Question

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 n/10 EOM.
Mar.		3		Sold merchandise on credit to Jose Garcia, Invoice No. 855, for $19,000 (cost is $11,400).
Mar.		6		Borrowed $98,000 cash from First Bank by signing a long-term note payable.
Mar.		9		Purchased $22,050 of office equipment on credit from Perez Supply, invoice dated March 9, terms n/10 EOM.
Mar.		10		Sold merchandise on credit to Hillary Mannion, Invoice No. 856, for $15,200 (cost is $9,100).
Mar.		12		Received payment from Gonzalez Co. for the March 2 sale less the discount.
Mar.		13		Sent Lee Industries Check No. 416 in payment of the March 1 invoice less the discount.
Mar.		13		Received payment from Jose Garcia for the March 3 sale less the discount.
Mar.		14		Purchased $46,200 of merchandise from the Hall 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, $21,700. Cashed the check and paid the employees.
Mar.		15		Cash sales for the first half of the month are $35,000 (cost is $21,000). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.)
Mar.		16		Purchased $2,200 of store supplies on credit from Walker Company, invoice dated March 16, terms n/10 EOM.
Mar.		17		Received a $4,200 credit memorandum from Hall Co. for the return of unsatisfactory merchandise purchased on March 14.
Mar.		19		Received a $3,310 credit memorandum from Perez Supply for office equipment received on March 9 and returned for credit.
Mar.		20		Received payment from Hillary Mannion for the sale of March 10 less the discount.
Mar.		23		Issued Check No. 418 to Hall Co. in payment of the invoice of March 13 less the March 17 return and the discount.
Mar.		27		Sold merchandise on credit to Hillary Mannion, Invoice No. 857, for $33,000 (cost is $19,800).
Mar.		28		Sold merchandise on credit to Jose Garcia, 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, $21,700. Cashed the check and paid the employees.
Mar.		31		Cash sales for the last half of the month are $31,500 (cost is $18,900).

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.

Answer 1

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.
Date	Account	Debit	Credit	Journal
Mar 1	Merchandise Inventory	45300		Special
	Accounts Payable-Lee Industries		45300	Special
Mar 2	Accounts Receivable-Gonzalez	37200		Special
	Sales Revenue		37200	Special
	Cost of Merchandise Sold	22000		Special
	Merchandise Inventory		22000	Special
Mar 3	Office Supplies	1300		Special
	Accounts Payable-Walker Company		1300	Special
Mar 3	Accounts Receivable-Jose Garcia	19000		Special
	Sales Revenue		19000	Special
	Cost of Merchandise Sold	11400		Special
	Merchandise Inventory		11400	Special
Mar 6	Cash	98000		Special
	Long Term Note Payable		98000	Special
Mar 9	Office Equipment	22050		Special
	Accounts Payable-Perez Supply		22050	Special
Mar 10	Accounts Receivable-Hillary	15200		Special
	Sales Revenue		15200	Special
	Cost of Merchandise Sold	9100		Special
	Merchandise Inventory		9100	Special
Mar 12	Cash 98%	36456		Special
	Sales Discount 2%	744		Special
	Accounts Receivable-Gonzalez		37200	Special
Mar 13	Cash 98%	18620		Special
	Sales Discount 2%	380		Special
	Accounts Receivable-Jose Garcia		19000	Special
Mar 14	Merchandise Inventory	46200		Special
	Accounts Payable-Hall Co		46200	Special
Mar 15	Sales Salaries Expense	21700		Special
	Cash		21700	Special
Mar 15	Cash	35000		Special
	Sales Revenue		35000	Special
	Cost of Merchandise Sold	21000		Special
	Merchandise Inventory		21000	Special
Mar 16	Store Supplies	2200		Special
	Accounts Payable-Walker		2200	Special
Mar 17	Accounts Payable-Hall Co	4200		General
	Merchandise Inventory		4200	General
Mar 19	Accounts Payable-Perez Supply	3310		General
	Office Equipment		3310	General
Mar 20	Cash 98%	14896		Special
	Sales Discount 2%	304		Special
	Accounts Receivable-Hillary		15200	Special
Mar 23	Accounts Payable-Hall Co	42000		Special
	Cash 98%		41160	Special
	Merchandise Inventory 2%		840	Special
Mar 27	Accounts Receivable-Hillary	33000		Special
	Sales Revenue		33000	Special
	Cost of Merchandise Sold	19800		Special
	Merchandise Inventory		19800	Special
Mar 28	Accounts Receivable-Jose Gracia	11400		Special
	Sales Revenue		11400	Special
	Cost of Merchandise Sold	6800		Special
	Merchandise Inventory		6800	Special
Mar 31	Sales Salaries Expense	21700		Special
	Cash		21700	Special
Mar 31	Cash	31500		Special
	Sales Revenue		31500	Special
	Cost of Merchandise Sold	18900		Special
	Merchandise Inventory		18900	Special