1 GL0701 - Based on Problem 7-1A LO P1 Parker Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). 36 points eBook Print Mar. 1 Purchased $45,900 of merchandise from Garcia Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Lee Co., Invoice No. 854, for $44,400 (cost is $27,000). Mar. 3 Purchased $1,700 of office supplies on credit from Mannion Company, invoice dated March 3, terms n/10 EOM. Mar. 3 Sold merchandise on credit to Debbie Hall, Invoice No. 855, for $17,000 (cost is $10,200). Mar. 6 Borrowed $92,000 cash from National Bank by signing a long-term note payable. Mar. 9 Purchased $22,150 of office equipment on credit from Griffin Supply, invoice dated March 9, terms n/10 EOM. Mar. 10 Sold merchandise on credit to Kay Wright, Invoice No. 856, for $13,600 (cost is $8,200). Mar. 12 Received payment from Lee Co. for the March 2 sale less the discount. Mar. 13 Sent Garcia Industries Check No. 416 in payment of the March 1 invoice less the discount. Mar. 13 Received payment from Debbie Hall for the March 3 sale less the discount. Mar. 14 Purchased $51,000 of merchandise from the Mitchell 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, $22,900. Cashed the check and paid the employees. Mar. 15 Cash sales for the first half of the month are $41,000 (cost is $24,600). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.) Mar. 16 Purchased $2,000 of store supplies on credit from Mannion Company, invoice dated March 16, terms n/10 EOM. Mar. 17 Received a $5,000 credit memorandum from Mitchell Co. for the return of unsatisfactory merchandise purchased on March 14. Mar. 19 Received a $3,320 credit memorandum from Griffin Supply for office equipment received on March 9 and returned for credit. Mar. 20 Received payment from Kay Wright for the sale of March 10 less the discount. Mar. 23 Issued Check No. 418 to Mitchell co. in payment of the invoice of March 13 less the March 17 return and the discount. Mar. 27 Sold merchandise on credit to Kay Wright, Invoice No. 857, for $30,000 (cost is $18,000). Mar. 28 Sold merchandise on credit to Debbie Hall, Invoice No. 858, for $10,200 (cost is $6,100). Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $22,900. Cashed the check and paid the employees. Mar. 31 Cash sales for the last half of the month are $36,900 (cost is $22,100). Requirement General Journal General Ledger Trial Balance Cash Rec Journal Cash Disb Journal Purchases Journal Sales Journal 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. General Ledger and Trial Balance tabs - Journal entries are posted automatically to the general ledger and trial balance. Cash Receipts Journal tab - Enter the transactions that are properly included in this special journal. Cash Disbursements Journal tab - Enter the transactions that are properly included in this special journal. Purchases Journal tab - Enter the transactions that are properly included in this special journal. Sales Journal tab - Enter the transactions that are properly included in this special journal.