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.
pok
rint
$2,900).
erences
1 Purchased $43,600 of merchandise from Van Industries, terms 2/15, n/30.
2
Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,800 (cost is
$8,400).
3 (a) Purchased $1,230 of office supplies on credit from Gabel Company, terms n/30.
3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for $10,200 (cost is
$5,800).
6 Borrowed $82,000 cash from Federal Bank by signing a long-term note payable.
9 Purchased $21,850 of office equipment on credit from Speil Supply, terms n/30.
10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $5,600 (cost is
12 Received payment from Min Cho for the March 2 sale less the discount of $336.
13 (a) Sent Van Industries Check No. 416 in payment of the March 1 invoice less the
discount of $872.
13 (b) Received payment from Linda Witt for the March 3 sale less the discount of $204.
14 Purchased $32,625 of merchandise from the CD Company, terms 2/10, n/30.
15 (a) Issued Check No. 417 for $18,300, payee is Payroll, in payment of sales salaries
expense for the first half of the month.
15 (b) Cash sales for the first half of the month are $34,680 (cost is $20, 210). These cash
sales are recorded in the cash receipts journal on March 15.
16 Purchased $1,770 of store supplies on credit from Gabel Company, terms n/30.
17 Returned $2,425 of unsatisfactory merchandise purchased on March 14 to CD Company.
Church reduces accounts payable by that amount.
19 Returned $630 of office equipment purchased on March 9 to Spell Supply. Church
reduces accounts payable by that amount.
20 Received payment from Jovita Albany for the sale of March 10 less the discount of
$112.
23 Issued Check No. 418 to CD Company in payment of the March 14 purchase less the
March 17 return and the $604 discount.
credit to Joyita Albany, Invoice No. 857, for $14,910 (cost is
old marchandis