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The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to...

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

page 10 of the journal

Mar. 2 Sold merchandise on account to Equinox Co., $19,200, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $14,260.
3 Sold merchandise for $11,450 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $6,930.
4 Sold merchandise on account to Empire Co., $52,890, terms FOB shipping point, n/eom. The cost of merchandise sold was $33,880.
5 Sold merchandise for $30,850 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $19,430.
12 Received check for amount due from Equinox Co. for sale on March 2.
14 Sold merchandise to customers who used American Express cards, $15,060. The cost of merchandise sold was $9,150.
16 Sold merchandise on account to Targhee Co., $26,800, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $15,500.
18 Issued credit memo for $1,400 to Targhee Co. for damaged merchandise from sale on March 16

page 11 of the journal

19 Sold merchandise on account to Vista Co., $7,950, terms FOB shipping point, 2/10, n/30. Added $100 to the invoice for prepaid freight. The cost of merchandise sold was $4,670.
26 Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18.
28 Received check for amount due from Vista Co. for sale of March 19.
31 Received check for amount due from Empire Co. for sale of March 4.
31 Paid Fleetwood Delivery Service $6,040 for delivery of merchandise in March to customers under shipping terms of FOB destination.
Apr. 3 Paid City Bank $880 for service fees for handling MasterCard and American Express sales during March.
15 Paid $6,020 to state sales tax division for taxes owed on sales.

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.

Chart of Accounts

CHART OF ACCOUNTS
Amsterdam Supply Co.
General Ledger
ASSETS
110 Cash
121 Accounts Receivable-Empire Co.
122 Accounts Receivable-Equinox Co.
123 Accounts Receivable-Targhee Co.
124 Accounts Receivable-Vista Co.
125 Notes Receivable
130 Merchandise 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
221 Notes Payable
EQUITY
310 Owner, Capital
311 Owner, Drawing
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Merchandise 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

Journal

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. Scroll down for page 11 of the journal.

PAGE 10

JOURNAL

ACCOUNTING EQUATION

PAGE 11

JOURNAL

ACCOUNTING EQUATION

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