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Bishop 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 $42,600 of merchandise from Soy Industries, invoice dated March 1, terms 2/15,n/30.
2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $15,800 (cost is $7,900).
3 Purchased $1,120 of office supplies on credit from Stacy Company, invoice dated March 3, terms n/10 EOM.
3 Sold merchandise on credit to Lance Snow, Invoice No. 855, for $9,200 (cost is $4,600).
6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable.
9 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 Min 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