December 22Sold merchandise on account, $14,500, with terms 2/10, net 30. The cost of the goods sold was $9,425.December 31Received payment within the discount period. Required: Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS110Cash120Accounts Receivable125Notes Receivable130Merchandise Inventory131Estimated Returns Inventory140Supplies142Prepaid Insurance180Land190Equipment191Accumulated Depreciation LIABILITIES210Accounts Payable216Salaries Payable221Sales Tax Payable222Customers Refunds Payable231Unearned Rent241Notes Payable EQUITY310Common Stock311Retained Earnings312Dividends313Income Summary REVENUE410Sales EXPENSES510Cost of Merchandise Sold521Delivery Expense522Advertising Expense523Depreciation Expense526Salaries Expense531Rent Expense533Insurance Expense534Supplies Expense536Credit Card Expense560Miscellaneous Expense710Interest Expense General Journal Record the journal entries on December 22 and December 31. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATEDESCRIPTIONPOST. REF.DEBITCREDIT1 2 3 4 5 6

Name: December 22Sold merchandise on account, $14,500, with terms 2/10, net
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Description: December 22Sold merchandise on account, $14,500, with terms 2/10, net 30. The cost of the goods sold was $9,425.December 31Received payment within the discount period. Required: Journalize the above merchandise transactions. The company uses the perp

Discount=Sale value×2%=$14,500×2%=$290

Answered: December 22 Sold merchandise on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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December 22	Sold merchandise on account, $14,500, with terms 2/10, net 30. The cost of the goods sold was $9,425.
December 31	Received payment within the discount period.

Required:

Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.

Chart of Accounts

CHART OF ACCOUNTS

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
125	Notes Receivable
130	Merchandise Inventory
131	Estimated Returns Inventory
140	Supplies
142	Prepaid Insurance
180	Land
190	Equipment
191	Accumulated Depreciation

	LIABILITIES
210	Accounts Payable
216	Salaries Payable
221	Sales Tax Payable
222	Customers Refunds Payable
231	Unearned Rent
241	Notes Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends
313	Income Summary

	REVENUE
410	Sales

	EXPENSES
510	Cost of Merchandise Sold
521	Delivery Expense
522	Advertising Expense
523	Depreciation Expense
526	Salaries Expense
531	Rent Expense
533	Insurance Expense
534	Supplies Expense
536	Credit Card Expense
560	Miscellaneous Expense
710	Interest Expense

General Journal

Record the journal entries on December 22 and December 31. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3
4
5
6

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