Question

In: Accounting

GL0701 - Based on Problem 7-1A LO P1 Perez Company completes these transactions and events during...

GL0701 - Based on Problem 7-1A LO P1

Perez 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 $44,500 of merchandise from Parker Industries, invoice dated March 1, terms 2/15, n/30.
Mar. 2 Sold merchandise on credit to Ryan Co., Invoice No. 854, for $27,600 (cost is $17,000).
Mar. 3 Purchased $1,300 of office supplies on credit from Perry Company, invoice dated March 3, terms n/10 EOM.
Mar. 3 Sold merchandise on credit to Li Zhang, Invoice No. 855, for $19,000 (cost is $11,400).
Mar. 6 Borrowed $100,000 cash from First Bank by signing a long-term note payable.
Mar. 9 Purchased $22,250 of office equipment on credit from Brown Supply, invoice dated March 9, terms n/10 EOM.
Mar. 10 Sold merchandise on credit to Maria Gonzalez, Invoice No. 856, for $15,200 (cost is $9,100).
Mar. 12 Received payment from Ryan Co. for the March 2 sale less the discount.
Mar. 13 Sent Parker Industries Check No. 416 in payment of the March 1 invoice less the discount.
Mar. 13 Received payment from Li Zhang for the March 3 sale less the discount.
Mar. 14 Purchased $39,800 of merchandise from the Walker 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, $20,100. Cashed the check and paid the employees.
Mar. 15 Cash sales for the first half of the month are $43,000 (cost is $25,800). (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 Perry Company, invoice dated March 16, terms n/10 EOM.
Mar. 17 Received a $3,800 credit memorandum from Walker Co. for the return of unsatisfactory merchandise purchased on March 14.
Mar. 19 Received a $3,340 credit memorandum from Brown Supply for office equipment received on March 9 and returned for credit.
Mar. 20 Received payment from Maria Gonzalez for the sale of March 10 less the discount.
Mar. 23 Issued Check No. 418 to Walker Co. in payment of the invoice of March 13 less the March 17 return and the discount.
Mar. 27 Sold merchandise on credit to Maria Gonzalez, Invoice No. 857, for $33,000 (cost is $19,800).
Mar. 28 Sold merchandise on credit to Li Zhang, Invoice No. 858, for $11,400 (cost is $6,800).
Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $20,100. Cashed the check and paid the employees.
Mar. 31 Cash sales for the last half of the month are $38,700 (cost is $23,200).

For this question you must post to the General Journal, General Ledger, Trial Balance, Cash Rec Journal, Cash Disb Journal, Purchases Journal, and Sales Journal.

Solutions

Expert Solution


Related Solutions

GL0701 - Based on Problem 7-1A LO P1 Sanchez Company completes these transactions and events during...
GL0701 - Based on Problem 7-1A LO P1 Sanchez 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 $45,300 of merchandise from Lee Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Gonzalez Co., Invoice No. 854, for $37,200 (cost is $22,000). Mar. 3 Purchased $1,300 of office supplies on credit from Walker Company, invoice dated March 3, terms...
GL0701 - Based on Problem 7-1A Church Company LO P1, P2, P3, P4 Church Company completes...
GL0701 - Based on Problem 7-1A Church Company LO P1, P2, P3, P4 Church 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 $43,600 of merchandise from Van Industries, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,800 (cost is $8,400). Mar. 3 Purchased $1,230 of office supplies on credit from Gabel Company, terms n/30. Mar. 3...
Church Company completes these transactions and events during March of the current year (terms for all...
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30). Mar. 1 Purchased $34,000 of merchandise from Van Industries, invoice dated March 1, terms 1/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $13,600 (cost is $6,800). 3 (a) Purchased $1,020 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM. 3 (b) Sold merchandise on credit to...
Douglas and Jaya Bowen Company completes these transactions and events during March of the current year...
Douglas and Jaya Bowen Company completes these transactions and events during March of the current year (terms of all credit sales are 2/10, n/30, unless otherwise stated in the transaction); perpetual inventory system was adopted by the Company in recording its inventory transactions. The company uses gross method of recording sales and purchases. March Douglas and Jaya Bowen invested $3,000,000 cash into the company. Paid 4-year insurance premium $4,800 and it is effective from March 1. Received $87,200 of merchandise...
Church Company completes these transactions and events during March of the current year (terms for all...
Church 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 $33,000 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 $13,200 (cost is $6,600). 3 (a) Purchased $990 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM. 3 (b) Sold merchandise on credit to...
Hickman Farms Company completes these transactions and events during March of the current year (terms of...
Hickman Farms Company completes these transactions and events during March of the current year (terms of all credit sales are 2/10, n/30, unless otherwise stated in the transaction); perpetual inventory system was adopted by the Company in recording its inventory transactions. The company uses gross method of recording sales and purchases. March Don Hickmans invested $2,000,000 cash into the company. Paid 4-year insurance premium $3,800 and it is effective from March 1. Received $87,200 of merchandise and an invoice dated...
Church Company completes these transactions and events during March of the current year (terms for all...
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 3/10, n/30). Mar. 1 Purchased $38,000 of merchandise from Van Industries, terms 3/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $15,200 (cost is $7,600). 3 (a) Purchased $1,140 of office supplies on credit from Gabel Company, terms n/30. 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $7,600 (cost is...
Gonzalez Company completes these transactions and events during March of the current year (terms for all...
Gonzalez 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 $44,000 of merchandise from Wright Industries, invoice dated March 1, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Mitchell Co., Invoice No. 854, for $21,600 (cost is $13,000). Mar. 3 Purchased $1,900 of office supplies on credit from Turner Company, invoice dated March 3, terms n/10 EOM. Mar. 3 Sold merchandise on credit...
Church Company completes these transactions and events during March of the current year (terms for all...
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30). Mar. 1 Purchased $38,000 of merchandise from Van Industries, invoice dated March 1, terms 1/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $15,200 (cost is $7,600). 3 (a) Purchased $1,140 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM. 3 (b) Sold merchandise on credit to...
Church Company completes these transactions and events during March of the current year (terms for all...
Church 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 $36,000 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 $14,400 (cost is $7,200). 3 (a) Purchased $1,080 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM. 3 (b) Sold merchandise on credit to...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT