Reference no: EM132523442

General Ledger

Account Number Account Title March 1 Opening Balance

101 Cash $ 33,750

112 Accounts Receivable 13,000

115 Notes Receivable 39,000

120 Inventory 20,000

125 Office Supplies 1,000

130 Prepaid Insurance 2,000

157 Equipment 6,450

158 Accumulated Depreciation

Equipment 1,500

201 Accounts Payable 35,000

301 R. Pickman, Capital 78,700

Accounts Receivable Subsidiary Ledger Accounts Payable Subsidiary Ledger Customer March 1 Opening Balance Vendor March 1 Opening Balance

R. Davis $ 1,500 S. Kurnitz $ 9,000

B. Hackett 7,500 R. Michaels 15,000

S. Iverson 4,000 D. Morelli 11,000

Transactions for the month of March 2020 are shown in chronological order as listed below:

March 2020

3 Sold Merchandise on account to B. Richards $3,100, invoice no. 510; and J. Fisk

$1,800, invoice no. 511.

5 Purchased Inventory on account from S. York $3,000; and D. Lowe $2,700

7 Received checks for $4,000 from S. Iverson; and $2,000 from B. Hackett.

8 Paid Freight on inventory purchased $180.

9 Sent checks to S. Kurnitz for $9,000; and D. Morelli for $11,000

9 Issued credit of $300 to J. Fisk for merchandise returned.

10 Summary Cash Sales recorded were $15,500. (In Total - thru Mar. 10th)

11 Sold Merchandise on account to R. Davis for $1,900, invoice no. 512; and to S.

Iverson $900, invoice no. 513. Post required entries to the Subsidiary Ledgers.

12 Paid Rent of $1,000 for March.

13 Received full payment from B. Richards; and J. Fisk

15 Withdrew $800 cash (R. Pickman) for personal use.

16 Purchased Inventory on account from D. Morelli for $15,000; from S. Kurnitz for

$13,900; and from S. York for $1,500.

17 Paid $400 cash for office supplies

18 Returned $200 of merchandise to S. Kurnitz and received credit.

20 Summary Cash Sales recorded were $17,500 (In total - Mar. 11th to Mar. 21st)

21 Issued $15,000 Note to R. Michaels in full payment of balance due.

21 Received full payment from S. Iverson.

Be sure to post all required entries to the Subsidiary Legers.

22 Sold Merchandise on account to B. Richards for $3,700, invoice no. 514; and to R.

Davis for $800, invoice no. 515.

23 Sent checks to D. Morelli and S. Kurnitz in full payment.

25 Sold Merchandise on account to B. Hackett for $3,500, invoice no. 516; and to J.

Fisk for $6,100, invoice no. 517.

27 Purchased Inventory on account from D. Morelli for $12,600; from D. Lowe for

$1,200; and from S. York for $2,800.

28 Paid $200 cash for office supplies.

31 Summary Cash Sales recorded were $22,920. (In Total - Mar. 21st to Mar. 31st)

31 Paid Sales Salaries of $4,300; and Office Salaries of $3,600.

Instructions

Question (a) Create a Record the March transactions in your General Journal, as necessary - number pages accordingly.