Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Record on page

image text in transcribedimage text in transcribed

The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Record on page 10 of the journal Mar. 4 5 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300. 3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $7,000 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of merchandise sold was $33,200. Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise 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 merchandise sold was $8,350. Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, 1/30. The cost of merchandise sold was $16,000. Issued credit memo for $1,000 to Targhee Co. for damaged merchandise from sale on March 16. 12 14 16 18 Record on page 11 of the journal 19 26 28 31 Sold merchandise on account to Vista Co., $8,250, terms FOB shipping point, 2/10, n/30. Added $75 to the invoice for prepaid freight. The cost of merchandise 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 55,600 for delivery of merchandise in March to customers under shipping terms of FOB destination. Paid City Bank 940 for service fees for handling MasterCard and American Express sales during March Paid S6,544 to state sales tax division for taxes owed on sales. 31 Apr. 3 15 Required: Journalize the entries to record the transactions of Amsterdam Supply Co. 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Kermit D. Larson, William W. Pyle

4th Edition

0256067813, 978-0256067811

More Books

Students also viewed these Accounting questions