Instructions Chart of Accounts General Journal Instructions Based on the information below: b. Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB shipping point on December 21. The cost of the merchandise is $2,850. The seler prepays the freight of $75. Buyer returns $700 of merchandise as defective on December 28. The cost of the merchandise is 5420 Buyer pays within the discount period on December 31. Required: Joumalize the entries for the Seller and the Buyer. Both use a perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. If no entry is required, simply skip to the next transaction Previous Next Instructions Chart of Accounts Ba CHART OF ACCOUNTS ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory General Ledger 131 Estimated Refums Inventory 140 Supplies 142 Prepaid insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense, 522 Advertsing Expense 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense 560 Miscellaneous Expense for exact wording of Previous Instructions Ba Chart of Accounts 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 215 Salaries Payable 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense 560 Miscellaneous Expense 710 Interest Expense 221 Sales Tax Payable 222 Customers Refunds Payable 231 Uneamed Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Eamings 312 Dividends for exact wording of General Journal Journalize the transactions. Refer to the Chart of Accounts for exact wording of account sites. If no entry is required, simply skip to the next transaction Sefer PAGE 1 JOURNAL ACCOUNTING EQUATION BATE DESCRIPTION POST RE DEBIT CREDIT ASSETS LIABILITIES EQUITY Inatractions Chart of Account General Journal Deveral Jounal thyer JOURNAL POST ACCOUNTING EQUATION AES General Journal Buy DESCRIPTION JOURNAL ACCOUNTING EQUATION POST CREENT AWES LILITIES Previous Next