Journalize entries for the following related transactions of South Coast Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles.

Mar.

1

Purchased $42,700 of merchandise from Atlas Co. on account, terms 1/10, n/30.

9

Paid the amount owed on the invoice within the discount period.

11

Discovered that $8,000 of the merchandise purchased on Mar. 1 was defective and returned items, receiving credit.

18

Purchased $6,100 of merchandise from Atlas Co. on account, terms n/30.

20

Received a refund from Atlas Co. for return on Mar. 11 less the purchase on Mar. 18.

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3
4
5
6
7
8
9
10

PART II

Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles.

Mar.

1

Sold merchandise for cash, $30,500. The cost of the merchandise sold was $12,200.

10

Sold merchandise on account, $246,100. The cost of the merchandise sold was $98,440.

12

Sold merchandise to customers who used MasterCard and VISA, $158,300. The cost of the merchandise sold was $63,320.

17

Sold merchandise to customers who used American Express, $66,900. The cost of the merchandise sold was $26,760.

31

Received and paid an invoice from National Clearing House Credit Co. for $7,700, representing a service fee paid for processing MasterCard, VISA, and American Express sales.

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18