Journalize the entries to record the transactions of Amsterdam Supply Co.|A/c mathematics
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also 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.
Journalize the entries to record the transactions of Amsterdam Supply Co.
Refer to the Chart of Accounts for exact wording of account titles.
Mar 2: Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300.
Mar 3: Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000.
Mar 4: Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200.
Mar 5: Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19,400.
Mar 12: Received check for amount due from Equinox Co. for sale on March 2.
Mar 14: Sold merchandise to customers who used American Express cards, $13,700. The cost of the goods sold was $8,350.
Mar 16: Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $16,000.
Mar 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.
Mar19: 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 the goods sold was $5,000.
Mar 26: Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18.
Mar 28: Received check for amount due from Vista Co. for sale of March 19.
Mar 31: Received check for amount due from Empire Co. for sale of March 4.
Mar 31:Paid Fleetwood Delivery Service $5,600 for merchandise delivered during 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.
Apr 15: Paid $6,544 to state sales tax division for taxes owed on sales.
Refer to the Chart of Accounts for exact wording of account titles.
ASSETS
110Cash
121Accounts Receivable-Empire Co.
122Accounts Receivable-Equinox Co.
123Accounts Receivable-Targhee Co
124Accounts Receivable-Vista Co.
125Notes Receivable130Inventory
131Estimated Returns Inventory
140Office Supplies
141Store Supplies
142Prepaid Insurance
180Land
192Store Equipment
193Accumulated Depreciation-Store Equipment
194Office Equipment195Accumulated Depreciation-Office Equipment
LIABILITIES
210Accounts Payable
216Salaries Payable
218Sales Tax Payable
219Customer Refunds Payable
221Notes Payable
EQUITY
310Common Stock
311Retained Earnings
312Dividends
313Income Summary
REVENUE
410Sales
610Interest Revenue
EXPENSES
510Cost of Goods Sold
521Delivery Expense
522Advertising Expense
524Depreciation Expense-Store Equipment
525Depreciation Expense-Office Equipment
526Salaries Expense
531Rent Expense
533Insurance Expense
534Store Supplies Expense
535Office Supplies Expense
536Credit Card Expense
539Miscellaneous Expense
710Interest Expense
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