Instructions The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $19, 100, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $14,470. Sold merchandise for $11,000 plus 6% sales tax to retail cash customers. The cost of merchandise sold 3 was $7.260 4 Sold merchandise on account to Empire Co., $50,410, terms FOB shipping point, n/eom. The cost of merchandise sold was $32,900. 5 Sold merchandise for $28,550 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $18.220. 12 14 Received check for amount due from Equinox Co. for sale on March 2. Sold merchandise to customers who used American Express cards, $13,840. The cost of merchandise sold was $7,750. 16 Sold merchandise on account to Targhee Co., $25,900, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $17,180. Instructions 18 Issued credit memo for $4,400 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $3,030 Record on page 11 of the journal 19 26 Sold merchandise on account to Vista Co., $8,550, terms FOB shipping point, 2/10, n/30. Added $65 to the invoice for prepaid freight. The cost of merchandise sold was $5,170. Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18. Received check for amount due from Vista Co. for sale of March 19. Received check for amount due from Empire Co. for sale of March 4. 28 31 31 Paid Fleetwood Delivery Service $6,130 for delivery of merchandise in March to customers under shipping terms of FOB destination. Paid City Bank $950 for service fees for handling MasterCard and American Express sales during March Apr. 3 15 Paid $5,926 state sales tax division for taxes owed on sales. Required: eBook Show Me How Sales-related transactions using perpetual inventory system Instructions Chart of Accounts Journal Inst Chart of Accounts ASSETS REVENUE The ail customers. Also note that the 110 Cash 410 Sales com 610 Interest Revenue Rec 121 Accounts Receivable-Empire Co. 122 Accounts Receivable-Equinox Co. 123 Accounts Receivable-Targhee Co. 124 Accounts Receivable-Vista Co. EXPENSES 125 Notes Receivable 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation Store Equipment 535 Office Supplies Expense 194 Office Equinment 536 Credit Card Expense eBook Show Me How Sales-related transactions using perpetual inventory system Instructions Chart of Accounts Journal 330 Credit Card Expense Inst Chart of Accounts 194 Office Equipment The 195 Accumulated Depreciation Office Equipment corr 539 Miscellaneous Expense ail customers. Also note that the 710 Interest Expense LIABILITIES Rec 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary eBook Show Me How Instructions Chart of Accounts Journal Inst Chart of Accounts Journal PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 7 8 9 10 11 eBook Show Me How Instructions Chart of Accounts Journal Inst Chart of Accounts X Journal 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 eBook Show Me How Instructions Chart of Accounts Journal Inst Chart of Accounts Journal X 27 28 29 30 31 32 PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 2 4 eBook Show Me How Instructions Chart of Accounts Journal Inst Chart of Accounts Journal PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 7 8 9 10 11 eBook Show Me How Inst Chart of Accounts Journal X 7 8 9 10 11 12 13 14 15 16 17
