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The bank notified Ozark that $1,200 interest had been added to their money market account and that credit card fees for sales made on credit
The bank notified Ozark that $1,200 interest had been added to their money market account and that credit card fees for sales made on credit cards was $150. The credit card fees were deducted from the checking account. Create Journal Entries to reflect these transactions. Chart of Accounts provided below.
Account # | Account Name |
401 | Cash -checking |
402 | Cash- money market |
403 | Accounts receivable |
404 | Allowance for bad debts |
501 | Inventory --Lifts |
505 | Inventory- Lift parts |
510 | Supplies |
511 | Prepaid Expenses |
520 | Land |
530 | Buildings |
531 | Accumulated depreciation-buildings |
532 | Barge |
533 | Accumulated depreciation-barge |
534 | Trucks |
535 | Accumulated depreciation-trucks |
600 | Customer deposits |
601 | Accounts payable |
602 | Wages payable |
603 | FICA and medicare payable |
604 | Payroll tax withholding |
605 | State sales tax payable |
606 | Federal income tax payable |
607 | Estimated liabilities |
608 | Accrued interest payable |
609 | Deferred revenue |
610 | Notes payable |
611 | Mortgage payable |
612 | Installment contracts payable |
700 | Common Stock |
701 | Paid in excess of par |
702 | Retained earnings |
703 | Dividends declared |
704 | Prior period adjustment |
101 | Lift Sales |
102 | Lift Installation Labor |
105 | Lift Part Sales |
109 | Interest revenue |
110 | Gain/loss on fixed asset sales |
201 | Cost of sales-lifts |
205 | Lift Parts Cost of Goods Sold |
206 | Lift Parts Purchases |
207 | Lift Parts Returned |
210 | Purchase discounts taken |
311 | Salaries expense |
312 | Labor expense |
313 | Payroll tax expense |
314 | Utilities expense |
315 | Insurance expense |
316 | Maintenance expense |
318 | Property tax expense |
319 | Advertising expense |
320 | Supplies expense |
321 | Professional fees expense |
322 | Freight in |
323 | Interest expense |
324 | Bad debt expense |
331 | Depreciation expense-building |
333 | Depreciation expense-barge |
335 | Depreciation expense-trucks |
399 | Income tax expense |
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