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The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers Record on page 10 of the journal Mar 2 3 4 5 Sold merchandise on account to Equinox Co. $19.300, terms FOB destination, 1/10,n30. The cost of the goods sold was $14,120 Sold merchandise for $12,200 plus 8% sales tax to retail cash customers. The cost of the goods sold was $6.930 Sold merchandise on account to Empire Co$68,990, tormo OB shina golot, weom. The cost of the goods sold was $32,340 Sold merchandise for $30.400 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $20.610 Received check for amount due from Equinox Co. for sale on March 2 Sold merchandise to customers who used American Express cards. $15,040. The cost of the goods sold was 57,570 Sold merchandise on account to Targhee Co. 529.900 terms FOB shipping point, 1/10, 1/30. The cost of the goods sold was $17,360 Issued credit memo for $4,900 to Targhee Co. for merchandise returned from sale on March 16. The most of the merchandise returned was $2.670 12 14 16 18 DATE POST. REF: DEBIT 1 CREDIT ASSETS Mar 2 LATES POUITY DESCRIPTION Accounts Receivable-Equinox Co. Sales 19,107.00 T 2 19,107.00 T 3 Mar2 Cost of Goods Sold 14,120.00 4 Inventory 14,120.00 1 Mar 12,932.00 7 Mar 4 Accounts Receivable-Empire Co. Sales Mar. 4 Cost of Goods Sold 5,895.00 10 Inventory Sales Tax Payable 11 Mat 5 Cost of Goods Sold 15 Mar 16 Cash 34 Cost of Goods Sold 15 Mar. 16 Accounts Receivable-Targhee Co. 36 11 Mar 18 Previous 11 Mar 18 11 20 TE Cash LE 21 PE 25 Cash 28 Cash 28 29 50 31 Points 27 265/70 JOURNAL Score: 14/226 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF: DEBIT CREDIT ASSETS CUIT 4 10 11 13 14 15
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