]WILL RATE

MUST USE CHART OF ACCOUNTS

CHART OF ACCOUNTS

Osgood Company

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
125	Notes Receivable
130	Merchandise Inventory
131	Estimated Returns Inventory
140	Supplies
142	Prepaid Insurance
180	Land
190	Equipment
191	Accumulated Depreciation

	LIABILITIES
210	Accounts Payable
216	Salaries Payable
221	Sales Tax Payable
222	Customers Refunds Payable
231	Unearned Rent
241	Notes Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends
313	Income Summary

	REVENUE
410	Sales

	EXPENSES
510	Cost of Merchandise Sold
521	Delivery Expense
522	Advertising Expense
523	Depreciation Expense
526	Salaries Expense
531	Rent Expense
533	Insurance Expense
534	Supplies Expense
536	Credit Card Expense
560	Miscellaneous Expense
710	Interest Expense

QUESTION 2

CHART OF ACCOUNTS

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Insurance
16	Office Building
17	Accumulated Depreciation-Office Building

	LIABILITIES
21	Accounts Payable
22	Notes Payable
23	Unearned Fees
24	Wages Payable
25	Interest Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Interest Expense
54	Wages Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
59	Miscellaneous Expense

On March 25, Osgood Company sold merchandise on account, $5,400, terms n/30. The applicable sales tax percentage is 6%. The cost of merchandise sold is $3,510. Required: Record the transaction. Refer to the Chart of Accounts for exact wording of account titles