On March 25, Osgood Company sold merchandise on account, $2,900, terms n/30. The applicable sales tax percentage is 5%.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On March 25, Osgood Company sold merchandise on account, $2,900, terms n/30. The applicable sales tax percentage is 5%.
Required:
  Record the transaction. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
Osgood Company
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 Customer Refunds Payable
231 Unearned Rent
241 Notes Payable
  EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends
  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
Record the journal entry on March 25. Refer to the Chart of Accounts for exact wording of account titles.
 
Instructions Chart of Accounts General Journal
Instructions
Or
Chart of Accounts
General Journal
1
2
Record the journal entry on March 25. Refer to the Chart of Accounts for exact wording of account titles.
DATE
DESCRIPTION
JOURNAL
POST. REF.
DEBIT
CREDIT
X
ASSETS
ACCOUNTING EQUATION
PAGE 1
LIABILITIES
EQUITY
X
Transcribed Image Text:Instructions Chart of Accounts General Journal Instructions Or Chart of Accounts General Journal 1 2 Record the journal entry on March 25. Refer to the Chart of Accounts for exact wording of account titles. DATE DESCRIPTION JOURNAL POST. REF. DEBIT CREDIT X ASSETS ACCOUNTING EQUATION PAGE 1 LIABILITIES EQUITY X
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