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 $48,000 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 $7,500 of the merchandise purchases on Mar. 1 was defective and returned items, receiving credit.

18 Purchased $6,000 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.

CHART OF ACCOUNTS

South Coast Heating & Air Company

General Ledger

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-Atlas Co.

218 Sales Tax Payable

219 Customers Refunds Payable

220 Unearned Rent

221 Notes Payable

EQUITY

310 Owner, Capital

311 Owner, Drawing

312 Income Summary

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

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JOURNAL

DATE DESCRIPTION POST. REF. DEBIT CREDIT

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JOURNAL

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