On March 1, Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30. The cost of the merchandise sold is $19,000. The merchandise was paid for on March 14.

Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Refer to the appropriate companys Chart of Accounts for exact wording of account titles.

Chart of Accounts-Sather Co.

CHART OF ACCOUNTS

Sather Co.

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable-Boone Co.
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
210	Accounts 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

	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

Chart of Accounts-Boone Co.

CHART OF ACCOUNTS

Boone Co.

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-Sather 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

Journal-Sather Co.

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Journalize the entries for Sather Co. for the sale on March 1 and payment of the amount due on March 14. Refer to the appropriate companys Chart of Accounts for exact wording of account titles.

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PAGE 10

JOURNAL

Score: 16/76

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
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2
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6

Points:

3.16 / 15

Feedback

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Note who the buyer is and who the seller is. The payment is less returns and discounts, and discounts are not taken on returns. If applicable, determine whether the buyer or seller is to pay any freight.

Journal-Boone Co.

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Journalize the entries for Boone Co. for the purchase on March 1 and payment of the amount due on March 14. Refer to the appropriate companys Chart of Accounts for exact wording of account titles.

Question not attempted.

PAGE 20

JOURNAL

Score: 0/51

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
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4