Question

Date Account Debit Credit Mar. Accounts Receivable-Equinox Co. 18,800 x 2-sale Sales ✓ 1,880 x Date Account Debit Credit Mar. Cost of Goods Sold ✓ 13,090 cost Inventory 13,090 Date Account Debit Credit Mar. 3-sale Cash 11,660 Sales 11,000 Sales Tax Payable 660 ✓ Date Account Debit Credit Mar. 3- Cost of Goods Sold 7,210 cost Inventory ✓ 7,210
Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,800, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,090. 3. Sold merchandise for $11,000 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,210. 4. Sold merchandise on account to Empire Co., $59,340, terms FOB shipping point, n/eom. TThe cost of the goods sold was $34,350. 5. Sold merchandise for $29,450 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $20,050. 12. Received check for amount due from Equinox Co. for sale on March 2. 14. Sold merchandise to customers who used American Express cards, $14,020. The cost of the goods sold was $8,160. 16. Sold merchandise on account to Targhee Co., $27,400, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $15,390. 18. Issued credit memo for $5,300 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $2,640. 19. Sold merchandise on account to Vista Co., $8,900, terms FOB shipping point, 2/10, n/30. Paid $55 for freight and added it to the invoice. The cost of the goods sold was $4,890. 26. Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18. 28. Received check for amount due from Vista Co. for sale of March 19. 31. Received check for amount due from Empire Co. for sale of March 4. 31. Paid Fleetwood Delivery Service $5,610 for merchandise delivered during March to customers under shipping terms of FOB destination. Apr. 3. Paid City Bank $980 for service fees for handling MasterCard and American Express sales during March. 15. Paid $6,108 to state sales tax division for taxes owed on sales

Answer 1

Credit($) Debit($) 18,800 18,800 13,090 13,090 11,660 11,000 660 Answer: Date Account Title and Explanation Mar-02 Accounts Receivable-Equinox Co. sales [To record the sales on account] Mar-02 Cost of Merchandise Sold Merchandise Inventory [To record the Cost of goods sold] Mar-03 Cash Sales sales tax payable [To record the sales on cash] Mar-03 Cost of Merchandise Sold Merchandise Inventory [To record the Cost of goods sold] Mar-04 Accounts Receivable-Empire Co. sales [To record the sales on account] Mar-04 Cost of Merchandise Sold Merchandise Inventory [To record the Cost of goods sold] Mar-05 Cash Sales sales tax payable [To record the sales on cash] 7,210 | 7,210 59,340 59,340 34,350 34,350 31.217 29,450 1,767

20,050 20.050 18.612 188 18.800 14,020 14,020 8,160 8,160 Mar-05 Cost of Merchandise Sold Merchandise Inventory [To record the Cost of goods sold] Mar-12 Cash Sales Discounts Accounts Receivable-Equinox Co. To record the check received for due) Mar-14 Cash sales [To record the sales on cash] Mar-14 Cost of Merchandise Sold Merchandise Inventory [To record the Cost of goods sold] Mar-16 Accounts Receivable-Targhee Co. sales [To record the sales on account] Mar-16 Cost of Merchandise Sold Merchandise Inventory [To record the Cost of goods sold] Mar-18 Sales Returns and Allowances Accounts Receivable-Targhee Co. [To record the sales returns] Mar-18 Merchandise Inventory Cost of merchandise sold [To record the Cost of goods sold revese] 27,400 27,400 15,390 15,390 5,300 5,300 2,640 2.640

8.900 55 4,890 27,400 Mar-19 Accounts Receivable-Vista Co. 8.900 sales To record the sales on account] Mar-19 Accounts Receivable-Vista Co. 155 Cazsh [To record the freight paid] Mar-19 Cost of Merchandise Sold 4.890 Merchandise Inventory To record the Cost of goods sold) Mar-26 Cash 27.179 Sales Discounts 221 Accounts Receivable-Targee Co. To record the check received for duel Mar-28 Cash 8.777 Sales Discounts 178 Accounts Receivable-Vista Co. To record the check received for due) cach Mar-31 Cash 59,340 Accounts Receivable-Empire Co. To record the check received for due Mar-31 Delivery Expense 5.610 Cash (To record the Delivery Expense) Apr-03 Credit card expense 980 Cash To record the credit card Expensel Apr-15 Sales tax payable 6.108 Cash To record the sales tax paid) 8.955 59,340 5,610 980 6.108