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Mar.
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1
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Purchased $45,300 of merchandise from Lee Industries, invoice dated March 1, terms 2/15, n/30.
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Mar.
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2
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Sold merchandise on credit to Gonzalez Co., Invoice No. 854, for $37,200 (cost is $22,000).
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Mar.
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3
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Purchased $1,300 of office supplies on credit from Walker Company, invoice dated March 3, terms n/10 EOM.
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Mar.
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3
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Sold merchandise on credit to Jose Garcia, Invoice No. 855, for $19,000 (cost is $11,400).
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Mar.
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6
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Borrowed $98,000 cash from First Bank by signing a long-term note payable.
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Mar.
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9
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Purchased $22,050 of office equipment on credit from Perez Supply, invoice dated March 9, terms n/10 EOM.
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Mar.
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10
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Sold merchandise on credit to Hillary Mannion, Invoice No. 856, for $15,200 (cost is $9,100).
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Mar.
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12
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Received payment from Gonzalez Co. for the March 2 sale less the discount.
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Mar.
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13
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Sent Lee Industries Check No. 416 in payment of the March 1 invoice less the discount.
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Mar.
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13
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Received payment from Jose Garcia for the March 3 sale less the discount.
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Mar.
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14
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Purchased $46,200 of merchandise from the Hall Co., invoice dated March 13, terms 2/10, n/30.
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Mar.
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15
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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.
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Mar.
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15
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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.)
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Mar.
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16
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Purchased $2,200 of store supplies on credit from Walker Company, invoice dated March 16, terms n/10 EOM.
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Mar.
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17
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Received a $4,200 credit memorandum from Hall Co. for the return of unsatisfactory merchandise purchased on March 14.
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Mar.
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19
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Received a $3,310 credit memorandum from Perez Supply for office equipment received on March 9 and returned for credit.
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Mar.
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20
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Received payment from Hillary Mannion for the sale of March 10 less the discount.
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Mar.
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23
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Issued Check No. 418 to Hall Co. in payment of the invoice of March 13 less the March 17 return and the discount.
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Mar.
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27
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Sold merchandise on credit to Hillary Mannion, Invoice No. 857, for $33,000 (cost is $19,800).
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Mar.
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28
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Sold merchandise on credit to Jose Garcia, Invoice No. 858, for $11,400 (cost is $6,800).
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Mar.
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31
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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.
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Mar.
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31
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Cash sales for the last half of the month are $31,500 (cost is $18,900).
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