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Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers.) A. Sold merchandise for cash, $25,000. The cost of the goods sold was $17,500. B. Sold merchandise on account, $98,000. The cost of the goods sold was $58,800 C. Sold merchandise to customers who used MasterCard and VISA, $475,000. The cost of the goods sold was $280,000. D. Sold merchandise to customers who used American Express, $63,000. The cost of the goods sold was $39,000. E. Received an invoice from National Clearing House Credit Co. for $13,450, representing a service fee paid for processing MasterCard, VISA, and American Express sales. CHART OF ACCOUNTS General Ledger ASSETS REVENUE 410 Sales 110 Cash 610 Rent 120 Accounts Receivable Revenue 125 Notes Receivable EXPENSES 130 Inventory 510 Cost of Goods Sold 131 Estimated 521 Delivery Returns Inventory Expense 522 Advertising 140 Office Supplies Expense 524 Depreciation 141 Store Expense- Supplies Store 142 Prepaid Equipment Insurance 525 Depreciation 180 Land Expense- 192 Store Office Equipment Equipment 193 Accumulated 526 Salaries Depreciation- Expense Store 531 Rent Expense Equipment 533 Insurance 194 Office Expense Equipment 534 Store 195 Accumulated Supplies Depreciation- Expense Office Equipment 535 Office Supplies Expense LIABILITIES 536 Credit Card 210 Accounts Expense Payable 539 Miscellaneous 216 Salaries Expense Payable 710 Interest 218 Sales Tax Expense Payable 219 Customer Refunds Payable Expense LIABILITIES 536 Credit Card 210 Accounts Expense Payable 539 Miscellaneous 216 Salaries Expense Payable 710 Interest 218 Sales Tax Expense Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Jounalize the entries for the transactions on December 31. Refer to the Chart of Accounts for exact wording of account tles. PAGE 10 JOURNAL ACCOUNTING EQUATION DESCRIPTION POST, REF DEBIT DATE CREDIT ASSETS LIABILITIES EquITY 4 11 12 13 14 16 17 Instructions Omega Tire Co.'s perpetual inventory records indicate that $3,145,000 of merchandise should be on hand on August 31, 20Y4. The physical inventory indicates that $3,113,500 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Omega Tire Co. for the fiscal year ended August 31. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Omega Tire Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest 120 Accounts Receivable Revenue 125 Notes Receivable EXPENSES 130 Inventory 510 Cost of Goods Sold 131 Estimated 521 Delivery Returns Inventory Expense 522 Advertising 140 Office Supplies Expense 141 Store 524 Depreciation Supplies Expense- Store 142 Prepaid Equipment Insurance 525 Depreciation 180 Land Expense- 192 Store Office Equipment Equipment 193 Accumulated 526 Salaries Depreciation- Expense Store 531 Rent Expense Equipment 533 Insurance 194 Office Expense Equipment 534 Store 195 Accumulated Supplies Depreciation- Expense Office Equipment 535 Office Supplies Expense LIABILITIES 536 Credit Card 210 Accounts Expense Payable 539 Miscellaneous 218 Salaries Expense Payable 710 Interest 219 Customer Expense Refunds Payable 221 Notes Journalize the adusting entry for the inventory shrinkage for Omega Tire Co. for the fiscal year ended August 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DEBIT DATE DESCRIPTION POST, REE CREDIT ASSETS LIABILITIES EQUITY Adjusting Entries Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers.) A. Sold merchandise for cash, $25,000. The cost of the goods sold was $17,500. B. Sold merchandise on account, $98,000. The cost of the goods sold was $58,800 C. Sold merchandise to customers who used MasterCard and VISA, $475,000. The cost of the goods sold was $280,000. D. Sold merchandise to customers who used American Express, $63,000. The cost of the goods sold was $39,000. E. Received an invoice from National Clearing House Credit Co. for $13,450, representing a service fee paid for processing MasterCard, VISA, and American Express sales. CHART OF ACCOUNTS General Ledger ASSETS REVENUE 410 Sales 110 Cash 610 Rent 120 Accounts Receivable Revenue 125 Notes Receivable EXPENSES 130 Inventory 510 Cost of Goods Sold 131 Estimated 521 Delivery Returns Inventory Expense 522 Advertising 140 Office Supplies Expense 524 Depreciation 141 Store Expense- Supplies Store 142 Prepaid Equipment Insurance 525 Depreciation 180 Land Expense- 192 Store Office Equipment Equipment 193 Accumulated 526 Salaries Depreciation- Expense Store 531 Rent Expense Equipment 533 Insurance 194 Office Expense Equipment 534 Store 195 Accumulated Supplies Depreciation- Expense Office Equipment 535 Office Supplies Expense LIABILITIES 536 Credit Card 210 Accounts Expense Payable 539 Miscellaneous 216 Salaries Expense Payable 710 Interest 218 Sales Tax Expense Payable 219 Customer Refunds Payable Expense LIABILITIES 536 Credit Card 210 Accounts Expense Payable 539 Miscellaneous 216 Salaries Expense Payable 710 Interest 218 Sales Tax Expense Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Jounalize the entries for the transactions on December 31. Refer to the Chart of Accounts for exact wording of account tles. PAGE 10 JOURNAL ACCOUNTING EQUATION DESCRIPTION POST, REF DEBIT DATE CREDIT ASSETS LIABILITIES EquITY 4 11 12 13 14 16 17 Instructions Omega Tire Co.'s perpetual inventory records indicate that $3,145,000 of merchandise should be on hand on August 31, 20Y4. The physical inventory indicates that $3,113,500 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Omega Tire Co. for the fiscal year ended August 31. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Omega Tire Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest 120 Accounts Receivable Revenue 125 Notes Receivable EXPENSES 130 Inventory 510 Cost of Goods Sold 131 Estimated 521 Delivery Returns Inventory Expense 522 Advertising 140 Office Supplies Expense 141 Store 524 Depreciation Supplies Expense- Store 142 Prepaid Equipment Insurance 525 Depreciation 180 Land Expense- 192 Store Office Equipment Equipment 193 Accumulated 526 Salaries Depreciation- Expense Store 531 Rent Expense Equipment 533 Insurance 194 Office Expense Equipment 534 Store 195 Accumulated Supplies Depreciation- Expense Office Equipment 535 Office Supplies Expense LIABILITIES 536 Credit Card 210 Accounts Expense Payable 539 Miscellaneous 218 Salaries Expense Payable 710 Interest 219 Customer Expense Refunds Payable 221 Notes Journalize the adusting entry for the inventory shrinkage for Omega Tire Co. for the fiscal year ended August 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DEBIT DATE DESCRIPTION POST, REE CREDIT ASSETS LIABILITIES EQUITY Adjusting Entries