Senger Company sold merchandise of $18,500, terms 2 10, n 30, to Burris Inc on April 23 Burris paid Senger for the merchandise on May 2 On May 12, Senger paid Burris $740 for costs incurred by Burris to repair defective merchandise A Journalize the entry by Senger Company to record the customer refund to Burris Inc B Assume that instead of paying Burris cash, Senger issued a credit memo to Burris to be used against Burriss outstanding account receivable balance Journalize the entry by Senger Company to record the issuance of the credit memo Refer to the Chart of Accounts for exact wording of account titles CHART OF ACCOUNTSSenger CompanyGeneral Ledger ASSETS 110 Cash 121 Accounts Receivable Burris Inc 125 Notes Receivable 130 Inventory 131 Estimated Returns 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 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales 610 Rent Revenue EXPENSES 510 Cost of Goods 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 A Journalize the entry by Senger Company to record the customer refund to Burris Inc Refer to the Chart of Accounts for exact wording of account titles PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 B Assume that instead of paying Burris cash, Senger issued a credit memo to Burris to be used against Burriss outstanding account receivable balance Journalize the entry by Senger Company to record the issuance of the credit memo Refer to the Chart of Accounts for exact wording of account titles PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2

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Senger Company sold merchandise of $18,500, terms 2/10, n/30, to Burris Inc. on April 23. Burris paid Senger for the merchandise on May 2. On

Senger Company sold merchandise of $18,500, terms 2/10, n/30, to Burris Inc. on April 23. Burris paid Senger for the merchandise on May 2. On May 12, Senger paid Burris $740 for costs incurred by Burris to repair defective merchandise.

A.	Journalize the entry by Senger Company to record the customer refund to Burris Inc.*
B.	Assume that instead of paying Burris cash, Senger issued a credit memo to Burris to be used against Burriss outstanding account receivable balance. Journalize the entry by Senger Company to record the issuance of the credit memo.*
	*Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTSSenger CompanyGeneral Ledger

	ASSETS
110	Cash
121	Accounts Receivable-Burris Inc.
125	Notes Receivable
130	Inventory
131	Estimated Returns 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
210	Accounts Payable
216	Salaries Payable
218	Sales Tax Payable
219	Customer Refunds Payable
220	Unearned Rent
221	Notes Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends

	REVENUE
410	Sales
610	Rent Revenue

	EXPENSES
510	Cost of Goods 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

A. Journalize the entry by Senger Company to record the customer refund to Burris Inc. Refer to the Chart of Accounts for exact wording of account titles.

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ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2

B. Assume that instead of paying Burris cash, Senger issued a credit memo to Burris to be used against Burriss outstanding account receivable balance. Journalize the entry by Senger Company to record the issuance of the credit memo. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

ACCOUNTING EQUATION