Bishop Company completes these transactions and events during March of the current year (terms for all
its credit sales are 2/10, n/30).
P
Sp
Mar. Purchased $42,600 of merchandise from Soy Industries, invoice dated March 1, terms 2/15, C
n/30..
le
(2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $15,800 (cost is $7,900).
Purchased $1,120 of office supplies on credit from Stacy Company, invoice dated March 3,
13
terms n/10 EOM.
3 Sold merchandise on credit to Lance Snow, Invoice No. 855, for $9,200 (cost is $4,600).
96 Borrowed $72,000 casi from Federal Bank by signing a long-term note payable.
19 Purchased $20,850 of office equipment on credit from Tells Supply, invoice dated March 9,
terms n/10 EOM.
10 Sold merchandise on credit to Taylor Few, Invoice No. 856, for $4,600 (cost is $2,300).
(12) Received payment from M in Cho for the March 2 sale less the discount.
13 Sent Soy Industries Check No. 416 in payment of the March 1 invoice less the discount.
13 Received payment from Lance Snow for the March' 3 sale less the discount.
14 Purchased $31,625 of merchandise from the JW Company, invoice dated March 13, terms 2/1C
n/30.
15
Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first ha
of the month, $15,900. Cashed the check and paid the employees.