Page Accounting 1A Chapter 5 - Accounting for Retail Business Purchase and Sale Transactions Chart of Accounts Cash Accounts Payable Cost of Goods Sold Accounts Receivable Notes Payable Bank Service Charge Allowance for Doubtful Acet Wages Payable Depreciation Expense Notes Receivable Interest Payable Insurance Expense Supplies Unearned Fees Rent Expense Inventory Common Stock Interest Expense Prepaid Insurance Dividends Product Warranty Expense Prepaid Rent Fees Eamed Supplies Expense Office Equipment Sales Utility Expense Accumulated Depreciation Interest Revenue Wapes Expense Joumalize the following transactions completed by M4 Engineering Inc. during January of the current year. 1. Purchased merchandise on account from Mitchell Co., 550.000, terms FOB destination, 1/10, 1/30. 5. Sold merchandise on account to Manderles Co, 520,000, terms 2/15, 1/45. The cost of the goods sold was $18,000 7. Returned merchandise with an invoice amount of $8.000 purchased on January 1 from Mitchell Co. 10. Paid Mitchell Co. on account for purchase of January 1. less return on January 7. 20. Received cash on account from sale of January 5 to Manderlec Co. 31. Sold merchandise on MasterCard, 582,000. The cost of the goods sold was 558,000 GENERAL JOURNAL Date Description Post Debit Credit rer 1 1 2 2 3 3 4 4 S $ 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 20 20 21 22 23 24 24 198RISINI