise purchased on March 14.

19 Received a $630 credit memorandum from Spell Supply for office equipment received on March 9 and returned for credit.

20 Received payment from Jovita Albany for the sale of March 10 less the discount. 23 Issued Check No. 418 to CD Company in payment of the invoice of March 13 less the March 17 return and the discount.

27 Sold merchandise on credit to Jovita Albany, Invoice No. 857, for $14,910 (cost is $7,220).

28 Sold merchandise on credit to Linda Witt, Invoice No. 858, for $4,315 (cost is $3,280).

31 (a) Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $18,300. Cashed the check and paid the employees.

31 (b) Cash sales for the last half of the month are $30,180 (cost is $16,820).

31 (c) 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 $10,000); Z. Church, Capital (March 1 beg. bal. is $10,000). Enter the transactions in a sales journal. Enter the transactions in a purchases journal. Enter the transactions in a cash receipts journal. Enter the transactions in a cash disbursements journal. Enter the transactions in a general journal. Post the transactions in a general ledger. Prepare a trial balance of the general ledger.

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency