Accounting 1AChapter 5 – Accounting for Retail BusinessPurchase and Sale TransactionsChart of AccountsCashAccounts PayableCost of Goods SoldAccounts ReceivableNotes...

Instructions in document


Accounting 1A Chapter 5 – Accounting for Retail Business Purchase and Sale Transactions Chart of Accounts Cash Accounts Payable Cost of Goods Sold Accounts Receivable Notes Payable Bank Service Charge Allowance for Doubtful Acct Wages Payable Depreciation Expense Notes Receivable Interest Payable Insurance Expense Supplies Unearned Fees Rent Expense Inventory Common Stock Interest Expense Prepaid Insurance Dividends Product Warranty Expense Prepaid Rent Fees Earned Supplies Expense Office Equipment Sales Utility Expense Accumulated Depreciation Interest Revenue Wages Expense Journalize the following transactions completed by M4 Engineering Inc. during January of the current year.   1. Purchased merchandise on account from Mitchell Co., $50,000, terms FOB destination, 1/10, n/30.   5. Sold merchandise on account to Manderlee Co., $20,000, terms 2/15, n/45. The cost of the goods sold was $18,000.   7. Returned merchandise with an invoice amount of $8,000 purchased on January 1 from Mitchell Co. 10. Paid Mitchell Co. on account for purchase of January 1, less return on January 7. 20. Received cash on account from sale of January 5 to Manderlee Co. 31. Sold merchandise on MasterCard, $82,000. The cost of the goods sold was $58,000. GENERAL JOURNAL Page Date Description Post ref Debit Credit 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24