PLEASE READ CAREFULLY BEFORE STARTING THE ASSIGNMENT!!! I ALREADY HAVE ANSWERS F
ID: 2392744 • Letter: P
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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
Record on page 11 of the journal
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
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.
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PAGE 10
JOURNAL
ACCOUNTING EQUATION
Score: 400/400
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
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10
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18
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.Explanation / Answer
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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