Instructions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $237,490, terms n/30. The cost of the goods sold is $152.560. Showcase Co. issues a credit memo for $31,500 for merchandise returned prior to Balboa Co. paying the original invoice. The cost of the merchandise returned is $18.670. Journalize Showcase Co.'s entries for (a) the sale, including the cost of the goods sold, (b) the credit memo, including the cost of the returned merchandise, and (c) the receipt of the check for the amount due from Balboa Co CHART OF ACCOUNTS Showcase Co. General Ledger ASSETS 110 Cash 121 Accounts Receivable-Balboa Co. 125 Notes Receivable 130 Inventory 131 Estimated Returns 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 REVENUE 410 Sales 610 Rent Revenue EXPENSES 501 Cost of Goods 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 Chart of Accounts 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 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable 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 I EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Instructio Chart of Accounts General Journal Journalize Showcase Co.'s entries for (a) the sale, including the cost of the goods sold, (b) the credit memo, including the cost of the returned merchandise, and (c) the receipt of check for the amount due from Balboa Co. For grading purposes, use December 31 as the date for all transactions. General Journal Instructions 2 1 PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Check My Work