Homework Help is Here – Start Your Trial Now!
Business
Accounting
Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles

Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Journalilze

Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles

CHART OF ACCOUNTS Harrison Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable-Quinn Co. 610 Interest Revenue 122 Accounts Receivable-Rabel Co. 125 Notes Receivable EXPENSES 130 Merchandise Inventory 510 Cost of Merchandise Sold 131 Estimated Returns Inventory 521 Delivery Expense 140 Office Supplies 522 Advertising Expense 141 Store Supplies 524 Depreciation Expense-Store Equipment 142 Prepaid Insurance 525 Depreciation Expense-Office Equipment 180 Land 526 Salaries Expense 192 Store Equipment 531 Rent Expense 193 Accumulated Depreciation-Store Equipment 533 Insurance Expense 194 Office Equipment 534 Store Supplies Expense 195 Accumulated Depreciation-Office Equipment 535 Office Suppli Expense 536 Credit Card Expense LIABILITIES 539 Miscellaneous Expense 211 Accounts Payable-Moonlight Co. 710 Interest Expense 212 Accounts Payable-Papoose Creek Co. 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing
Transcribed Image Text:CHART OF ACCOUNTS Harrison Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable-Quinn Co. 610 Interest Revenue 122 Accounts Receivable-Rabel Co. 125 Notes Receivable EXPENSES 130 Merchandise Inventory 510 Cost of Merchandise Sold 131 Estimated Returns Inventory 521 Delivery Expense 140 Office Supplies 522 Advertising Expense 141 Store Supplies 524 Depreciation Expense-Store Equipment 142 Prepaid Insurance 525 Depreciation Expense-Office Equipment 180 Land 526 Salaries Expense 192 Store Equipment 531 Rent Expense 193 Accumulated Depreciation-Store Equipment 533 Insurance Expense 194 Office Equipment 534 Store Supplies Expense 195 Accumulated Depreciation-Office Equipment 535 Office Suppli Expense 536 Credit Card Expense LIABILITIES 539 Miscellaneous Expense 211 Accounts Payable-Moonlight Co. 710 Interest Expense 212 Accounts Payable-Papoose Creek Co. 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing
2. PR.06.03.BLANKSHEET.ALGO (Algorithmic) Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System Instructions The following were selected from among the transactions completed by Harrison Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $93,000, trade discount 30%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $35,370. The cost of the merchandise sold was $23,670. 5 Purchased merchandise on account from Papoose Creek Co., $44,400, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice. Returned $13,300 ($19,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $17,080 with terms n/15. The cost of the merchandise sold was $10,010. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA, $246,980. The cost of the merchandise sold was $152,530. 15 Paid Papoose Creek Co. on account for purchase of November 5. 23 Received cash on account from sale of November 8 to Quinn Co. 24 Sold merchandise on account to Rabel Co., $52,400, terms 1/10, n/30. The cost of the merchandise sold was $31,410. 28 Paid VISA service fee of $3,220. 30 Paid Quinn Co. a cash refund of $1.770 for damaged merchandise from sale of November 8. Quinn Co.
Transcribed Image Text:2. PR.06.03.BLANKSHEET.ALGO (Algorithmic) Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System Instructions The following were selected from among the transactions completed by Harrison Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $93,000, trade discount 30%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $35,370. The cost of the merchandise sold was $23,670. 5 Purchased merchandise on account from Papoose Creek Co., $44,400, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice. Returned $13,300 ($19,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $17,080 with terms n/15. The cost of the merchandise sold was $10,010. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA, $246,980. The cost of the merchandise sold was $152,530. 15 Paid Papoose Creek Co. on account for purchase of November 5. 23 Received cash on account from sale of November 8 to Quinn Co. 24 Sold merchandise on account to Rabel Co., $52,400, terms 1/10, n/30. The cost of the merchandise sold was $31,410. 28 Paid VISA service fee of $3,220. 30 Paid Quinn Co. a cash refund of $1.770 for damaged merchandise from sale of November 8. Quinn Co.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Basic Accounting Terms
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS