The following selected transactions were completed by Amsterdam Supply Co, which sells office supplies primarily to wholesalers and occasionally to retail customers. Amsterdam Supply uses the net method under a perpetual inventory system. 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 Sold merchandise on account to Equinox Co., 518,900, terms FOB destination. 1/10, 1/30 The cost of the goods sold was $13,300 Sold merchandise for 511,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7.000 Sold merchandise on account to Empire Co. 555,400, terms FOB shipping point. Veom. The cost of the goods sold was $33.200 4 Was 27,000. 4 5 12 14 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200. Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19,400. Received check for amount due from Equinox Co. for sale on March 2 Sold merchandise to customers who used American Express cards, $13,700. The cost of the goods sold was $8,350 Sold merchandise on account to Targhee Co., $27,500 terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $16,000 Issued credit memo for $4,800 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $2,900. 16 18 ecord on page 11 of the journal Mar. 19 26 28 31 Sold merchandise on account to Vista Co., 58,250, terms FOB shipping point, 2/10,n/30. Added $75 to the invoice for prepaid freight. The cost of the goods sold was $5,000. Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18 Received check for amount due from Vista Co. for sale of March 19. Received check for amount due from Empire Co for sale of March 4 Paid Fleetwood Delivery Service $5,600 for merchandise delivered during March to customers under shipping terms of FOB destination Paid City Bank 8940 for service fees for handling MasterCard and American Express sales during March 31 Apr 3 15 Paid $6,544 to state sales tax division for taxes owed on sales. pege part of Accounts ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 121 Accounts Receivable-Empire Co. 122 Accounts Receivable-Equinox Co. 123 Accounts Receivable-Targhee Co. 124 Accounts Receivable-Vista Co. EXPENSES 510 Cost of Goods Sold 125 Notes Receivable 521 Delivery Expense 130 Inventory 522 Advertising Expense 131 Estimated Returns Inventory 140 Office Supplies 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 141 Store Supplies 526 Salaries Expense 142 Pranaid Insurance 531 Rent Exnense cord on page 11 of the journal Chart of Accounts 741 Store Supplies 320 Sdianes cxpense 142 Prepaid Insurance 531 Rent Expense 180 Land 533 Insurance Expense 192 Store Equipment 534 Store Supplies Expense 535 Office Supplies Expense 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable ecord on page 11 of the journal Chart of Accounts ZIV ACCOUIS Payapie 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Journal Journalize the entries to record the transactions or Amsterdam Supply Co Refer to the Chart of Accounts for exact wording of account titles. JOURNAL ACCOUNTING EQU DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES 18,900.00 18,900.00 13,500.00 13300.00
