Instructions On March 1, Sally Co. sold merchandise to Buck Co. on account, $33,800, terms 2/15, n/30. The cost of the merchandise sold is $18,000. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sally Co. and Buck Co. for the sale, purchase, and payment of amount due. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. CHART OF ACCOUNTS Sally Co. General Ledger CHART OF ACCOUNTS Buck Co. General Ledger ASSETS 110 Cash 121 Accounts Receivable-Buck Co. 125 Notes Receivable 130 Merchandise Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 218 Sales Tax Payable REVENUE 410 Sales 610 Rent Revenue EXPENSES 501 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 211 Accounts Payable-Sally Co. 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable REVENUE 410 Sales 610 Rent Revenue EXPENSES 501 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense EQUITY 310 Owner, Capital 311 Owner, Drawing EQUITY 310 Owner, Capital 311 Owner, Drawing Journal-Sally Co. Journalize the entries for Sally Co. for the sale on March 1 and payment of the amount due on March 14. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. DATE DESCRIPTION 1 2 3 4 5 6 JOURNAL PAGE 10 ACCOUNTING EQUATION LIABILITIES EQUITY POST. REF. DEBIT CREDIT ASSETS Journal-Buck Co. Journalize the entries for Buck Co. for the purchase on March 1 and payment of the amount due on March 14. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. DATE DESCRIPTION 1 2 3 4 JOURNAL PAGE 20 ACCOUNTING EQUATION LIABILITIES EQUITY POST. REF. DEBIT CREDIT ASSETS