GL0701 - Based on Problem 7-1A LO P1

Carter 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 $45,500 of merchandise from Gonzalez Industries, invoice dated March 1, terms 2/15, n/30.
Mar.		2		Sold merchandise on credit to Walker Co., Invoice No. 854, for $39,600 (cost is $24,000).
Mar.		3		Purchased $1,700 of office supplies on credit from Garcia Company, invoice dated March 3, terms n/10 EOM.
Mar.		3		Sold merchandise on credit to Hao Lee, Invoice No. 855, for $13,000 (cost is $7,800).
Mar.		6		Borrowed $84,000 cash from Countryside Bank by signing a long-term note payable.
Mar.		9		Purchased $22,250 of office equipment on credit from Martin Supply, invoice dated March 9, terms n/10 EOM.
Mar.		10		Sold merchandise on credit to Debbie Hall, Invoice No. 856, for $10,400 (cost is $6,200).
Mar.		12		Received payment from Walker Co. for the March 2 sale less the discount.
Mar.		13		Sent Gonzalez Industries Check No. 416 in payment of the March 1 invoice less the discount.
Mar.		13		Received payment from Hao Lee for the March 3 sale less the discount.
Mar.		14		Purchased $47,800 of merchandise from the Allen 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, $22,100. Cashed the check and paid the employees.
Mar.		15		Cash sales for the first half of the month are $37,000 (cost is $22,200). (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 Garcia Company, invoice dated March 16, terms n/10 EOM.
Mar.		17		Received a $4,800 credit memorandum from Allen Co. for the return of unsatisfactory merchandise purchased on March 14.
Mar.		19		Received a $3,340 credit memorandum from Martin Supply for office equipment received on March 9 and returned for credit.
Mar.		20		Received payment from Debbie Hall for the sale of March 10 less the discount.
Mar.		23		Issued Check No. 418 to Allen Co. in payment of the invoice of March 13 less the March 17 return and the discount.
Mar.		27		Sold merchandise on credit to Debbie Hall, Invoice No. 857, for $23,000 (cost is $13,800).
Mar.		28		Sold merchandise on credit to Hao Lee, Invoice No. 858, for $7,800 (cost is $4,700).
Mar.		31		Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $22,100. Cashed the check and paid the employees.
Mar.		31		Cash sales for the last half of the month are $33,300 (cost is $20,000). 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.