ASSETS110 Cash121 Accounts Receivable-Empire Co.122 Accounts Receivable-Equinox Co.123 Accounts Receivable-Targhee Co.124 Accounts Receivable-Vista Co.125 Notes Receivable130 Merchandise Inventory131 Estimated Returns Inventory140 Office Supplies141 Store Supplies142 Prepaid Insurance180 Land192 Store Equipment193 Accumulated Depreciation-Store Equipment194 Office EquipmentREVENUE410 Sales610 Interest RevenueEXPENSES510 Cost of Merchandise Sold521 Delivery Expense522 Advertising Expense524 Depreciation Expense-Store Equipment525 Depreciation Expense-Office Equipment526 Salaries Expense531 Rent Expense533 Insurance Expense534 Store Supplies Expense535 Office Supplies Expense536 Credit Card Expense195 Accumulated Depreciation-Office Equipment539 Miscellaneous Expense710 Interest ExpenseLIABILITIES210 Accounts Payable216 Salaries Payable218 Sales Tax Payable219 Customer Refunds Payable221 Notes PayableEQUITY310 Owner, Capital311 Owner, Drawing **Instructions:**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****March Transactions** 1. **March 2**: Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300.2. **March 3**: Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $7,000.3. **March 4**: Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of merchandise sold was $33,200.4. **March 5**: Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $19,400.5. **March 12**: Received check for amount due from Equinox Co. for sale on March 2.6. **March 14**: Sold merchandise to customers who used American Express cards, $13,700. The cost of merchandise sold was $8,350.7. **March 16**: Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $16,000.8. **March 18**: Issued credit memo for $1,000 to Targhee Co. for damaged merchandise from sale on March 16.This information will help you understand the recording of sales transactions for a company that deals in both wholesale and retail sales. Note the varying terms and conditions associated with each transaction, such as payment terms and shipping terms, which can significantly affect the accounting records and cash flow. ### Journal Entries for Amsterdam Supply Co. (Page 11 of the Journal)#### March 19- **Transaction**: Sold merchandise on account to Vista Co. - **Details**: $8,250; terms FOB shipping point, 2/10, n/30. Added $75 to the invoice for prepaid freight.- **Cost of Merchandise Sold**: $5,000.#### March 26- **Transaction**: Received check for the amount due from Targhee Co. for sale on March 16.- **Details**: Less credit memo of March 18.#### March 28- **Transaction**: Received check for the amount due from Vista Co. for sale on March 19.#### March 31- **Transaction**: Received check for the amount due from Empire Co. for sale on March 4.#### March 31- **Transaction**: Paid Fleetwood Delivery Service for the delivery of merchandise in March to customers under shipping terms of FOB destination.- **Details**: $5,600.#### April 3- **Transaction**: Paid City Bank for service fees for handling MasterCard and American Express sales during March.- **Details**: $940.#### April 15- **Transaction**: Paid state sales tax division for taxes owed on sales.- **Details**: $6,544.### Required- **Task**: 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.---#### Explanation of Terms:- **FOB Shipping Point**: The buyer takes responsibility for the goods once they are shipped.- **2/10, n/30**: A common credit term that means a 2% discount is available if payment is made within 10 days; otherwise, the net amount is due within 30 days. Journal entries should correctly reflect these transactions based on whether they are credit or debit entries.

Name: ASSETS110 Cash121 Accounts Receivable-Empire Co.122 Accounts Receivabl
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: ASSETS110 Cash121 Accounts Receivable-Empire Co.122 Accounts Receivable-Equinox Co.123 Accounts Receivable-Targhee Co.124 Accounts Receivable-Vista Co.125 Notes Receivable130 Merchandise Inventory131 Estimated Returns Inventory140 Office Supplies141