Question

In: Accounting

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

Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles.

Mar. 1 Sold merchandise on account, $72,500 with terms 2/10, n/30. The cost of the merchandise sold was $43,500.
9 Received payment less the discount.
13 Issued a credit memo for returned merchandise that was sold for $2,300 terms n/30. The cost of the merchandise returned was $1,600.
CHART OF ACCOUNTS
General Ledger
ASSETS
110 Cash
120 Accounts Receivable
125 Notes Receivable
130 Merchandise Inventory
131 Estimated Returns Inventory
140 Office Supplies
141 Store Supplies
142 Prepaid Insurance
180 Land
190 Equipment
191 Accumulated Depreciation-Equipment
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 Customers Refunds Payable
220 Unearned Rent
221 Notes Payable
EQUITY
310 Owner, Capital
311 Owner, Drawing
312 Income Summary
REVENUE
410 Sales
610 Rent 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

Solutions

Expert Solution

A. sold merchandise on account $72,500 with terms 2/10, n/30. The cost of merchandise sold

was $43,500.

B. Received payment less the discount.

72,500 - (72,500*.02) = 71,050

A) Accounts Receivable 71,050

Sales 71,050

Cost of Goods Sold 43,500

Inventory 43,500

B) Cash 71,050

Accounts Receivable 71,050

C) Customer Refunds payable 2300

Accounts Receivable 2300

(To record the sales return)


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