On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $252,510, terms n/30. The cost of the merchandise sold (javascript:void(0)) is $141,390. Showcase Co. issues a credit memo (javascript:void(0)) on March 5 for $30,380 as a price adjustment prior to Balboa Co. paying the original invoice on March 29.

Journalize Showcase Co.s entries for (a) the sale, including the cost of the merchandise sold; (b) the credit memo; and (c) the receipt of the check for the amount due from Balboa Co. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Chart of Accounts CHART OF ACCOUNTS Showcase Co. General Ledger ASSETS 110 Cash 121 Accounts Receivable-Balboa Co. 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns 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 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 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 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable 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 Misjiellaneous Expense 710 Interest Expense EQUITY 310 Owner, Capital 311 Owner, Drawing Journalize Showcase Ca, s entries for (a) the sale, including the coss of the merchandise sold; (b) the credt momoc and (c) the rocept of the check for the amount due fom Babou Co. Aefer ho the chart of accounts for the exact wording of the acoount foles. CNOWjoumals do not use ines for joumal explanations. Every ine on a joumal page is used for deot or credit entries. CVow ioumal wit automatically indent a cresit entry when a crodit amount is entered