CHART OF ACCOUNTS |
Hoover Corp. |
General Ledger |
| ASSETS | 110 | Cash | 111 | Petty Cash | 121 | Accounts Receivable | 122 | Allowance for Doubtful Accounts | 126 | Interest Receivable | 127 | Notes Receivable | 131 | Merchandise Inventory | 141 | Office Supplies | 142 | Store Supplies | 151 | Prepaid Insurance | 191 | Land | 192 | Store Equipment | 193 | Accumulated Depreciation-Store Equipment | 194 | Office Equipment | 195 | Accumulated Depreciation-Office Equipment | | LIABILITIES | 210 | Accounts Payable | 221 | Salaries Payable | 231 | Sales Tax Payable | 232 | Interest Payable | 241 | Notes Payable | 251 | Bonds Payable | 252 | Discount on Bonds Payable | 253 | Premium on Bonds Payable | | EQUITY | 311 | Common Stock | 312 | Paid-In Capital in Excess of Par-Common Stock | 315 | Treasury Stock | 321 | Preferred Stock | 322 | Paid-In Capital in Excess of Par-Preferred Stock | 331 | Paid-In Capital from Sale of Treasury Stock | 340 | Retained Earnings | 351 | Cash Dividends | 352 | Stock Dividends | 390 | Income Summary | | | REVENUE | 410 | Sales | 610 | Interest Revenue | 611 | Gain on Redemption of Bonds | | EXPENSES | 510 | Cost of Merchandise Sold | 515 | Credit Card Expense | 516 | Cash Short and Over | 521 | Sales Salaries Expense | 522 | Office Salaries Expense | 531 | Advertising Expense | 532 | Delivery Expense | 533 | Repairs Expense | 534 | Selling Expenses | 535 | Rent Expense | 536 | Insurance Expense | 537 | Office Supplies Expense | 538 | Store Supplies Expense | 541 | Bad Debt Expense | 561 | Depreciation Expense-Store Equipment | 562 | Depreciation Expense-Office Equipment | 590 | Miscellaneous Expense | 710 | Interest Expense | 711 | Loss on Redemption of Bonds | |
Instructions Hoover Corp a wholesaler of music equipment, ssued S33 100 000 of 20-year 4% calabie bonds on March The fiscal year of the company is the calendar year Year 1 at erface amount with interest payable on a 1 and September 1. Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account tities. Year 1 hitr1 Sept. Year 3 Sept. 1 Issued the bonds for cash at their face amount. 1 Paid the interest on the bonds. Called the bond issue at 104, the rate provided in the bond indenture. (Omit entry for payment of interest.)