Question 4

10 pts Question 4 Vince Company buys merchandise on account from Shane Corp.. The selling price of the goods is $1,130, and the cost of the goods is $790. Both companies use perpetual inventory systems. Stockholders' Equity Assets Chart of Accounts Liabilities Accounts Payable Unearned Revenue Cash Common Stock Accounts Receivable Taxes Payable Inventory Supplies Retained Earnings Sales Revenue Cost of Goods Sold Notes Payable Prepaid Insurance Equipment Building Advertising Expense Utilities Expense Wages and Salaries Expense Insurance Expense Supplies Expense Land Accumulated Depreciation List debit transactions first and then list credit transactions. * Use accounts provided in the Chart of Accounts above. Do NOT create your own account. When typing your responses, do NOT include a dollar sign. For example, if your answer is $10,000, you should be typing 10,000 or 10,000.00 without any dollar sign. Journalize the transaction on the books of both companies using the Chart of Accounts. Vince Company. Account Titles and Explanation Debit ($) Credit ($) Shane Corp. Account Titles and Explanation Debit ($) Credit ($) To record credit sales To record cost of merchandise sold