Required:

P

Below are the transactions for March $2023,$ for The Petersburg Company. Owner, Lori Ann has asked you the office manager to record the transactions into the correct journal.

She has supplied you with the following journals, General Journal, Sales Journal, Cash Receipts Journal, Purchase Journal and Cash Payments Journals

Transactions for March:

March $1-$ Lori Ann invested $ $12,500$ in the card store.

March $1-$ Paid this months' rent to Howard Realty, cheque No$.1001$ $$2,800.$

March $1-$ Purchased merchandise from Upper$-$Card Company on account, $ $5,600.$ Invoice No$.710,$ dated March $1,$ terms $2/10,$ n$/30.$

March $2-$ Sold merchandise to Jas Investors on account, $ $1,900.$ Invoice No$.602,$ terms $2/10,$ n$/30.$ Cost of Goods sold was $$1,100.$

March $9-$ Sold merchandise to Los Cabos on account, $ $1,000.$ Invoice No$.603,$ terms $2/10,$ n$/30.$ Cost of Goods Sold was $$550.$

March $10-$ Paid Able Cleaning $ $320.$ Cheque No$.1002$ for cleaning the card store.

March $11-$ Paid Upper$-$Card Company invoice No$.710,$ dated March $1,$ cheque No$.1003,$ taking discount.

March $12-$ Los Cabos returned merchandise that cost $ $100$ to the Petersburgh Company. Lori Ann issued credit memorandum No$.1$ to Los Cabos for $ $100.$ All goods were returned to inventory, the cost of the goods returned was $$26.$

March $14-$ Sold $ $1,800$ worth of card merchandise for cash. Invoice No$.604.$ The cost of goods sold was $$875.$

March $16-$ Jas Investors paid invoice No$.602,$ no discount.

March $28-$ Received invoice of $$1,300$ from Able Cleaning, for cleaning the basement of the store. Invoice # $148$ to be paid in $30$ days.

Chart of Accounts

Assets Revenue

$101$ Cash $400$ Sales

$104$ Accounts Receivable $401$ Sales Discounts

$106$ Inventory $404$ Sales Returns and Allowances

Expenses

Liabilities $500$ Cleaning Expense

$204$ Accounts Payable $505$ Cost of Goods Sold

$520$ Rent Expense

Owner's Equity

$300$ Lori Ann, Withdrawals

$301$ Lori Ann, Capital

Required:

$($a$)$ Journalize the transactions for the month of March in the correct journal.

$-$ The journals required are found on the following worksheets, General Journal,

Sales Journal, Cash Receipts Journal, Purchases Journal

and Cash Payments Journal

$-$ Explanations are NOT required for entries in the General Journal

$($b$)$ Total each column of each journal as required, except the General Journal.

$($c$)$ Provide Posting references as if each entry had been posted. The Chart

of Accounts will assist with this part of posting to general ledger accounts.

$-$ Use an X if the amount should not be posted and a P $($instead of a check mark or a T$)$

if the amount should be posted to subledger account.