Question

The following selected transactions were completed by AmsterdamSupply Co., which sells office supplies primarily to wholesalersand occasionally to retail customers. Also note that the companyuses a clearing house to take care of all bank as well as non-bankcredit cards used by its customers.

Record on page 10 of the journal

Mar.	2	Sold merchandise on account toEquinox Co., $18,900, terms FOB destination, 1/10, n/30. The costof the goods sold was $13,300.
	3	Sold merchandise for $11,350 plus6% sales tax to retail cash customers. The cost of the goods soldwas $7,000.
	4	Sold merchandise on account toEmpire Co., $55,400, terms FOB shipping point, n/eom. The cost ofthe goods sold was $33,200.
	5	Sold merchandise for $30,000 plus6% sales tax to retail customers who used MasterCard. The cost ofthe goods sold was $19,400.
	12	Received check for amount due fromEquinox Co. for sale on March 2.
	14	Sold merchandise to customers whoused American Express cards, $13,700. The cost of the goods soldwas $8,350.
	16	Sold merchandise on account toTarghee Co., $27,500, terms FOB shipping point, 1/10, n/30. Thecost of the goods sold was $16,000.
	18	Issued credit memo for $4,800 toTarghee Co. for merchandise returned from sale on March 16. Thecost of the merchandise returned was $2,900.

Record on page 11 of the journal

Mar.	19	Sold merchandise on account toVista Co., $8,250, terms FOB shipping point, 2/10, n/30. Added $75to the invoice for prepaid freight. The cost of the goods sold was$5,000.
	26	Received check for amount due fromTarghee Co. for sale on March 16 less credit memo of March 18.
	28	Received check for amount due fromVista Co. for sale of March 19.
	31	Received check for amount due fromEmpire Co. for sale of March 4.
	31	Paid Fleetwood Delivery Service$5,600 for merchandise delivered during March to customers undershipping terms of FOB destination.
Apr.	3	Paid City Bank $940 for servicefees for handling MasterCard and American Express sales duringMarch.
	15	Paid $6,544 to state sales taxdivision for taxes owed on sales.

Journalize the entries to record the transactions of AmsterdamSupply Co. Refer to the Chart of Accounts for exact wording ofaccount titles.

Amsterdam Supply Co.

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable-Empire Co.
122	Accounts Receivable-EquinoxCo.
123	Accounts Receivable-TargheeCo.
124	Accounts Receivable-Vista Co.
125	Notes Receivable
130	Inventory
131	Estimated Returns Inventory
140	Office Supplies
141	Store Supplies
142	Prepaid Insurance
180	Land
192	Store Equipment
193	Accumulated Depreciation-StoreEquipment
194	Office Equipment
195	Accumulated Depreciation-OfficeEquipment

	LIABILITIES
210	Accounts Payable
216	Salaries Payable
218	Sales Tax Payable
219	Customer Refunds Payable
221	Notes Payable

EQUITY

310

Common Stock

311

Retained Earnings

312

Dividends

313

Income Summary

Journalize the entries to record the transactions of AmsterdamSupply Co. Refer to the Chart of Accounts for exact wording ofaccount titles.

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
31
32

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