On March $25,$ Osgood Company sold merchandise on account, $$2,700,$ terms n$/30.$ The applicable sales tax percentage is $5\%.$

Required:

Record the transaction. Refer to the Chart of Accounts for exact wording of account titles.CHART OF ACCOUNTS

Osgood Company

General Ledger

ASSETS

$110$ Cash

$120$ Accounts Receivable

$125$ Notes Receivable

$130$ Merchandise Inventory

$131$ Estimated Returns Inventory

$140$ Supplies

$142$ Prepaid Insurance

$180$ Land

$190$ Equipment

$191$ Accumulated Depreciation

LIABILITIES

$210$ Accounts Payable

$216$ Salaries Payable

$221$ Sales Tax Payable

$222$ Customer Refunds Payable

$231$ Unearned Rent

$241$ Notes Payable

EQUITY

$310$ Common Stock

$311$ Retained Earnings

$312$ Dividends

REVENUE

$410$ Sales

EXPENSES

$510$ Cost of Merchandise Sold

$521$ Delivery Expense

$522$ Advertising Expense

$523$ Depreciation Expense

$526$ Salaries Expense

$531$ Rent Expense

$533$ Insurance Expense

$534$ Supplies Expense

$536$ Credit Card Expense

$560$ Miscellaneous Expense

$710$ Interest Expense