QUESTION 2 CHART OF ACCOUNTS South Coast Heating Air Company 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 Atlas Co 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 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 Instructions Journalize the following merchandise transactions Refer to the Chart of Accounts for exact wording of account titles Mar 1 Sold merchandise on a $92,500 with terms 1 10, n 30 The cost of the merchandise s was $55,500 9 Received payment less the discount

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QUESTION 2 CHART OF ACCOUNTS South Coast Heating & Air Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory

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QUESTION 2

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CHART OF ACCOUNTS

South Coast Heating & Air Company

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-Atlas Co.
218	Sales Tax Payable
219	Customer Refunds Payable
220	Unearned Rent
221	Notes Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends
313	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

Instructions Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. Mar. 1 Sold merchandise on a $92,500 with terms 1/10, n/30. The cost of the merchandise s was $55,500 9 Received payment less the discount