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In: Accounting

PLEASE READ CAREFULLY BEFORE STARTING THE ASSIGNMENT!!! I ALREADY HAVE ANSWERS FOR THE FIRST JOURNAL TABLE...

PLEASE READ CAREFULLY BEFORE STARTING THE ASSIGNMENT!!! I ALREADY HAVE ANSWERS FOR THE FIRST JOURNAL TABLE AS YOU CAN SEE BELOW, BUT I DON'T HAVE THE ANSWER FOR THE SECOND JOURNAL TABLE. I FOUND MANY ANSWERS FOR THE SECOND TABLE HERE ON CHEGG. BUT NOT ONE HAS A CORRECT ANSWER. FOR SOME OF THEM IT'S COMPLETELY DIFFERENT ANSWERS ALTHOUGH THE QUESTION IS THE SAME. PLEASE ANSWER THAT TABLE CAREFULLY AND CORRECTLY. USE THE SAME EXACT TABLE THAT I PROVIDED BELOW WITH THE CORRECT DATES, ACCOUNT TITLES AND AMOUNT. MAKE SURE THERE'S NO EXTRA OR ANY LESS ENTRY THAN THE EXACT NUMBER OF ENTRIES THAT'S SUPPSOED TO BE THERE AS PROVIDED IN THE TABLE BELOW.

The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers.

Record on page 10 of the journal

Mar. 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.
4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of merchandise sold was $33,200.
5 Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $19,400.
12 Received check for amount due from Equinox Co. for sale on March 2.
14 Sold merchandise to customers who used American Express cards, $13,700. The cost of merchandise sold was $8,350.
16 Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $16,000.
18 Issued credit memo for $4,800 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $2,900.

Record on page 11 of the journal

19 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.
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 $5,600 for delivery of merchandise in March to customers under shipping terms of FOB destination.
Apr. 3 Paid City Bank $940 for service fees for handling MasterCard and American Express sales during March.
15 Paid $6,544 to state sales tax division for taxes owed on sales.

Journalize the entries to record the transactions of Amsterdam Supply Co. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTSAmsterdam 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
312 Income Summary
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

Journalize the entries to record the transactions of Amsterdam Supply Co. Refer to the Chart of Accounts for exact wording of account titles. Scroll down for page 11 of the journal.

How does grading work?

PAGE 10

JOURNAL

ACCOUNTING EQUATION

Score: 400/400

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

1

Mar. 2

Accounts Receivable-Equinox Co.

18711

2

Sales

18711

3

Mar. 2

Cost of Merchandise Sold

13300

4

Merchandise Inventory

13300

5

Mar. 3

Cash

12031

6

Sales

11350

7

Sales Tax Payable

681

8

Mar. 3

Cost of Merchandise Sold

7000

9

Merchandise Inventory

7000

10

Mar. 4

Accounts Receivable-Empire Co.

55400

11

Sales

55400

12

Mar. 4

Cost of Merchandise Sold

33200

13

Merchandise Inventory

33200

14

Mar. 5

Cash

31800

15

Sales

30000

16

Sales Tax Payable

1800

17

Mar. 5

Cost of Merchandise Sold

19400

18

Merchandise Inventory

19400

19

Mar. 12

Cash

18711

20

Accounts Receivable-Equinox Co.

18711

21

Mar. 14

Cash

13700

22

Sales

13700

23

Mar. 14

Cost of Merchandise Sold

8350

24

Merchandise Inventory

8350

25

Mar. 16

Accounts Receivable-Targhee Co.

27225

26

Sales

27225

27

Mar. 16

Cost of Merchandise Sold

16000

28

Merchandise Inventory

16000

29

?Mar. 18

Customer Refunds Payable

4752

30

Accounts Receivable-Targhee Co.

4752

31

Mar. 18

Merchandise Inventory

2900

32

Estimated Returns Inventory

2900

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

Solutions

Expert Solution

No DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
1 19-Mar Accounts Receivable-Vista Co. 8250
2 Delivery Expense 75
3 To sales 8250
4 To Cash 75
5 19-Mar Cost of Merchandise Sold 5000
6        To Merchandise Inventory 5000
7 26-Mar Cash 22700
8 To Accounts Receivable-Targhee Co. 2270
9 28-Mar Cash 8325
10 Accounts Receivable-Vista Co. 8325
11 31-Mar Cash 55400
12 Accounts Receivable-Empire Co. 55400
13 31-Mar Delivery Expense 5600
14 To Cash 5600
15 3-Apr Credit Card Expense 940
16                        To   Cash 940
17 15-Apr Sales tax payable 6544
18                        To   Cash 6544

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