Chart of Accounts CHART OF ACCOUNTS Amsterdam Supply Co. General Ledger ASSETS REVENUE 410 Sales 810 Interest Revenue 110 Cash 121 Accounts Receivable-Empire Co. 122 Accounts Receivable Equinox Co. 123 Accounts Receivable-Targhee Co. 124 Accounts Receivable Vista Co. 125 Notes Receivable 130 Marchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Stora Equipment 193 Accumulated Depreciation Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rant Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Experise 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable The following selected transactions were completed by Amsterdam Supply Co., which sels office supplies primarily to wholesalers and occasionally to retail customers: Record on page 10 of the journal Mar 2 Sold merchandise on account to Equinox Co., $19,200, terms FOB destination, 1/10,n/30. The cost of the merchandise sold was $14,260. Sold merchandise for $11.450 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $6.930. 3 4 5 12 Sold merchandise on account to Empire Co., $62,890, terms FOB shipping paint, nieom. The cost of merchandise sold was $33.980. Sold merchandise for $30,850 plus 6% sales tax to retail customers who used MasterCard. The cast of merchandise sold was $19.430. Received check for amount due from Equinox Co. for sale on March 2. Sold merchandise to customers who used American Express cards, $15,060. The cost of merchandise sold was $9,150 Sold merchandise on account to Targhee Co., $26,800, terms FOB shipping point, 1/10, 1/30. The cost af merchandise sold was $15.500. Issued credit memo for $1.400 to Targhee Co. for damaged merchandise from sale on March 16 14 16 18 Record on page 11 of the journal 19 26 28 31 Sold merchandise on account to Vista Co., $7,950, terms FOB shipping point 2/10,n/30. Added $100 to the invoice for prepaid freight. The cost of merchandise sold was $4.670. Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18. Received check for amount due from Vista Co. for sale of March 19. Received check for amount due from Empire Co. for sale of March 4. Paid Fleetwood Delivery Service S6,040 for delivery of merchandise in March to customers under shipping terms of FOB destination Paid City Bank $890 for service fees for handling MasterCard and American Express sales during March Paid $6,020 to state sales tax division for taxes owed on sales. 31 Apr. 3 15 Required: How does mading work? PAGE 11 JOURNAL Score. 211/226 ACCOUNTING EQUATION POSTRES DET CREDIT LIABILITIES EQUITY DATE DESCRIPTION Mat. 19" Accounts Receivable Vista Co, ASSETS 1 + 7950.00 1 7.950.00 T 1 4670.00 Sales Mar 19 Cost of Merchandise Sold Merchandise vertory Mac 26 Can 4 457000 4 1 25,345.00 1 25.400.00 1 Accounts Receivable-Targhe Co. Mat 19 Accounts Receivable Vista Co. 1 100.00 1 . 10000 4 . 7,891.00 1 M 789100 1 52.190.00 1 52.89000 4 404000 1 Mar 28" Cash Accounts Receivable Vista Co Mar I Can Accounts Receivable Engine Co. Mall Mercuriemertory Cash Aprs Credit Card Expense Gash Ipe 15 Sales Tax Ruyable Cash 604000 1 11 180.00 B1000 4 12 6,020.00 11 6.02000 4 Points 42.01/45
