CHART OF ACCOUNTS

Midnight Supplies

General Ledger

ASSETS

$110$ Cash

$111$ Petty Cash

$120$ Accounts Receivable

$131$ Notes Receivable

$132$ Interest Receivable

$141$ Inventory

$145$ Office Supplies

$146$ Store Supplies

$151$ Prepaid Insurance

$181$ Land

$191$ Office Equipment

$192$ Accumulated Depreciation$-$Office Equipment

$193$ Store Equipment

$194$ Accumulated Depreciation$-$Store Equipment

LIABILITIES

$210$ Accounts Payable

$221$ Notes Payable

$222$ Interest Payable

$231$ Salaries Payable

$241$ Sales Tax Payable

EQUITY

$310$ Common Stock

$311$ Retained Earnings

$312$ Dividends

REVENUE

$410$ Sales

$610$ Interest Revenue

EXPENSES

$510$ Cost of Goods Sold

$515$ Credit Card Expense

$516$ Cash Short and Over

$520$ Salaries Expense

$531$ Advertising Expense

$532$ Delivery Expense

$533$ Insurance Expense

$534$ Office Supplies Expense

$535$ Rent Expense

$536$ Repairs Expense

$537$ Selling Expenses

$538$ Store Supplies Expense

$561$ Depreciation Expense$-$Office Equipment

$562$ Depreciation Expense$-$Store Equipment

$590$ Miscellaneous Expense

$710$ Interest Expense

$1.$ Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record, using the first$-$in$,$ first$-$out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.