Mannion Company completes these transactions and events during March of the curr
ID: 2568485 • Letter: M
Question
Mannion 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 $44,800 of merchandise from King Industries, invoice dated March 1, terms 2/15, n/30.
Mar.
2
Sold merchandise on credit to Thompson Co., Invoice No. 854, for $31,200 (cost is $19,000).
Mar.
3
Purchased $1,900 of office supplies on credit from Brown Company, invoice dated March 3, terms n/10 EOM.
Mar.
3
Sold merchandise on credit to Jean Clark, Invoice No. 855, for $14,000 (cost is $8,400).
Mar.
6
Borrowed $88,000 cash from First Bank by signing a long-term note payable.
Mar.
9
Purchased $22,050 of office equipment on credit from Gonzalez Supply, invoice dated March 9, terms n/10 EOM.
Mar.
10
Sold merchandise on credit to Jeffrey Wilson, Invoice No. 856, for $11,200 (cost is $6,700).
Mar.
12
Received payment from Thompson Co. for the March 2 sale less the discount.
Mar.
13
Sent King Industries Check No. 416 in payment of the March 1 invoice less the discount.
Mar.
13
Received payment from Jean Clark for the March 3 sale less the discount.
Mar.
14
Purchased $42,200 of merchandise from the Perez 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, $20,700. Cashed the check and paid the employees.
Mar.
15
Cash sales for the first half of the month are $46,000 (cost is $27,600). (Cash sales are recorded daily, but are recorded only twice here to reduce repetitive entries.)
Mar.
16
Purchased $2,600 of store supplies on credit from Brown Company, invoice dated March 16, terms n/10 EOM.
Mar.
17
Received a $4,200 credit memorandum from Perez Co. for the return of unsatisfactory merchandise purchased on March 14.
Mar.
19
Received a $3,310 credit memorandum from Gonzalez Supply for office equipment received on March 9 and returned for credit.
Mar.
20
Received payment from Jeffrey Wilson for the sale of March 10 less the discount.
Mar.
23
Issued Check No. 418 to Perez Co. in payment of the invoice of March 13 less the March 17 return and the discount.
Mar.
27
Sold merchandise on credit to Jeffrey Wilson, Invoice No. 857, for $25,000 (cost is $15,000).
Mar.
28
Sold merchandise on credit to Jean Clark, Invoice No. 858, for $8,400 (cost is $5,000).
Mar.
31
Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last half of the month, $20,700. Cashed the check and paid the employees.
Mar.
31
Cash sales for the last half of the month are $41,400 (cost is $24,800).
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. Prepare a journal entry for each of the special journals at month-end.
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.
Please give me a general journal and other 4 journals of
"Enter the month-end totals from the Cash Receipts journal."
"Enter the month-end totals from the Cash Disbursements journal."
"Enter the month-end totals from the Purchases journal."
"Enter the month-end totals from the Sales journal."
Explanation / Answer
Mannion Company General Journal Date Journal Amount (DR) Amount (CR) 1-Mar Mercendise Purchased $ 44,800.00 To Accounts Payable $ 44,800.00 (Being Goods Purchased from King Industries) 2-Mar Accounts Receivable $ 31,200.00 To Sales $ 31,200.00 (Being Sales to Thompson Company vide Invoice No.854) 2-Mar Cost of goods sold $ 19,000.00 To Mercendise Inventory $ 19,000.00 (Being amount of cost of goods sold to Thompson Company) 3-Mar Office Supplies $ 1,900.00 To Accounts Payable $ 1,900.00 (Being amout of office supplies purchases from Brown Company 3-Mar Accounts Receivable $ 14,000.00 To Sales $ 14,000.00 (Being Sales to Jean Clark vide Invoice No.855) 3-Mar Cost