Required: 1. Make two column journals

The following are Shavit Trading's selected transactions during a period.

1. Purchased merchandise on account: list price 60,000, trade discount 20%.

2. Returned some goods due to defect 5,000.

3. Paid office supplies 4,000.

4. Sales on account 150,000.

5. Collected accounts receivable 100,000, less 2% discount.

6. Received notes receivable 10,000 in payment of account receivable.

7. Collected notes receivable 10,000 plus interest 100.

8. Purchased office equipment on account 250,000 (useful life is 10 years).

9. Paid rent expense 3,000.

10. Recorded annual depreciation of office equipment

11. Advances from customers 80,000.

12. Shavit withdrew cash for personal use 6,800.

The following journal entries were made and posted to the general for the above transactions:

	debit	credit
purchases	60,000
cash		60,000
accounts payable	500
merchandise inventory		500
accounts payable	4,000
purchases		4,000
sales	105,000
accounts receivable		105,000
cash	100,000
accounts receivable		98,000
sales discount		2,000
cash	10,000
notes receivable		10,000
notes receivable	1,000
interest expense	100
notes payable		1,100
office equipment	25,000
cash		25,000
rent expense	30,000
accounts payable		30,000
depreciation expense	2,500
equipment		2,500
accounts receivable	80,000
sales		80,000
income summary	8,600
Shavit, Capital		8,600