Instructions Chart of Accounts Instructions General Journal Journalize the following inventory merchandise transactions, assuming that the company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 6 Sold merchandise on account, $14,500, with terms 2/10, net 30. The cost of the merchandise sold was $9,425. Received payment within the discount period. Announcements - Fall Term 2020 - English C... My Home ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent REVENUE 410 Sales EXPENSES 510 Cost of Merchandise Sold 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 710 Interest Expense 241 Notes Payable DEC 4 General Journal 1 2 3 Journalize the inventory merchandise transactions, assuming that the company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. DATE Dec. 1 Accounts Receivable Sales Cost of Merchandise Sold Merchandise Inventory S Dec. 6 Cash Accounts Receivable PAGE 1 JOURNAL DESCRIPTION POST REF DEBIT CREDIT 14,500.00 14,500.00 9,425.00 9,425.00 14,210.00 14,500.00 Previous Next> Email Instructor Submit Test for Grading