In: Accounting
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 | |
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1 |
Mar. 2 |
Accounts Receivable-Equinox Co. |
18711 |
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2 |
Sales |
18711 |
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3 |
Mar. 2 |
Cost of Merchandise Sold |
13300 |
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4 |
Merchandise Inventory |
13300 |
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5 |
Mar. 3 |
Cash |
12031 |
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6 |
Sales |
11350 |
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7 |
Sales Tax Payable |
681 |
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8 |
Mar. 3 |
Cost of Merchandise Sold |
7000 |
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9 |
Merchandise Inventory |
7000 |
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10 |
Mar. 4 |
Accounts Receivable-Empire Co. |
55400 |
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11 |
Sales |
55400 |
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12 |
Mar. 4 |
Cost of Merchandise Sold |
33200 |
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13 |
Merchandise Inventory |
33200 |
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14 |
Mar. 5 |
Cash |
31800 |
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15 |
Sales |
30000 |
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16 |
Sales Tax Payable |
1800 |
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17 |
Mar. 5 |
Cost of Merchandise Sold |
19400 |
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18 |
Merchandise Inventory |
19400 |
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19 |
Mar. 12 |
Cash |
18711 |
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20 |
Accounts Receivable-Equinox Co. |
18711 |
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21 |
Mar. 14 |
Cash |
13700 |
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22 |
Sales |
13700 |
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23 |
Mar. 14 |
Cost of Merchandise Sold |
8350 |
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24 |
Merchandise Inventory |
8350 |
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25 |
Mar. 16 |
Accounts Receivable-Targhee Co. |
27225 |
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26 |
Sales |
27225 |
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27 |
Mar. 16 |
Cost of Merchandise Sold |
16000 |
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28 |
Merchandise Inventory |
16000 |
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29 |
?Mar. 18 |
Customer Refunds Payable |
4752 |
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30 |
Accounts Receivable-Targhee Co. |
4752 |
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31 |
Mar. 18 |
Merchandise Inventory |
2900 |
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32 |
Estimated Returns Inventory |
2900 |
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
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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 |