Business transactions for the month of March for T-Shirt Trends are presented below. A partial general ledger
Question:
Business transactions for the month of March for T-Shirt Trends are presented below. A partial general ledger appears in your working papers.
Instructions
On the form provided in your working papers, record March transactions on page 11 of the general journal.
Transcribed Image Text:
Date Transactions Mar. 2 Issued Check 5500 for $6,790 to Dancing Wind Clothing Manufacturers in payment of their $7,000 invoice less a 3% cash discount. 4 Purchased $2,800 in merchandise on account from Wilmington Shirt Factory, Invoice WSF123, terms 2/10, n/30. 6 Wrote Check 5501 for $180 to Mario's Trucking for delivery of merchandise shipped from Wilmington Shirt Factory, FOB shipping point. 8 Received a credit allowance of $300 from Wilmington Shirt Factory for damaged merchandise, issued Debit Memo 44. 10 Received a premium notice from Keystone Insurance Company for $3,400, issued Check 5502. 12 Bought $175 in supplies from Carter Office Supply on account, Invoice 97, terms n/30. 14 Paid Wilmington Shirt Factory the $2,500 balance owed less a 2% cash discount, Check 5503. 19 Returned $50 in supplies to Carter Office Supply, issued Debit Memorandum 45. 25 Paid employees gross earnings of $4,000. Rates for taxes withheld are: Employees' Federal Income Tax, 15%; State Income Tax, 6%; Social Security Tax, 6.2%; and Medicare Tax, 1.45%. Issued Check 5504 for the net amount. 30 Wrote Check 5505 to Carter Office Supply for the amount due on our account.
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