In: Accounting
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.