Question Journalize the following merchandise transactions Refer to the Chart of Accounts for exact wording of account titles Mar 1 Sold merchandise on account, $77,550 with terms 2 10, n 30 The cost of the merchandise sold was $41,350 9 Received payment less the discount 13 Issued a credit memo for returned merchandise that was sold for $2,700 terms n 30 The cost of the merchandise returned was $1,890 CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation Equipment 192 Store Equipment 193 Accumulated Depreciation Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customers Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary REVENUE 410 Sales 610 Rent Revenue EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense Store Equipment 525 Depreciation Expense Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense Journalize the merchandise transactions Refer to the Chart of Accounts for exact wording of account titles All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback PAGE 10 JOURNAL Score 84 126 DATE DESCRIPTION POST REF ACCOUNTING FOLATION ASSETS LIABILITIES EQUITY DEBIT CREDIT 1 Mar 1 Accounts Receivable 77,550 00 1 2 Sales 77,550 00 1 3 Mar 1 Cost of Merchandise Sold 41,350 00 4 Merchandise Inventory 41,350 00 5 Mar 9 Cash A 75,999 00 6 Merchandise Inventory 1,551 00 1 7 Mar 13 Accounts Payable 1,890 00 1 8 Merchandise Inventory 1,890 00 1 9 Accounts Receivable 77,550 00 10 Points 16 67 25 Feedback

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 28, 2024

Question: Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. Mar. 1 Sold merchandise on account, $77,550

Question:

Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles.

Mar.	1	Sold merchandise on account, $77,550 with terms 2/10, n/30. The cost of the merchandise sold was $41,350.
	9	Received payment less the discount.
	13	Issued a credit memo for returned merchandise that was sold for $2,700 terms n/30. The cost of the merchandise returned was $1,890.

CHART OF ACCOUNTS

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
125	Notes Receivable
130	Merchandise Inventory
131	Estimated Returns Inventory
140	Office Supplies
141	Store Supplies
142	Prepaid Insurance
180	Land
190	Equipment
191	Accumulated Depreciation-Equipment
192	Store Equipment
193	Accumulated Depreciation-Store Equipment
194	Office Equipment
195	Accumulated Depreciation-Office Equipment

	LIABILITIES
210	Accounts Payable
216	Salaries Payable
218	Sales Tax Payable
219	Customers Refunds Payable
220	Unearned Rent
221	Notes Payable
	EQUITY
310	Owner, Capital
311	Owner, Drawing
312	Income Summary

	REVENUE
410	Sales
610	Rent Revenue
	EXPENSES
510	Cost of Merchandise Sold
521	Delivery Expense
522	Advertising Expense
524	Depreciation Expense-Store Equipment
525	Depreciation Expense-Office Equipment
526	Salaries Expense
531	Rent Expense
533	Insurance Expense
534	Store Supplies Expense
535	Office Supplies Expense
536	Credit Card Expense
539	Miscellaneous Expense
710	Interest Expense

image text in transcribed

Journalize the merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 10 JOURNAL Score: 84/126 DATE DESCRIPTION POST. REF. ACCOUNTING FOLATION ASSETS LIABILITIES EQUITY DEBIT CREDIT 1 Mar. 1 Accounts Receivable 77,550.00 1 2 Sales 77,550.00 1 3 Mar. 1 Cost of Merchandise Sold 41,350.00 + 4 Merchandise Inventory 41,350.00 5 Mar. 9 Cash A 75,999.00 6 Merchandise Inventory 1,551.00 1 7 Mar. 13 Accounts Payable 1,890.00 1 8 Merchandise Inventory 1,890.00 1 9 Accounts Receivable 77,550.00 10 Points: 16.67 / 25 Feedback