Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Instructions On March 4; Micro Sales makes $1,000 in sales on bank credit cards which charge a 2 % service charge and deposits the funds

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Instructions On March 4; Micro Sales makes $1,000 in sales on bank credit cards which charge a 2 % service charge and deposits the funds into Micro Sales' bank accounts at the end of the business day. Required: Journalize the sales and recognition of expense. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Ge CHART OF ACCOUNTS Micro Sales General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 125 Notes Receivable EXPENSES 130 Merchandise Inventory 510 Cost of Merchandise Sold 131 Estimated Returns Inventory 521 Delivery Expense 140 Supplies 522 Advertising Expense 142 Prepaid Insurance 523 Depreciation Expense 526 Salaries Expense 180 Land 190 Equipment 531 Rent Expense 533 Insurance Expense 191 Accumulated Depreciation instructions Chart of Accounts 190 Equipment 531 Rent Expense Ge 191 Accumulated Depreciation 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense LIABILITIES 210 Accounts Payable 560 Miscellaneous Expense 216 Salaries Payable 710 Interest Expense 221 Sales Tax Payable 222 Customers Refunds Payable 231 Uneamed Rent 241 Notes Payable 1 EQUITY 310 Common Stock 311 Retained Eamings 312 Dividends 313 Income Summary eneral Jounal Journalize the sales and recognition of expense on March 4, Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places PAGE 1 JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions