Questions Attached is a few question/journal entries The following selected transactions were completed by Amsterdam Supply Co., which sells office supplie

Questions Attached is a few question/journal entries The following selected transactions were completed by Amsterdam Supply Co., which sells office supplie

Click here to Order a Custom answer to this Question from our writers. It’s fast and plagiarism-free.

Questions Attached is a few question/journal entries 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., $19,200, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,960.

3

Sold merchandise for $12,150 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $6,840.

4

Sold merchandise on account to Empire Co., $57,310, terms FOB shipping point, n/eom. The cost of merchandise sold was $31,970.

5

Sold merchandise for $28,950 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $19,460.

12

Received check for amount due from Equinox Co. for sale on March 2.

14

Sold merchandise to customers who used American Express cards, $14,800. The cost of merchandise sold was $8,010.

16

Sold merchandise on account to Targhee Co., $29,800, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $14,480.

18

Issued credit memo for $1,400 to Targhee Co. for damaged merchandise from sale on March 16

Record on page 11 of the journal

19

Sold merchandise on account to Vista Co., $7,750, terms FOB shipping point, 2/10, n/30. Added $75 to the invoice for prepaid freight. The cost of merchandise sold was $4,600.

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 $5,510 for delivery of merchandise in March to customers under shipping terms of FOB destination.

Apr.

3

Paid City Bank $960 for service fees for handling MasterCard and American Express sales during March.

15

Paid $6,457 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.

CHART OF ACCOUNTS

Amsterdam 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

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

PAGE 10

JOURNAL

ACCOUNTING EQUATION

DATE

DESCRIPTION

POST. REF.

DEBIT

CREDIT

ASSETS

LIABILITIES

EQUITY

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

PAGE 11

JOURNAL

ACCOUNTING EQUATION

DATE

DESCRIPTION

POST. REF.

DEBIT

CREDIT

ASSETS

LIABILITIES

EQUITY

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

Looking for this or a Similar Assignment? Click below to Place your Order