ASSETS110 Cash121 Accounts Receivable-Empire Co.122 Accounts Receivable-Equinox Co.123 Accounts Receivable-Targhee Co.124 Accounts Receivable-Vista Co.125 Notes Receivable130 Merchandise Inventory131 Estimated Returns Inventory140 Office Supplies141 Store Supplies142 Prepaid Insurance180 Land192 Store Equipment193 Accumulated Depreciation-Store Equipment194 Office EquipmentREVENUE410 Sales610 Interest RevenueEXPENSES510 Cost of Merchandise Sold521 Delivery Expense522 Advertising Expense524 Depreciation Expense-Store Equipment525 Depreciation Expense-Office Equipment526 Salaries Expense531 Rent Expense533 Insurance Expense534 Store Supplies Expense535 Office Supplies Expense536 Credit Card Expense195 Accumulated Depreciation-Office Equipment539 Miscellaneous Expense710 Interest ExpenseLIABILITIES210 Accounts Payable216 Salaries Payable218 Sales Tax Payable219 Customer Refunds Payable221 Notes PayableEQUITY310 Owner, Capital311 Owner, Drawing Instructions.The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally toretail customers:Record on page 10 of the journalMar.2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost ofthe merchandise sold was $13,300.3Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of merchandise soldwas $7,000.4Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost ofmerchandise sold was $33,200.5 Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost ofmerchandise sold was $19,400.Received check for amount due from Equinox Co. for sale on March 2.Sold merchandise to customers who used American Express cards, $13,700. The cost of merchandisesold was $8,350.16Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The costof merchandise sold was $16,000.18Issued credit memo for $1,000 to Targhee Co. for damaged merchandise from sale on March 16.12 14 Record on page 11 of the journal19Sold merchandise on account to Vista Co., $8,250, terms FOB shipping point, 2/10, n/30. Added $75 tothe invoice for prepaid freight. The cost of merchandise sold was $5,000.26Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18.Received check for amount due from Vista Co. for sale of March 19.2831Received check for amount due from Empire Co. for sale of March 4.31Paid Fleetwood Delivery Service $5,600 for delivery of merchandise in March to customers undershipping terms of FOB destination.Apr.3Paid City Bank $940 for service fees for handling MasterCard and American Express sales duringMarch.15 Paid $6,544 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 theaccount 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.

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Description: ASSETS110 Cash121 Accounts Receivable-Empire Co.122 Accounts Receivable-Equinox Co.123 Accounts Receivable-Targhee Co.124 Accounts Receivable-Vista Co.125 Notes Receivable130 Merchandise Inventory131 Estimated Returns Inventory140 Office Supplies141

Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Answered: Record on page 11 of the journal 19…

College Accounting (Book Only): A Career Approach

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Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

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Problem 5PA: Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of...

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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 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 195 Accumulated Depreciation-Office Equipment 539 Miscellaneous Expense 710 Interest Expense 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

Instructions.
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to
retail 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.
Received check for amount due from Equinox Co. for sale on March 2.
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 $1,000 to Targhee Co. for damaged merchandise from sale on March 16.
12 14

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.
Received check for amount due from Vista Co. for sale of March 19.
28
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.
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.

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