Reference no: EM132464866

Lee Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30).

Point 1: Mar. 1 Purchased $43,800 of merchandise from Allen Industries, invoice dated March 1, terms 2/15, n/30.

Point 2: Mar. 2 Sold merchandise on credit to Wright Co., Invoice No. 854, for $19,200 (cost is $12,000).

Point 3: Mar. 3 Purchased $1,500 of office supplies on credit from Mitchell Company, invoice dated March 3, terms n/10 EOM.Mar. 3 Sold merchandise on credit to Tony Turner, Invoice No. 855, for $12,000 (cost is $7,200).

Point 4: Mar. 6 Borrowed $86,000 cash from National Bank by signing a long-term note payable.

Point 5: Mar. 9 Purchased $22,050 of office equipment on credit from Parker Supply, invoice dated March 9, terms n/10 EOM.

Point 6: Mar. 10 Sold merchandise on credit to Robert King, Invoice No. 856, for $9,600 (cost is $5,800).

Point 7: Mar. 12 Received payment from Wright Co. for the March 2 sale less the discount.

Point 1: Mar. 13 Sent Allen Industries Check No. 416 in payment of the March 1 invoice less the discount.

Point 8: Mar. 13 Received payment from Tony Turner for the March 3 sale less the discount.

Point 9: Mar. 14 Purchased $34,200 of merchandise from the Thompson Co., invoice dated March 13, terms 2/10, n/30.

Point 10: Mar. 15 Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first half of the month, $18,700. Cashed the check and paid the employees.

Point 11: Mar. 15 Cash sales for the first half of the month are $36,000 (cost is $21,600). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.)

Point 12: Mar. 16 Purchased $2,000 of store supplies on credit from Mitchell Company, invoice dated March 16, terms n/10 EOM.

Point 13: Mar. 17 Received a $3,200 credit memorandum from Thompson Co. for the return of unsatisfactory merchandise purchased on March 14.

Point 14: Mar. 19 Received a $3,300 credit memorandum from Parker Supply for office equipment received on March 9 and returned for credit.

Point 15: Mar. 20 Received payment from Robert King for the sale of March 10 less the discount.

Point 16: Mar. 23 Issued Check No. 418 to Thompson Co. in payment of the invoice of March 13 less the March 17 return and the discount.

Point 17: Mar. 27 Sold merchandise on credit to Robert King, Invoice No. 857, for $21,000 (cost is $12,600).

Point 18: Mar. 28 Sold merchandise on credit to Tony Turner, Invoice No. 858, for $7,200 (cost is $4,300).

Point 19: Mar. 31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $18,700. Cashed the check and paid the employees.

Point 20: Mar. 31 Cash sales for the last half of the month are $32,400 (cost is $19,400).

Question 1: General Journal tab - 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.

Question 2: General Ledger and Trial Balance tabs - Journal entries are posted automatically to the general ledger and trial balance.

Question 3: Cash Receipts Journal tab - Enter the transactions that are properly included in this special journal.

Question 4: Cash Disbursements Journal tab - Enter the transactions that are properly included in this special journal.

Question 5: Purchases Journal tab - Enter the transactions that are properly included in this special journal.

Question 6: Sales Journal tab - Enter the transactions that are properly included in this special journal.