Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
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The following selected transactions were completed by Amsterdam Supply Co., which sells offioe supplies primarily to wholesalers and occasionally to retail customers. Amsterdam Supply uses the net method under a perpetual Inventory system. 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 (20., $19,200, terms FOB destination 1110, nl30. The cost of the goods sold was $13,960. 3 Sold merchandise for $12,150 plus 6% sales tax to retail cash customers. The cost of the goods sold was $6,840. 4 Sold merchandise on account to Empire Co., $57,310, terms FOB shipping point, Meow. The cost of the goods sold was $31,970. 5 Sold merchandise for $28,950 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19,460. 12 Received check for amount due from Equinox Co. for sale on March 2. 14 Sold merchandise to customers who used American Express cards, $14,800. The cost of the goods sold was $8,010. 16 Sold merchandise on account to Targhee Co., $29,800, terms FOB shipping point, 1/ 10, nf30. The cost of the goods sold was $14,480. 18 Issued credit me mo for $4,800 to Targhee Co. for merchandise retumed from sale on March 16. The cost of the merchandise returned was $2,860. Record on page 11 of the journal Mar. 19 Sold merchandise on account to Vista Co., $8,800, terms FOB shipping point, 2f10, nf30. Added 5100 to the invoice for prepaid freight. The cost of the goods sold was $4,870. 26 Received check for amount due from Ta rghee Co. for sale on March 16 less credit memo of March 18. 28 Received check for amount due from Vista Co. for sale of March 19. 31 Received check for amount clue from Empire Co. for sale of March 4. 31 Paid Fleetwood Delivery Service $5,210 for merchandise delivered during March to customers under shipping terms of FOB destination. Apr. 3 Paid City Bank 5900 for service fees for handling MasterCard and American Express sales during March. 15 Paid $7,061 to state sales tax division for taxes owed on sales. Journaifze the entries to record the transactions ofArnsterdorn Suppiy Co. Refer to the Chart ofAcmunts for exact wording of account titlesi . ... CHART OF ACCOUNTS Amsterdam Supply Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable-Empire Co. 610 Interest Revenue 122 Accounts Receivable-Equinox Co. EXPENSES 123 Accounts Receivable-Targhee Co. 510 Cost of Goods Sold 124 Accounts Receivable-Vista Co. 521 Delivery Expense 125 Notes Receivable 522 Advertising Expense 130 Inventory 524 Depreciation Expense-Store 131 Estimated Returns Inventory Equipment 140 Office Supplies 525 Depreciation Expense-Office 141 Store Supplies Equipment 142 Prepaid Insurance 526 Salaries Expense 180 Land 531 Rent Expense 533 192 Store Equipment Insurance Expense 193 Accumulated Depreciation-Store 534 Store Supplies Expense Equipment 535 Office Supplies Expense 194 Office Equipment 536 Credit Card Expense 195 Accumulated Depreciation-Office 539 Miscellaneous Expense Equipment 710 Interest Expense LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 DividendsJournalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. Question not attempted. PAGE 10 JOURNAL Score: 0/426 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