of goods sold $ 8,400.00 To Mercendise Inventory $ 8,400.00 (Being amount of cost of goods sold to Jean Clark) 6-Mar Cash $ 88,000.00 To Long term Notes Payable $ 88,000.00 (Being amount borrowed from First Bank against long term note payable) 9-Mar Office Equipment $ 22,050.00 To Accounts Payable $ 22,050.00 (Being amount of Office Equipment purchased on credit from Gonzalez Supply) 10-Mar Accounts Receivable $ 11,200.00 To Sales $ 11,200.00 (Being Sales to Jeffrey Wilson vide Invoice No.856) 10-Mar Cost of goods sold $ 6,700.00 To Mercendise Inventory $ 6,700.00 (Being amount of cost of goods sold to Jeffery Wilson) 12-Mar Cash=($31200*98%) $ 30,576.00 Sales Discount=($31200*2%) $ 624.00 To Accounts Receivable $ 31,200.00 (Being Amount received from Thompson after discount allowed 2%) 13-Mar Accounts Payable $ 44,800.00 To Cash=($44800*98%) $ 43,904.00 To Purchase Discount=($44800*2%) $ 896.00 (Being amount of Cheque paid to King Industries) 13-Mar Cash=($14000*98%) $ 13,720.00 Sales Discount=($14000*2%) $ 280.00 To Accounts Receivable $ 14,000.00 (Being Amount received from Jean Clark after discount allowed 2%) 14-Mar Mercendise Purchased $ 42,200.00 To Accounts Payable $ 42,200.00 (Being Amount of Mercendise Purchased from Perez Co.) 15-Mar Sales Salaries $ 20,700.00 To Cash $ 20,700.00 (Being amount of sales salaries paid for the first half of the month) 15-Mar Cash $ 46,000.00 To Sales $ 46,000.00 (Being Amount of Cash Sales for the first half of month) 15-Mar Cost of goods sold $ 27,600.00 To Mercendise Purchase $ 27,600.00 (Being amount of cost of goods sold) 16-Mar Store Supplies $ 2,600.00 To Accounts Payable $ 2,600.00 (Being amount of store supplies from Brown Company) 17-Mar Accounts Payable $ 4,200.00 To Purchase return & allowances $ 4,200.00 (Being amount of Purchase return to Perez Co.) 19-Mar Accounts Payable $ 3,310.00 To Office Equipment $ 3,310.00 (Being amount of credit memorandum from Gonzalez Supply) 20-Mar Cash=($11200*98%) $ 10,976.00 Sales Discount=($11200*2%) $ 224.00 To Accounts Receivable $ 11,200.00 (Being Amount received from Jeffrey Wilson after discount allowed 2%) 23-Mar Accounts Payable=($42200-$4200) $ 38,000.00 To Cash $ 37,240.00 To Purchase Return & Allowances $ 760.00 (Being Amount of Cash Paid after return & discount) 27-Mar Accounts Receivable $ 25,000.00 To Sales $ 25,000.00 (Being amount of Sales to Jeffrey Wison vide Invoice no.857) 27-Mar Cost of goods sold $ 15,000.00 To Mercendise Purchase $ 15,000.00 (Being amount of cost of goods sold to Jeffery Wilson) 28-Mar Accounts Receivable $ 8,400.00 To Sales $ 8,400.00 (Being amount of Sales to Jean Clark vide Invoice no.858) 28-Mar Cost of goods sold $ 5,000.00 To Mercendise Purchase $ 5,000.00 (Being amount of cost of goods sold to Jean Clark) 31-Mar Sales Salaries $ 20,700.00 To Cash $ 20,700.00 (Being amount of sales salaries paid for the first half of the month) 31-Mar Cash $ 41,400.00 To Sales $ 41,400.00 (Being amount of Cash Sales) 31-Mar Cost of goods sold $ 24,800.00 To Mercendise Purchase $ 24,800.00 (Being amount of cost of goods sold ) Cash Receipts Journal Date Account Credited Explanation Cash (Dr) Sales Discount(Dr) Accounts Receivable(Cr) Sales(Cr) Other Accounts(cr) 6-Mar Long Term Note Payable Note to Bank $ 88,000.00 $ 88,000.00 12-Mar Thompson Inv.No.854 $ 30,576.00 $ 624.00 $ 31,200.00 13-Mar Jean Clark Inv.No.855 $ 13,720.00 $ 280.00 $ 14,000.00 15-Mar Cash Sales Cash sales $ 46,000.00 $ 46,000.00 20-Mar Jeffery Wilson Inv.No. $ 10,976.00 $ 224.00 $ 11,200.00 31-Mar Cash Sales $ 41,400.00 $ 41,400.00
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