Instructions Chart of Accounts General Journal Instructions Record the following transactions for Sparky's Pet Shop. Date August 1 3 7 Transaction Purchased $6,000 of merchandise on account, terms 2/10, 1/30. Returned $1,500 of merchandise purchased on August 1 due to defects. Recorded cash sales for the first week of August, $9,750; cost of the merchandise was $4,000. Made sale on account to a local breeder for $500, terms 1/10 net 30; cost of the merchandise was $200 Paid for the merchandise purchased on August 1, less return Received payment from sale of August 10. 10 11 20 Required: Journalize the above transactions. Assume Sparky's uses a perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles Chart of Accounts CHART OF ACCOUNTS Sparky's Pet Shop General Ledger ASSETS REVENUE 110 Cash 410 Sales EXPENSES 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 510 Cost of Goods Sold 180 Land 190 Equipment 191 Accumulated Depreciation 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense 560 Miscellaneous Expense LIABILITIES 210 Accounts Payable 216 Salaries Payable 710 Interest Expense 190 Equipment 531 Rent Expense 191 Accumulated Depreciation 533 Insurance Expense 534 Supplies Expense LIABILITIES 536 Credit Card Expense 210 Accounts Payable 560 Miscellaneous Expense 216 Salaries Payable 221 Sales Tax Payable 710 Interest Expense 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends General Journal Journalize each transaction. Refer to the Chart of Accounts for exact wording of account titles. General Journal Journalize each transaction. Refer to the Chart of Accounts for exact wording of accounts JOURNAL GATE PAGE 1 1 DESCRUTION ACCOUNTING EQUATION POST IT DERIT CREDIT 2 LABUTIES TOUIT 1 9 10 11 12 invoker-StakeAssignmentSessionLocator Binprogress=false o Update C 1 $ . 11 11 15 14 15 16