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Using the Charts of Accounts below, writr down the transactions for Columbia Merchadiding Inc. There may be more than two accounts involved in a transaction.
Using the Charts of Accounts below, writr down the transactions for Columbia Merchadiding Inc. There may be more than two accounts involved in a transaction. Include the TAXES that apply. Columbia uses periodic inventory method
Transactions: Jan. 01 Jan. 02 Jan. 04 Purchased merchandise from Davis Co., terms 1/10 n/30. Sold goods to Maple Inc., terms 2/10 n/30. Returned goods purchased from Davis Co. on Jan. 01. Maple Inc. returns goods sold to them on Jan. 02. Made payment to Davis Co. for purchase of Jan. 01. Received payment from Maple Inc. for sale of Jan 02 Jan. 05 Jan. 10 Jan. 11 HOME MY COURSES on 101 Cash 210 Unearned Revenue 510 Purchase Discounts 102 Accounts Receivable 212 Bank Loan 512 Purchase Returns and Allowances 120 Supplies 301 D. Columbia, Capital 514 Salary Expense 122 302 Prepaid Rent 516 D. Columbia, Drawings Insurance Expense 124 Inventory 303 518 Income Summary Interest Expense 125 Equipment 401 Sales Revenue 520 Advertising Expense 522 Automobile Expense 126 Accumulated Depreciation - Equipment 402 Sales Returns and Allowances 205 403 524 Accounts Payable Sales Discounts Rent Expense 206 Bank Loan 504 Cost of Goods Sold 526 Depreciation Expense - Equipment 207 HST Payable 507 Purchases 208 509 HST Refundable Freight-in Step by Step Solution
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