Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. See attachment Journalize the following merchandise transactions. Refer

Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. See attachment

image text in transcribed Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. Sold merchandise on account, $75,650 with terms 2/10, n/30. The cost of the merchandise sold was $44,450. 9 Received payment less the discount. Mar. 1 CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation-Equipment 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customers Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary JOURNAL REVENUE 410 Sales 610 Rent Revenue EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expens DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4 5 6

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Advanced Financial Accounting

Authors: Richard Baker

1st Edition

0078025648, 9780078025648

More Books

Students also viewed these Accounting questions

Question

What is an interval estimator?

Answered: 1 week ago

Question

7. How can an interpreter influence the utterer (sender)?

Answered: 1 week ago