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Journalize the following entries on the books of Winston Co. for August 1, September 1, and November 30. (Assume a 360-day year is used for

Journalize the following entries on the books of Winston Co. for August 1, September 1, and November 30. (Assume a 360-day year is used for interest calculations.) Refer to the Chart of Accounts for exact wording of account titles.

Aug. 1 Winston Co. purchased merchandise for $75,000 on account from Bagley Co., terms n/30.
Sept. 1 Winston Co. issued a 90-day, 6% note for $75,000 on account.
Nov. 30 Winston Co. paid the amount due.
CHART OF ACCOUNTS
Winston Co.
General Ledger
ASSETS
110 Cash
111 Accounts Receivable
112 Interest Receivable
113 Notes Receivable
115 Inventory
116 Supplies
118 Prepaid Insurance
120 Land
123 Building
124 Accumulated Depreciation-Building
125 Office Equipment
126 Accumulated Depreciation-Office Equipment
LIABILITIES
210 Accounts Payable
213 Interest Payable
214 Notes Payable
215 Salaries Payable
216 Social Security Tax Payable
217 Medicare Tax Payable
218 Employees Federal Income Tax Payable
219 Employees State Income Tax Payable
220 Medical Insurance Payable
221 Retirement Savings Deductions Payable
222 Union Dues Payable
224 Federal Unemployment Tax Payable
225 State Unemployment Tax Payable
226 Vacation Pay Payable
228 Product Warranty Payable
EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends
313 Income Summary
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Merchandise Sold
520 Salaries Expense
525 Delivery Expense
526 Repairs Expense
531 Rent Expense
533 Insurance Expense
534 Supplies Expense
535 Payroll Tax Expense
536 Vacation Pay Expense
538 Cash Short and Over
539 Product Warranty Expense
541 Depreciation Expense-Building
542 Depreciation Expense-Office Equipment
590 Miscellaneous Expense
710 Interest Expense

Journalize the entries on the books of Winston Co. for August 1, September 1, and November 30. (Assume a 360-day year is used for interest calculations.) Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

DATE DESCRIPTION POST. REF. DEBIT CREDIT

1

2

3

4

5

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