Sales Transactions Instructs Chart of Accounts Instructions Journal Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered Mar 1 Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. Received payment less the discount. 13 Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 140 Office Supplies 141 Store Supplies REVENUE 410 Sales 610 Rent Revenue EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense hart of Accounts Office Equipment 536 Credit Card Expense LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable 539 Miscellaneous Expense 710 Interest Expense EQUITY 310 Owner, Capital Chart of Accounts 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- 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 Instructions Chart of Accounts LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 710 Interest Expense Chart of Accounts Journal X X Journalize the merchandise transactions. Refer to the chart of accounts for the exact wording of t Every line on a journal page is used for debit or credit entries. CNOW journals will automatically i 2 3 4 DATE Mar. 1 Cost of Merchandise Sold DESCRIPTION JOURNAL POST REF he exact wording of the account titles. CNOW journals do not use lines for journal explanations. Is will automatically indent a credit entry when a credit amount is entered. PAGE 10 ACCOUNTING EQUATION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY X Chart of Accounts Journal F 7 DESCRIPTION Mar.1 Cost of Merchandise Sold DATE in 6 JOURNAL POST. REF. X X