Journalize entries for the following related transactions of Manville Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles.Mar.1Purchased $48,400 of merchandise from Wright Co. on account, terms 2/10, n/30. 9Paid the amount owed on the invoice within the discount period. 11Discovered that $7,800 of the merchandise purchased on Mar. 1 was defective and returned items, receiving credit. 18Purchased $6,000 of merchandise from Wright Co. on account, terms n/30. 20Received a refund from Wright Co. for return on Mar. 11 less the purchase on Mar. 18.CHART OF ACCOUNTSManville Heating & Air CompanyGeneral Ledger ASSETS110Cash120Accounts Receivable125Notes Receivable130Merchandise Inventory140Office Supplies141Store Supplies142Prepaid Insurance180Land192Store Equipment193Accumulated Depreciation-Store Equipment194Office Equipment195Accumulated Depreciation-Office Equipment LIABILITIES211Accounts Payable-Wright Co.218Sales Tax Payable219Customers Refunds Payable220Unearned Rent221Notes Payable EQUITY310Owner, Capital311Owner, Drawing312Income Summary REVENUE410Sales610Rent Revenue EXPENSES501Cost of Merchandise Sold521Delivery Expense522Advertising Expense524Depreciation Expense-Store Equipment525Depreciation Expense-Office Equipment531Rent Expense533Insurance Expense534Store Supplies Expense535Office Supplies Expense536Credit Card Expense539Miscellaneous Expense710Interest Expense

The credit terms or notation 2/10 , net 30, states that 2% discount would be allowed to the buyer…

Answered: Journalize entries for the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journalize entries for the following related transactions of Manville Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles.

Mar.	1	Purchased $48,400 of merchandise from Wright Co. on account, terms 2/10, n/30.
	9	Paid the amount owed on the invoice within the discount period.
	11	Discovered that $7,800 of the merchandise purchased on Mar. 1 was defective and returned items, receiving credit.
	18	Purchased $6,000 of merchandise from Wright Co. on account, terms n/30.
	20	Received a refund from Wright Co. for return on Mar. 11 less the purchase on Mar. 18.

CHART OF ACCOUNTS

Manville Heating & Air Company

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
125	Notes Receivable
130	Merchandise 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
211	Accounts Payable-Wright Co.
218	Sales Tax Payable
219	Customers Refunds Payable
220	Unearned Rent
221	Notes Payable

	EQUITY
310	Owner, Capital
311	Owner, Drawing
312	Income Summary

	REVENUE
410	Sales
610	Rent Revenue

	EXPENSES
501	Cost of Merchandise Sold
521	Delivery Expense
522	Advertising Expense
524	Depreciation Expense-Store Equipment
525	Depreciation Expense-Office Equipment
531	Rent Expense
533	Insurance Expense
534	Store Supplies Expense
535	Office Supplies Expense
536	Credit Card Expense
539	Miscellaneous Expense
710	Interest Expense

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