Journalize the entries to record the transaction of Amsterdam supply Co. refer to the chart of accounts for exact wording of account titles.Chart of accountsAmsterdam supply corporationsAssets - cash. account receivable empire corporation. Account receivable equinxo Corporation. I can’t receivable Targhee corporation. Account receivable vista corporation. Notes receivable. Inventory. Estimate return inventory. Office supplies. Store supplies. Prepaid insurance. Land. Store equipment. Accumulated depreciation Store equipment. Office equipment. Accumulated depreciation Office equipment.LiabilitiesAccount payable. Salaries payable. Sale tax payable. Customer refund payable. Notes payable.EquityCommon stock. Retained earnings. Dividends.RevenuSales. Interest revenue.ExpensesCost of goods sold. Delivery expense. Advertising expense. Depreciation expense store equipment. Depreciation expense office equipment. Salaries expense. Rent expense. Insurance expense. Store supplies. Office supplies expense. Credit card expense. Miscellaneous expense. Interest expense. CengageNOWv2| Online teachir* Cengage LearningG 8000x2% - Google Searchn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falsew.O eBook4 Show Me HowA CalculatorThe following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retailcustomers. Amsterdam Supply uses the net method under a perpetual inventory system. Also note that the company uses a clearing house to take care of allbank as well as non-bank credit cards used by its customers.Record on page 10 of the journalMar.2Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost ofthe goods sold was $13,300.3Sold merchandise for $11,350 plus 69% sales tax to retail cash customers. The cost of the goods soldwas $7,000.4.Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost ofthe goods sold was $33,200.Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost ofthe goods sold was $19,400,12Received check for amount due from Equinox Co. for sale on March 2.14Sold merchandise to customers who used American Express cards, $13,700. The cost of the goodssold was $8,350.16Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The costof the goods sold was $16,000.18Issued credit memo for $4800 to Targhee Co. for merchandise returned from sale on March 16. Thecost of the merchandise returned was $2,900.US. 8:=acer oWv2 | Online teachin x* Cengage LearningG 8000x2% - Google Search+ssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%=falseeBookShow Me HowCalculatorRecord on page 11 of the journalMar.Sold merchandise on account to Vista Co., $8,250, terms FOB shipping point, 2/10, n/30. Added $75 to19the invoice for prepaid freight. The cost of the goods sold was $5,000.26Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18.28Received check for amount due from Vista Co. for sale of March 19.31Received check for amount due from Empire Co. for sale of March 4.31Paid Fleetwood Delivery Service $5,600 for merchandise delivered during March to customers undershipping terms of FOB destination.Apr.Paid City Bank $940 for service fees for handling MasterCard and American Express sales duringMarch.15Paid $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 AccountsCHART OF ACCOUNTSAmsterdam Supplv Co.US

Question

Journalize the entries to record the transaction of Amsterdam supply Co. refer to the chart of accounts for exact wording of account titles.Chart of accountsAmsterdam supply corporationsAssets - cash. account receivable empire corporation￼￼￼￼￼￼￼. Account receivable equinxo Corporation. I can’t receivable Targhee corporation￼￼. Account receivable vista corporation. Notes receivable. Inventory. Estimate return inventory. Office supplies. Store supplies. Prepaid insurance. Land. Store equipment. Accumulated depreciation Store equipment. Office equipment. Accumulated depreciation Office equipment.LiabilitiesAccount payable. Salaries payable. Sale tax payable. Customer refund payable. Notes payable.EquityCommon stock￼. Retained earnings. Dividends.￼￼￼￼￼￼RevenuSales. Interest revenue.ExpensesCost of goods sold. Delivery expense. Advertising expense. Depreciation expense store equipment. Depreciation expense office equipment. Salaries expense. Rent expense. Insurance expense. Store supplies. Office supplies expense. Credit card expense. Miscellaneous expense. Interest expense.￼￼￼ CengageNOWv2| Online teachir* Cengage LearningG 8000x2% - Google Searchn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falsew.O eBook4 Show Me HowA CalculatorThe following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retailcustomers. Amsterdam Supply uses the net method under a perpetual inventory system. Also note that the company uses a clearing house to take care of allbank as well as non-bank credit cards used by its customers.Record on page 10 of the journalMar.2Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost ofthe goods sold was $13,300.3Sold merchandise for $11,350 plus 69% sales tax to retail cash customers. The cost of the goods soldwas $7,000.4.Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost ofthe goods sold was $33,200.Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost ofthe goods sold was $19,400,12Received check for amount due from Equinox Co. for sale on March 2.14Sold merchandise to customers who used American Express cards, $13,700. The cost of the goodssold was $8,350.16Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The costof the goods sold was $16,000.18Issued credit memo for $4800 to Targhee Co. for merchandise returned from sale on March 16. Thecost of the merchandise returned was $2,900.US. 8:=acer oWv2 | Online teachin x* Cengage LearningG 8000x2% - Google Search+ssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%=falseeBookShow Me HowCalculatorRecord on page 11 of the journalMar.Sold merchandise on account to Vista Co., $8,250, terms FOB shipping point, 2/10, n/30. Added $75 to19the invoice for prepaid freight. The cost of the goods sold was $5,000.26Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18.28Received check for amount due from Vista Co. for sale of March 19.31Received check for amount due from Empire Co. for sale of March 4.31Paid Fleetwood Delivery Service $5,600 for merchandise delivered during March to customers undershipping terms of FOB destination.Apr.Paid City Bank $940 for service fees for handling MasterCard and American Express sales duringMarch.15Paid $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 AccountsCHART OF ACCOUNTSAmsterdam Supplv Co.US

Accepted Answer

It is a system of registering inventory in accounting immediately through the point of sale system…