1 0/0 pts You will use the same format we have been using since Fundy Quiz 3. See the following example: You received cash for common stock. $1.000. D-N-1000 C-R-1000 We debit Cash (N) for $1,000 and we credit Common Stock (R) for $1,000. Notice, there are no dollar signs, commas, or spaces in the response codes! Remember, all debits always go before any credits. If you have a compound transaction, the order of debits doesn't matter as long as all debits are before any credits. Do you understand this format? Yes! Use the Chart of Accounts below to complete the following merchandising transactions. CHART OF ACCOUNTS A Estimated Returns Inventory M Professional Fees Expense B Merchandise Inventory N Cash C Shipping Expense P Accounts Payable D Cost of Goods Sold Q Accumulated Depreciation E Refunds Payable R Common Stock F Salaries Payable Sales Discount G Supplies Expense T Salaries Expense H Equipment W Prepaid Insurance J Accounts Receivable X Buildings K Depreciation Expense Y Sales Revenue L Supplies N Insurance Expense Question 4 1 pts The company issued common stock for $70,000 in buildings, $30,000 in equipment, and $75,000 in cash. Question 5 Purchased inventory on account, $83.375. Paid for freight in with cash (shipping inventory). $5,750. Question 6 Sold products at a price of $190,000 on account, the products cost $74,000. The transaction for the sale price would be: The transaction for the product costs would be: Question 8 Paid cash for a previously recorded order, $83,375. Next 4 Question 9 Your company returned 50 damaged units of inventory costing $75, each. 0.5 pts Question 11 Received cash of $190,000 for a previously recorded sale. D-N-190000 C-S-190000 Question 12 0.5 pts Received professional services (accounting and legal services) on account. $5.500 Question 13 Paid a cash advance for business insurance for three months, $15,000. 0.5 pt: Purchased inventory on account, $131,250, 2/10, n/30. Question 15 Sold products at a price of $220,000, 1/10, n/30. The products cost the company $85,700. The transaction for the sales price would be: The transaction for the cost of the products would be: 1 pts Question 17 0.75 pts PAID CASH within the discount period for the following previously recorded purchase. NOTE: The transaction below has ALREADY BEEN RECORDED! Purchased inventory on account, $131,250, 2/10, n/30. You are now recording the cash payment for this previous transaction. Assume the payment is within the discount period and determine the appropriate amounts and accounts to record this cash payment. d Question 18 0 / 0.75 pts RECIEVED CASH within the discount period for the following previously recorded sale. NOTE: The transaction below has ALREADY BEEN RECORDED! Sold products at a price of $220,000, 1/10, n/30. You are now recording the cash receipt for this previous transaction. Assume the receipt is within the discount period and determine the appropriate amounts and accounts to record this cash receipt. Answer 1: (You left this blank) Answer 2