Question

In: Accounting

Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording...

Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers. )

A. Sold merchandise for cash, $34,900. The cost of the goods sold was $24,081.
B. Sold merchandise on account, $267,200. The cost of the merchandise sold was $184,368.
C. Sold merchandise to customers who used MasterCard and VISA, $166,200. The cost of the merchandise sold was $114,678.
D. Sold merchandise to customers who used American Express, $68,700. The cost of the merchandise sold was $47,403.
E. Received an invoice from National Clearing House Credit Co. for $7,840, representing a service fee paid for processing MasterCard, VISA, and American Express sales.

CHART OF ACCOUNTSGeneral Ledger

ASSETS
110 Cash
120 Accounts Receivable
125 Notes Receivable
130 Inventory
131 Estimated Returns Inventory
140 Office Supplies
141 Store Supplies
142 Prepaid Insurance
180 Land
192 Store Equipment
193 Accumulated Depreciation-Store Equipment
194 Office Equipment
195 Accumulated Depreciation-Office Equipment
LIABILITIES
210 Accounts Payable
216 Salaries Payable
218 Sales Tax Payable
219 Customer Refunds Payable
220 Unearned Rent
221 Notes Payable
EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends
REVENUE
410 Sales
610 Rent Revenue
EXPENSES
510 Cost of Goods Sold
521 Delivery Expense
522 Advertising Expense
524 Depreciation Expense-Store Equipment
525 Depreciation Expense-Office Equipment
526 Salaries Expense
531 Rent Expense
533 Insurance Expense
534 Store Supplies Expense
535 Office Supplies Expense
536 Credit Card Expense
539 Miscellaneous Expense
710 Interest Expense

Journalize the entries for the transactions on December 31. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 10

JOURNAL

ACCOUNTING EQUATION

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

1

2

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Solutions

Expert Solution

JOURNAL ENTRIES
Description Ref Debit Credit
Cash 110     34,900.00
To Sales 410     34,900.00
(Being merchandise sold for cash)
Cost of goods sold 510     24,081.00
To Inventory 130     24,081.00
(Being cost of goods sold)
Account Receivable 120 2,67,200.00
To Sales 410 2,67,200.00
(Being goods sold on credit)
Cost of goods sold 510 1,84,368.00
To Inventory 130 1,84,368.00
(Being cost of goods sold)
Cash 110 1,66,200.00
To Sales 410 1,66,200.00
(Being goods sold to customer and paid cash by using Master card and VISA)
Cost of goods sold 510 1,14,678.00
To Inventory 130 1,14,678.00
(Being cost of goods sold)
Cash 110     68,700.00
To Sales 410     68,700.00
(Being goods sold to customer and paid cash by using American Express)
Cost of goods sold 510     47,403.00
To Inventory 130     47,403.00
(Being cost of goods sold)
Credit Card Expense 536       7,840.00
To Account Payable 210       7,840.00
(Being invoice received from National Clearing House, representing a service fee paid for processing Master card , VISA and American Express sales
TOTAL 9,15,370.00 9,15,370.00

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