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Prepare the items in the journal. NOTE: To register merchandise, use the analytical system. 1 Comercial Santa Maria, property of Mauricio Mayorga, is established. During the month of March carry out the following transactions. Make a cash contribution worth L120,000.00, which value is deposited in the checking account of Banco DAVIVIENDA. 2 Merchandise is purchased for a value of L 80,000.00,(s)/(f)act. ()/(42), of which they grant us a reduction of L6,000.00, it is paid by check. This purchase generates expenses in the amount of L3,000.00, value owed to Transportes Los Arcos. 4 Merchandise is sold on credit to Marcela Galindo for the amount of L15,000.00, fact. 101. Conditions (3)/(10),(n)/(30.) Today's cash sales are L48,750.00, a value that includes sales tax. 5 Purchase of merchandise on credit from Mr. Miguel Bueso(s)/(f)act. ()/(764) for L 30,000.00, the sales tax is paid by check, the difference remains a liability without documentary guarantee. Client Marcela Galindo returns us L2,000.00 in merchandise. The full value is credited to your account. 6 Sale of merchandise in cash(s)/(f)act(.)/(02) for L85,000.00, a discount is granted based on sales volume in the amount of L900.00. We return L6,000.00 in merchandise from invoice 764. The total value is credited to our account. 7 From the sale of 6, they returned merchandise for L7,000,000 on invoice 02, the total value is paid by check. 8 Marcela Galindo pays us the full value of her debt in cash. Existing cash is deposited into our checking account.

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Answer to a math question Prepare the items in the journal. NOTE: To register merchandise, use the analytical system. 1 Comercial Santa Maria, property of Mauricio Mayorga, is established. During the month of March carry out the following transactions. Make a cash contribution worth L120,000.00, which value is deposited in the checking account of Banco DAVIVIENDA. 2 Merchandise is purchased for a value of L 80,000.00,(s)/(f)act. ()/(42), of which they grant us a reduction of L6,000.00, it is paid by check. This purchase generates expenses in the amount of L3,000.00, value owed to Transportes Los Arcos. 4 Merchandise is sold on credit to Marcela Galindo for the amount of L15,000.00, fact. 101. Conditions (3)/(10),(n)/(30.) Today's cash sales are L48,750.00, a value that includes sales tax. 5 Purchase of merchandise on credit from Mr. Miguel Bueso(s)/(f)act. ()/(764) for L 30,000.00, the sales tax is paid by check, the difference remains a liability without documentary guarantee. Client Marcela Galindo returns us L2,000.00 in merchandise. The full value is credited to your account. 6 Sale of merchandise in cash(s)/(f)act(.)/(02) for L85,000.00, a discount is granted based on sales volume in the amount of L900.00. We return L6,000.00 in merchandise from invoice 764. The total value is credited to our account. 7 From the sale of 6, they returned merchandise for L7,000,000 on invoice 02, the total value is paid by check. 8 Marcela Galindo pays us the full value of her debt in cash. Existing cash is deposited into our checking account.

Expert avatar
Fred
4.4
120 Answers
To properly record the transactions for Comercial Santa Maria in a journal using the analytical system, each entry will account for the debits and credits impacted by the transactions. Below are the appropriate journal entries based on the activities described during the month of March.

### Journal Entries

#### March 1
**Cash Contribution**
- **Debit**: Cash in Bank (Banco DAVIVIENDA) L120,000
- **Credit**: Capital – Mauricio Mayorga L120,000

*Description*: Contribution of cash by owner Mauricio Mayorga deposited into the checking account.

#### March 2
**Purchase of Merchandise**
- **Debit**: Merchandise Inventory L74,000
- **Credit**: Cash in Bank (Banco DAVIVIENDA) L74,000
- **Debit**: Transportation Expenses L3,000
- **Credit**: Accounts Payable (Transportes Los Arcos) L3,000

*Description*: Purchase of merchandise with a discount, paid by check; transportation costs incurred and owed.

#### March 4
**Sales Transactions**
- **Debit**: Accounts Receivable (Marcela Galindo) L15,000
- **Credit**: Sales Revenue L15,000
- **Debit**: Cash in Bank (Banco DAVIVIENDA) L48,750
- **Credit**: Sales Revenue L44,318.18 (Net of sales tax)
- **Credit**: Sales Tax Payable L4,431.82

*Description*: Credit sales to Marcela Galindo and cash sales including sales tax.

#### March 5
**Purchase of Merchandise on Credit**
- **Debit**: Merchandise Inventory L30,000
- **Credit**: Accounts Payable (Miguel Bueso) L30,000

*Description*: Purchase of merchandise on credit from Miguel Bueso.

**Return of Merchandise by Marcela Galindo**
- **Debit**: Sales Returns and Allowances L2,000
- **Credit**: Accounts Receivable (Marcela Galindo) L2,000

*Description*: Return of merchandise by client Marcela Galindo, credited to her account.

#### March 6
**Sale of Merchandise in Cash**
- **Debit**: Cash in Bank (Banco DAVIVIENDA) L85,000
- **Credit**: Sales Revenue L84,100 (After discount)
- **Credit**: Sales Discounts L900

*Description*: Cash sale with a volume discount recorded.

**Return of Merchandise to Supplier**
- **Debit**: Accounts Payable (Miguel Bueso) L6,000
- **Credit**: Merchandise Inventory L6,000

*Description*: Return of merchandise to supplier Miguel Bueso, credit applied to the payable account.

#### March 7
**Return of Merchandise from Sale**
- **Debit**: Sales Returns and Allowances L7,000
- **Credit**: Cash in Bank (Banco DAVIVIENDA) L7,000

*Description*: Merchandise returned from the sale on March 6, cash refund issued.

#### March 8
**Receipt of Payment from Marcela Galindo**
- **Debit**: Cash in Bank (Banco DAVIVIENDA) [Amount to be confirmed based on the debt]
- **Credit**: Accounts Receivable (Marcela Galindo) [Same as debit]

*Description*: Full payment received from Marcela Galindo and deposited into the checking account.

### Notes
- Make sure to confirm the amounts, particularly for the last transaction where Marcela Galindo’s payment details are to be matched with her actual debt.
- Adjust sales tax rates and calculations based on local tax laws as necessary.
- Verify account titles with the company’s Chart of Accounts for consistency.

### Calculation for Marcela Galindo's Outstanding Debt
- March 4: L15,000
- March 5 (Return): - L2,000
**Total Debt**: L15,000 - L2,000 = L13,000

Therefore, the journal entry for March 8 should be:
**March 8**
- **Debit**: Cash in Bank (Banco DAVIVIENDA) L13,000
- **Credit**: Accounts Receivable (Marcela Galindo) L13,000

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