Instructions Chart of Accounts (X) Longmire & Sons made sales on credit to Alderman Sports totaling $800,000 on April 18. The cost of the goods sold is $700,000. CHART OF ACCOUNTS Longmire estimates...

Extracted text: Instructions Chart of Accounts (X) Longmire & Sons made sales on credit to Alderman Sports totaling $800,000 on April 18. The cost of the goods sold is $700,000. CHART OF ACCOUNTS Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $16,000 worth of goods (with a cost of $12,800) are returned by Alderman. Longmire uses a periodic inventory system. Longmire & Sons General Ledger Required: Prepare the related journal entries for Longmire & Sons. ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 141 Inventory EXPENSES 152 Prepaid Insurance 500 Cost of Goods Sold 181 Equipment 511 Insurance Expense 198 Accumulated Depreciation 512 Utilities Expense 521 Salaries Expense General Journal LIABILITIES 532 Bad Debt Expense 211 Accounts Payable 540 Interest Expense Prepare the related journal entries for Longmire & Sons. 226 Return Liability 541 Depreciation Expense 231 Salaries Payable 559 Miscellaneous Expenses General Journal Instructions 250 Unearned Revenue 910 Income Tax Expense 261 Income Taxes Payable PAGE 1 EQUITY GENERAL JOURNAL 311 Common Stock DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 331 RetainedEarnings 1. 2 3 4 5