chart if accounts

bennett enterprises

general ledger

charts of accounts

spectrum industries

general ledger

110 Cash 410 Sales 111 Accounts Recoivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable EXPENSES 115 Inventory 510 Cost of Goods Sold 116 Supplies 520 Salaries Expense 118 Prepaid Insurance 524 Depreciation Expense-Building 120 Land 525 Delivery Expense 123 Building 526 Repairs Expense 124 Accumulated Depreciation-Bullding 529 Selling Expenses 125 Office Equipment 531 Rent Expense 126 Accumulated Depreciation-Office Equipment 532. Depreciation Expense-Office Equipment 533 Insurance Expense LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Secunty Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income Tax Payable 221 Retirement Savings Deductions Payable 224 Federaf Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable 229 EPA Fines Payable 230 Libgation Claims Payable 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Damage Awards and Fines 541 Miscelianeous Expense 710 Interest Expense Bennett Enterprises issues a $580,000,90-day, 6% note to Spectrum Industries for merchandise inventory. Required: a. Journalize Bennett Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. b. Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. b. Journalize Spectrum Industries'entries to record: 1. the receipt of the note on January 1 . 2. the receipt of the payment of the note at maturity on April 1 . General Joumal Instructions a. Journalize Bennett Enterprises'entries to record: 1. the issuance of the note on January 1. 2. the payment of the note at maturity on April 1 . 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Buiding 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State income Tax Payable 221 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable 229 EPAFines Payable 230 Litigation Claims Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends: 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Salaries Expense 524 Depreciation Expense-Building 525 Delivery Expense 526 Repairs Expense 529 Seling Expenses 531 Rent Expense 532 Depreciation Expense-Otfice Equipment 533 Insurance Expense 534 Supples Expense 535 Paytoll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Damage Awards and Finea 541 Miscellanecus Expense 710 interest Expense