problem 7-1a special journals, subsidiary ledgers, trial balance- perpetual

Project Description:

church company completes these transactions and events during march of the current year (terms for all its credit sales are 2/10, n/30).

march 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 purchased $1,230 of office supplies on credit from gabel company, invoiced dated march 3, terms n/10 eom.

3 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 sent van industries check no. 416 in payment of the march 1 invoice less the discount.

13 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 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 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 issued check no. 419, payable to payroll, in payment of sales salaries expense for the half of the month, $18,300. cashed the check and paid the employees.

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

31 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.

required

1. open the following general ledger accounts: cash, accounts receivable, inventory (march 1 beg. balance is $10,000), office supplies, store supplies, office equipment, accounts payable, long term notes payable, z. church, capital (march 1 beg. bal is $10,000); sales; sales discounts; cost of goods sold; and sales salaries expense. open the following accounts receivable subsidiary ledger accounts : jovita albany, min cho, and linda witt. open the following accounts payable subsidiary ledger accounts: gabel company, van industries, spell supply, and cd company.

2. enter these transactions in a sales journal, a purchase journal, a cash receipts journal, a cash disbursement journal, or a general journal. number all journal pages as page 2.

3. prepare a trial balance of the general ledger and prove the accuracy of the subsidiary ledgers by preparing schedules of both accounts receivable and accounts payable.
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Price Type: Fixed

Project Budget: $0 to $10
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